According to Resolution No. 3.854 of 2010 published by the Brazilian Central Bank, individuals and legal entities resident, domiciled or headquartered in Brazil who possess an amount equal or greater than US$ 100,000.00 (one hundred thousand US Dollars) in assets and rights located overseas are obliged to present a Return to Brazilian Central Bank named “Declaração de Capitais Brasileiros no Exterior (CBE)”.

In accordance with Circular No. 3.624 of 2013 of Brazilian Central Bank, the return related to December 31th , 2014 must be submitted between February 18th and April 06th 2015.

If the assets and rights located overseas are equal or greater than US$ 100,000,000.00 (one hundred million US dollars), the return must also be filed quarterly, within the following periods:

  • 1st quarter (reference date March 31th): April 30th to June 05th;
  • 2nd quarter (reference date June 30th): July 31th to September 07th; and
  • 3rd quarter (reference date September 30th): November 02nd to December 07th.

Fines for failure to comply with these rules range from 1% to 10% of the amount subject to the return or from R$ 25,000.00 (twenty-five thousand reais) to R$ 250,000.00 (two hundred fifty thousand reais), whichever is the lowest.