On July 1st, 2024, the deadline began for the declaration to the Central Bank of Brazil (“BCB”) for the annual census of foreign capital in the country. The purpose of the census is to compile external sector statistics, such as the Balance of Payments and the International Investment Position (IIP).

According to BCB Resolution No. 348 of 2023, the following entities must submit the declaration:

• Legal entities headquartered in Brazil, with direct participation of non-residents in their corporate stock, in any amount, and with a net worth equal to or greater than the equivalent of US$100 million (one hundred million United States dollars), as of December 31, 2023; and
• Investment funds with non-resident shareholders and a net worth equal to or greater than the equivalent of US$100 million (one hundred million United States dollars), as of December 31, 2023, through their administrators.

Failure to file the declaration, or submitting it late, inaccurately, falsely, or incompletely, may impose fines to the legal entity of up to R$250,000.00 (two hundred and fifty thousand reais).

The deadline for submitting the declaration ends on August 15th, 2024, at 6:00 PM

VPBG has a specialized team in banking law available to clarify your doubts and assist with the declaration.