Mandatory for individuals and corporate entities resident, domiciled or with head offices in Brazil holding assets and/or rights overseas in an amount of at least US$ 100,000.00 (one hundred thousand US dollars) as at 31st December, 2016, the Annual Declaration of Brazilian Capital Abroad (“CBE”) must be filed with the Brazilian Central Bank by those who meet the legal requirements by 6pm (Brasilia time) on 5th April 2017.
Additionally, Brazilian individuals and companies holding more than US$ 100,000,000.00 (one hundred million US dollars) in foreign assets will have to file quarterly CBEs, in addition to the annual CBE, in accordance with the following filing schedule:
- the first-quarter CBE, related to the reference date of 31st March 2017, must be filed by 5th June 2017;
- the second-quarter CBE, related to the reference date of 30th June 2017, must be filed by 5th September 2017; and
- the third-quarter CBE, related to the reference date of 30th September 2017, must be filed by 5th December 2017.
All supporting documentation concerning the CBE filed must be kept by the person responsible for the CBE for a period of five (05) years, readily available to be presented to the Brazilian Central Bank if so requested.
Failure to submit the CBE or submitting incomplete or incorrect declarations will result in the imposition of penalties by the Brazilian Central Bank, in accordance with and in the amount provided by the CBE regulations.