Is It Possible for a Foreigner to Open a Bank Account in Brazil?

Opening a Bank Account in Brazil as a Foreigner: What You Need to Know

Brazil attracts thousands of foreigners each year for work, tourism, or investment opportunities. One of the most common questions among those looking to settle or conduct financial transactions in the country is: Can foreigners open a bank account in Brazil?

The answer is yes—but with specific conditions.

1. Types of Bank Accounts Available for Foreigners

Foreigners can open a bank account in Brazil under two main categories:

a) Resident Account

Foreigners with a permanent or temporary residence visa can open a standard bank account, just like Brazilian citizens. The required documents typically include:

·         CPF (Cadastro de Pessoa Física) – Brazilian tax identification number

·         Valid passport

·         Proof of residence in Brazil

·         Proof of income or employment

b) Foreign Domiciled Account (CDE)

Non-residents, including expatriates and Brazilians living abroad, can open a Foreign Domiciled Account (CDE) to manage finances in Brazil remotely.

What is a CDE Account?

A CDE account is designed for individuals residing abroad who need to maintain financial operations in Brazil. It is particularly useful for:

·         Paying personal or property-related expenses in Brazil

·         Buying or selling real estate

·         Facilitating international money transfers

·         Managing donations and inheritances received in Brazil

This type of account is subject to specific regulations set by the Central Bank of Brazil.

2. Requirements and Documents for a CDE Account

To open a Foreign Domiciled Account, you must:

·         Choose a financial institution authorized to operate in Brazil’s foreign exchange market

·         Ensure the account is designated as a non-resident account

·         Register the account with Sisbacen (Central Bank system), though some requirements have been relaxed under recent reforms

Required Documents

Each bank may have slightly different requirements, but in general, you will need:

·         Valid passport

·         CPF (Brazilian tax ID) in good standing

·         Foreign tax identification number (NIF)

·         Proof of residence abroad

·         Certificate of tax compliance in Brazil

·         Proof of income (e.g., pay slips, tax returns)

·         Definitive Exit Declaration (DSDP) for expatriate Brazilians

For more details on how to obtain a CPF, check out our guide: How to Obtain a CPF in Brazil.

3. Recent Regulation Changes

In 2022, the Central Bank of Brazil relaxed certain regulations to encourage foreign investment:

·         The minimum transaction threshold requiring documentation increased from BRL 10,000 to BRL 100,000

·         Transaction traceability is still required but with fewer administrative steps

·         Banking procedures are gradually being simplified to make the process easier for foreigners

4. Challenges and Practical Advice

While the process has improved, some challenges remain:

·         Bank-specific procedures: Some banks may not be fully familiar with the latest reforms, leading to delays

·         Strict documentation requirements: Depending on your source of funds, banks may request additional proof

·         Complexity of transfers: Certain international transactions are still subject to strict regulations

By understanding these rules and preparing the necessary documents in advance, you can successfully open and manage a bank account in Brazil with fewer obstacles.