Sending the proceeds of a Brazilian sale abroad

The legal framework

The foreign-exchange market is governed by Lei 14.286 of 29 December 2021, which the Central Bank (BCB) put into operation with Resolution BCB 277/2022 (exchange market and movement of reais and foreign currency in and out of the country) and Resolution BCB 278/2022 (foreign capital, credit and direct investment). Both were in force on 15 October 2026, with later amendments. Art. 13 of Resolution 277 says that a payment abroad or a receipt from abroad must be made through an authorised institution, or another form allowed by law, with the sender’s and the beneficiary’s identification attached to the payment order.

Step by step

1. Settle the tax first. The buyer, or the buyer’s attorney, withholds the income tax on the gain on the date of the sale, with DARF code 0473 (Lei 10.833/2003, art. 26 and Receita question 655). Keep the receipt: see non-resident capital gains tax.
2. Receive the price in a Brazilian account. The deed is paid in reais. Art. 67 of Resolution 277 allows authorised institutions to open and keep reais deposit and payment accounts held by non-residents “nas mesmas condições” as for residents. A prepaid payment account is limited to R$ 100,000 per movement, except where the movement is the counterpart of an exchange operation.
3. Instruct the exchange operation. The authorised institution sells you the foreign currency and sends it abroad. Art. 18 requires it, for ready-settlement operations with clients of up to US$ 100,000, to tell you the VET (Valor Efetivo Total, the total effective cost per unit of foreign currency) before the operation. The VET includes the rate, the taxes on the operation and any fees. Compare VETs, not headline rates.
4. Classify the purpose. The client is responsible for the classification (art. 4). Operations of up to US$ 50,000 use the codes in Annex III. Above US$ 50,000, or when the operation has to be linked to a foreign-capital operation recorded in a Central Bank system, Annex IV applies. That annex lists, under “Capitais estrangeiros”, a line “Compra e venda de imóveis no País”, code 72911, which covers the purchase and sale of real estate in the country. Payotte did not isolate the exact code used for the outflow of a sale price, so ask the bank which one it applies.

What no text read requires

• No ceiling. Neither resolution sets a maximum amount for a remittance of a sale price, and Payotte found no prior authorisation to obtain. The Central Bank’s own FAQ was not read; confirm with the bank.
• No “registered capital” proof for the tax. Before 2016 the Receita’s rule (IN SRF 208/2002, art. 26) computed a non-resident’s cost “com base no capital registrado no Banco Central do Brasil”. The multivigente text shows that passage suppressed by IN RFB 1.662 of 30 September 2016 (in force from 3 October 2016). Guides that tell you to register your purchase money with the Central Bank to protect your cost basis describe the old rule. The cost is now the documented cost in reais.
• No foreign direct investment filing for a home bought in your own name. Resolution 278 defines direct investment as the “participação direta de não residente no capital social de sociedade no País”, or another economic right whose return depends on the results of the business, and the text contains no reference to real estate. Payotte reads it as not applying to a private individual who holds a flat directly, but did not find a Central Bank statement saying so. If you bought through a Brazilian company, the rules for direct investment may apply.

Practical points

• Cash. Under art. 12, entering or leaving Brazil with more than US$ 10,000 in cash, in reais or foreign currency, is possible only through an authorised institution with a bank taking part.
• Name on the account. The payment instruction carries the sender’s name, identity number and address (art. 13). Use the same name as on the deed and on the DARF.
• Timing. The exchange rate moves between the deed and the transfer. Art. 15 allows ready or future settlement, which is a contract matter with the institution.
• Fees and tax on the exchange. Fees and any tax charged on the operation are included in the VET. The tax rate itself was not read in this guide; ask the institution to show it in the VET.
• Your country’s side. Your home tax authority may ask for the Brazilian tax receipt: see tax treaties and property.

Which professional to consult

A bank or exchange institution authorised by the Central Bank carries out the operation. An accountant (contador) confirms that the DARF has been paid and prepares the proof for your home tax return. A lawyer registered with the OAB can review the sale contract if the price is paid in instalments or abroad.