Brazil’s Yearly Central Bank Declaration

If you’re a resident of Brazil and have assets outside Brazil, then keep reading. No matter whether or not you’re Brazilian, you may need to file a declaration with the Central Bank. Failure to do so on time could cost you a small fortune.

Every year, individuals who are residents on December 31 and have assets outside Brazil with a total value of US$100,000 or more must file a declaration (Capitais Brasileiros no Exterior or CBE) with the Brazilian Central Bank.

The deadline for filing is on April 5 every year. However, due to the coronavirus crisis, in 2020 the Central Bank decided to postpone it to June 1.

Filing is done online through the Central Bank’s website. Just enter your CPF, and you can get started. You’ll also have to enter information about your investments, including the value and type of each asset you own.

You don’t want to miss the filing deadline as the penalties are substantial. If you forget to file or provide false information, you could face fines up to BRL$250,000 (more than US$50,000 today).

To be clear, the CBE declaration isn’t just for Brazilians. The requirement applies to anyone (including US citizens) who was a resident of Brazil at the end of the year and who meets the financial threshold. It also applies to companies.

So make sure you review your residency status and financial statements. There’s still time to file. But don’t wait too long because after the deadline you’ll pay a hefty price. The process may be simple, but the consequences are substantial.