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Resolution facilitates foreign investment

A ruling has been published in the Official Gazette allowing non-residents of Brazil to use bank accounts in the country to make investments in the Brazilian financial and capital markets.

Brasília – This Wednesday (1st), a resolution on investments by non-residents of Brazil in domestic financial and capital markets was published on the Brazilian Federal Official Gazette.

The ruling, which simplifies the process for foreigners who want to invest in the Brazilian financial and capital markets as of next year, was decided on by the National Monetary Council (CMN) on September 29th. It authorizes non-residents to use bank accounts in Brazil to make investments. Investors will also be able to issue payment orders from abroad, in reais, i.e. Brazilian currency.

Presently, only loans and financing contracted abroad and foreign direct investments (associated with job creation) could be made via bank accounts in Brazil. International financial investors had to make two foreign exchange transactions. First they had to transfer funds from the Brazilian account to a foreign account. Then, they had to convert foreign currency into Brazilian reais before the money could enter Brazil. The change is set to enter into force on March 2nd 2015.

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