The deadline for the submission of the Statement of Brazilian Capitals Abroad (“DCBE”) to the Central Bank of Brazil has begun on February 15, 2021.
WHO SHOULD SUBMIT ANNUALLY: this year, all Brazilian residents that, on December 31, 2020, held total assets abroad over USD 1,000,000.00 (one million US-dollars) or equivalent amounts in other currencies are required to submit the DCBE.
Until last year, the Annual DCBE was mandatory for those with assets abroad amounting to USD 100,000.00 (one hundred thousand dollars). This threshold was raised by the Central Bank of Brazil in July 2020.
CONSEQUENCES OF THE THRESHOLD RAISE: We point out that the raise in the minimum threshold of assets held abroad, from one hundred thousand to one million dollars, in accordance with the particular of the investor, may open an opportunity to regularize assets held abroad by Brazilian residents which failed to deliver the Annual DCBE with total assets abroad of up to USD 1 million (one million dollars), or its equivalent in other currencies. Our firm is able to assess the possibility to regularize the declarant situation.
DEADLINE: up to April 5, 2021, at 6 pm.
WHO SHOULD SUBMIT ON A QUARTERLY BASIS: all Brazilian residents, individual or legal entities, which, on December 31, 2020, March 31, 2021, June 30, 2021 and September 30, 2021, hold assets abroad amounting to more than USD 100,000,000.00 (one hundred million dollars) or its equivalent in other currencies.
DEADLINES:
- up to April 5, 2021, at 6 pm, for reference date December 31, 2020;
- up to June 05, 2021, at 6 pm (postponed for the next business day, June 07, 2021), for reference date March 31, 2021;
- up to September 05, 2021 (postponed to the next business day, September 06, 2021), for reference date June 30, 2021; and
- up to December 05, 2021 (postponed to the next business day, December 05, 2021), for reference date September 30, 2021.
PENALTIES FOR ANNUAL OR QUARTER STATEMENTS: The late submission, lack of information or submission of incorrect data could imply the application of penalties by the Central Bank of Brazil, such as fines that go from BRL 2,500.00 to BRL 250,000.00, which may be increased in 50% in certain cases.
We are at your disposal to assist you in preparing the Annual DCBE, as well as to assist you in analyzing the potential infractions related to the delivery of the statement.
For further information and clarifications, please contact:
Luiz Antonio Varela Donelli – luiz.donelli@dsalaw.com.br
Suzana C. Cencin Castelnau – suzana.castelnau@dsalaw.com.br
Arthur Barreto – arthur.barreto@dsalaw.com.br
