On February 15, 2023, the deadline for submitting the Brazilian Central Bank (“Bacen”) Annual Brazilian Capital Abroad Report (“CBE”) began, according to the deadlines established by Resolution No. 279/2022, from the Brazilian Central Bank.

The report is mandatory to individuals or legal entities residing, domiciled, or headquartered in the country, holding assets abroad amounting to or exceeding US$ 1,000,000.00 (one million dollars), or equivalent amount in other currencies, on December 31, 2022.

Furthermore, the individuals and legal entities mentioned above holding assets abroad amounting to or exceeding US$ 100,000,000.00 (one hundred million dollars) on March 31, 2023, June 30, 2023, and September 30, 2023, must report quarterly to the Brazilian Central Bank.

Bacen’s Resolution highlights the assets subject to declaration, such as: holding shares of non-resident companies, quotas in investment funds abroad, loans and financing granted to non-residents, real estate located abroad, and virtual assets, among others.

The CBE must be made on the Bacen website (https://www3.bcb.gov.br/cbe3/#/login), and please note that those responsible for the report must keep the supporting documentation of the information provided to Bacen for a period of 10 (ten) years from the base date of the declaration.

The deadline for submitting the annual CBE ends on April 5 of this year.

Quarterly statements are subject to the following deadlines:

Delivery of the CBE after this period, as well as delivery with an error or defect, or failure to deliver the CBE, may result in the BC imposing a fine on the declarant, which may vary between BRL 25,000.00 (twenty-five thousand reais) and BRL 250,000.00 (two hundred and fifty thousand reais), depending on the offense committed, pursuant to art. 60 of Bacen Circular No. 3.857/2017.