Information of Brazilian Capital Abroad: According to the Circular No. 3995 published on March 24, 2020 by the Brazilian Central Bank (“Bacen”) on an extraordinary basis and motivated by the Covid-19 pandemic effects, the deadline for the submission of the Quarterly Information of Brazilian Capital Abroad (Declaração Trimestral de Capitais Brasileiros no Exterior – “Quarterly DCBE”) regarding to the base date of March 31, 2020, has been postponed and ends at 6 pm on July 15, 2020, which replaces the ordinary deadline on June 5 of the base year.
Please note that the submission of the Quarterly DCBE to Bacen is mandatory for any individual or entity which is resident, domiciled or headquartered in Brazil and possessing assets located and/or amounts deposited abroad of any nature, in the minimum amount of US$ 100,000,000.00 (one hundred million U.S. Dollars), or its equivalent in other currencies, on March 31, 2020.
Census of Foreign Capital in Brazil: The period for submission of the Annual Census of Foreign Capital in Brazil regarding the fiscal year of 2019 (“2019 Annual Census”) to Bacen started on July 1st. The final date for submission is August 17, 2020, at 6 p.m., considering that the ordinary deadline on August 15 is Saturday.
Pursuant to Circular No. 3795 published by Bacen on June 16, 2016, the 2019 Annual Census must be submitted by filling out an electronic form available on Bacen’s website by:
(i) legal entities headquartered in Brazil with direct investments in their equity interest held by individuals or entities headquartered abroad, regardless of the amount, provided that the Brazilian entity has a net worth equal to or higher than US$ 100 million, as of December 31, 2019;
(ii) investment funds with non-resident stakeholders, with a net worth equal to or higher than US$ 100 million as of December 31, 2019; and
(iii) legal entities headquartered in Brazil with a total outstanding balance of short-term trade credits (due within 360 days) owed to non-residents equal to or higher than US$ 10 million as of December 31, 2019.
Finally, we would like to inform that any legal entity failing to submit the Quarterly DCBE or the 2019 Annual Census, or in case it provides uncomplete or incorrect information, may be subject to a fine up to BLR 250,000.00 (two hundred and fifty thousand reais).
Costa e Tavares Paes Advogados is at your disposal to assist with any information on the subject and to advise on all aspects related to the Quarterly DCBE or 2019 Annual Census, including the fulfillment and the filling process.