Forget Opening a Brazilian Bank Account

Opening a bank account is essential for anyone doing business abroad. But opening a bank account in Brazil isn’t so simple. Local banks, steeped in regulations and under the scrutiny of the Brazilian Central Bank, often make it a complex and nearly impossible process for foreigners.

To open a Brazilian bank account, you’ll need an ID, like your passport, as well as a Brazilian taxpayer ID number or CPF. But that’s not all. Most banks will also require an RNE or RNM, meaning you must have proof that you’re a resident of Brazil. Without residency status, you’ll be hard pressed to find a commercial bank that’s willing to open an account. 

It’s not that banks in Brazil are forbidden from opening accounts for non-residents. On the contrary, the law allows for it. There are, in fact, non-resident bank accounts in Brazil. Yet while banks have the ability to open accounts for foreigners, they rarely do.

Due to the rigorous regulatory environment, many commercial banks prefer to simply not open bank accounts for non-residents. Instead, they choose to err on the side of caution due to the stringent auditing process and regulations.

This leaves obvious challenges for anyone trying to do business in Brazil. If you own real estate, how will you pay the IPTU property taxes? What about paying the electric bill or the condo association fee? Without a local bank account, all of these activities become more challenging.

If Brazil wants to further open itself to foreign investment, it must reconsider banking options for non-resident investors.