The deadline for delivering the Declaration of Brazilian Capital Abroad (DCBE) to the Brazilian Central Bank for the calendar year 2023 starts today, February 15.
The DCBE is mandatory for individuals or legal entities residing, domiciled or headquartered in the country, who hold assets, rights and values of any kind abroad (such as financial assets, real estate, equity interests or in investment funds, debt securities, credits, loans and derivatives, etc.) totalizing:
- USD 1,000,000.00 (one million), or equivalent in other currencies, on December 31, 2022 – Annual CBE; or
- USD 100,000,000.00 (one hundred million), or equivalent in other currencies, on March 31, June 30 and September 30, 2022 – Quarterly CBE.
The deadline for submit such declaration ends on April 5, 2023.
Failure in submitting the declaration, late submission or submission with incorrect or incomplete information may result in the imposition of fines ranging from BRL 2,500.00 to BLR $ 250,000.00, which may be increased by 50% (fifty per percent) depending on the case circumstances.
Azevedo Sette Advogados’ Wealth Planning team and Corporate team are available to clarify any questions and advise on the preparation and submission of the DCBE to the Brazilian Central Bank. For further clarification, please contact our teams.