In accordance with the Brazilian Central Bank Resolution No. 279/2022, the deadline for the filing and registration of the Brazilian Central Bank’s Report for Brazilian Capital held Abroad (“CBE Report”) has begun on February 15th, 2024.

The CBE Report is a declaratory document, periodically required by the Brazilian Central Bank, in two formats: Annual and Quarterly.

The annual report is mandatory for individuals or legal entities resident, domiciled or headquartered in Brazil that hold assets in an amount equal to or greater than US$ 1,000,000.00 (one million dollars), or equivalent in other currencies, on the base date of December 31, 2023.

The CBE Report must be presented between February 15th and April 5th, 2024.

On the other hand, individuals or legal entities holding assets abroad in an amount equal to or greater than the equivalent of US$ 100,000,000.00 (one hundred million dollars), on the base dates of March 31, June 30 and September 30, 2024 must present the CBE Report quarterly.

Quarterly reports are subject to the following deadlines:

The Brazilian Central Bank determines that the following types of assets must be declared and detailed in the CBE Report: shares in non-resident companies, shares in investment funds abroad, loans and financing (credits) granted to non-residents, real estate located abroad, virtual assets, overseas deposits and other similar assets.

The CBE Report must be completed, filed and registered exclusively electronically through the website provided by the Brazilian Central Bank. We emphasize that those responsible for providing information within the scope of the CBE Report must maintain supporting documentation for the information provided for a period of 10 (ten) years from the base date of the declaration.

Individuals or legal entities required to present the CBE Report that (i) do it after the deadline, (ii) provide incorrect or incomplete information, (iii) provide false information or (iv) fail to deliver, are subject to an administrative fine by the Brazilian Central Bank, which can vary between R$ 25,000.00 (twenty-five thousand reais) and R$ 250,000.00 (two hundred and fifty thousand reais), depending on the infraction committed, according to art. 66 of Bacen Resolution No. 131/2021.