Can you have a Bank account in Brazil if you don’t live here? Yes.
The Central Bank of Brazil authorizes the opening of bank accounts in Brazil by individuals and entities who are non-residents.
However, in addition to the fact that Brazilian banks are not obliged to offer such service, each bank has its own procedure, which are, in most cases, unreasonable and too complicated.
Opening a non-resident bank account will require a – CPF (If you don`t know what a CPF is, please read this article).
These accounts are usually very limited in the services they provide. Also, they are expensive to maintain.
The non-resident account is more appropriate for investments in Bank Bonds (that provide interests similar to the Brazilian basic interest rates) and Poupança (a savings account that pays 6% of interest per year).
Some banks will be willing to open bank accounts for non-residents against a minimum initial deposit of USD 100,000.00.
I have contacts with a limited number of investment banks that provide this service. But compliance evaluation is very strict.
Some people will prefer to incorporate in Brazil and use a corporate account, instead of managing a non-resident account.
At CKSA, we provide you all the support for opening a Brazilian bank account
Documents required for opening a bank account in Brazil
Foreigners opening a Brazilian bank account must have a CPF number, which is the identification for individual taxpayers. Additionally, foreigners need a RNE, the identity card issued to foreigners in Brazil. However, if the applicant doesn’t have a RNE, presenting a valid approval document will be enough.
At the bank, the manager will ask for your passport, proof of residence and proof of income in Brazil. These documents must be translated into Portuguese, which can make the process complicated for some applicants.
In order to open a Brazilian Bank Account, most banks require the foreigner to be a permanent resident of Brazil. In other words, foreigner must have a resident visa with a minimum of 12 months of validity. On the other hand, you may find several banks in large cities like São Paulo which are willing to open accounts for those with only a local address. However that’s a relatively new trend.
In order to fulfill the local address requirement, CKSA provides you a real banking address in Brazil. We will start the bank account opening process and send an attorney for the interview. CKSA makes the whole process of opening a Brazilian Bank Account easier for non-residents. As a longtime player in the Brazilian economy, we have broad legal expertise with Brazilian financial market.
CKSA’s Brazilian Bank Account Opening Service + CKSA’s Banking Address (1 year)
– Price: US$ 4,000.00 –
Brazilian Bank Accounts modalities:
Brazilian Checking Account
Bank account with or without “cheque especial” (margin limit). Account holder makes transactions through debit cards, checks and online banking. It may be an individual or joint account. You have access to all investments, products and services of the financial institution.
Savings account is not only a modality of brazilian bank account, but one of the most traditional financial investments in Brazil. Brazilians consider this kind of account a safe have. Based on the resources saved, the bank pays an interest rate of 0.5% per month, applied to the values updated by the Referential Rate (TR). The financial institution credits the Yields monthly and no income tax is charged.
Do you want to invest in Brazil’s securities? Read more about the Brazilian Brokerage Bank Account
No Red Tapes
With CKSA Consulting Services, it’s easy to open