It’s Time to Declare Your Assets Outside Brazil

If you reside in Brazil as of the end of 2024 - or if you own a Brazilian company - it’s essential to be aware of the Central Bank’s annual reporting requirements for foreign-held assets. The CBE declaration (Capitais Brasileiros no Exterior) is mandatory for individuals and legal entities with at least US$1,000,000 in assets outside Brazil on December 31. The deadline for filing is April 5, 2025.

The CBE declaration applies to a wide range of foreign assets, including bank accounts, real estate, trusts, and financial investments in bonds, funds, and stocks.

Filing the declaration is straightforward and can be completed entirely online through the Central Bank’s website. The system requires you to provide your CPF (for individuals) or CNPJ (for legal entities), along with detailed information about each foreign asset, such as its nature, value, and location.

If your assets aren’t in US dollars, you must list them in their original currency. However, to determine whether you meet the reporting threshold, you should first convert the total value into USD.

Failure to file the CBE declaration - or submitting it late or with errors - can result in substantial fines, reaching up to BRL$250,000 (approximately US$43,000) for providing false information. The Central Bank allows for revised submissions if amendments are needed after the initial filing.

When you establish residency in Brazil or operate as a Brazilian entity, you take on the responsibility of complying with local regulations. This includes the obligation to declare foreign assets.