You’re all set on buying a home in Brazil. There’s just one thing missing - money. So you get yourself a mortgage, right? Just find a bank that’ll lend you the funds and you’ll be all set. Unfortunately, it’s just not that easy.

For whatever reason, foreign buyers of real estate seem to think they can simply walk into a bank in Brazil and ask for cash. But ask yourself this question: if you had no bank account and no credit history in the US, could you get a mortgage here? Probably not.

So why would Brazil be any different?

Most commercial banks aren’t going to hand out cash to someone they don’t know. It just doesn’t work that way in Brazil or anywhere else in the world. This is particularly true when the person has no ties to the country and no relationship with the particular bank.

Even opening a bank account in Brazil can be tricky if you’re a foreigner. While there’s no legal requirement against it, most banks won’t open an account unless you can prove you’re a resident. So if that’s the standard for getting a checking account, imagine the challenge in getting a mortgage.

The good news is that real estate in Brazil is generally less expensive than in the US. Foreign investors can purchase condos overlooking the ocean for amounts significantly less than back home. But if you think you’re going to get a mortgage from a Brazilian bank to pay for your purchase, you’re sadly mistaken.