Non-Resident Bank Accounts for foreigners in Brazil
Banks in Brazil do not open regular bank accounts
Banks in Brazil do not open regular bank accounts to foreign individuals who do not have legal and permanent residency in Brazil, which is always verified by whether the foreigner has a RNE card.
For this case and a few others there are the non-resident bank accounts, however they are not common in Brazil for foreign individuals. Despite the fact that they prescribed by the current legislation and are fundamental in many circumstances, almost all financial institutions in Brazil do not offer such accounts due to the excessive compliance requirements and excessive governmental scrutiny.
Example of The International Private Law
These accounts are necessary for a variety of situations ranging for people who simply want to invest their money via a bank account in Brazil to large international corporations that sends and receives numerous international wire transfers on a monthly basis. For example, they are fundamental for foreign individuals who do not have an RNE and thus do not have a bank account in Brazil, but need to sell real estate property in Brazil and get the funds. They are also a great tool for those individuals planning to invest in the financial market in Brazil.
Nonetheless, such accounts and their necessity have become more popular in Brazil and now more financial institutions are opening non-resident accounts. Most financial institutions charge heavy monthly fees and requires large amounts of funding.
For foreigners or on-residents, even temporary residents in Brazil, it has always been merely impossible to get one of the rental guarantees in Brazil which caused all the headaches in finding and also renting a property here, unless, of course, someone would give their property as collateral (“fiador”) to the Landord as guarantee which is not common at all.
However, now the rental process was indirectly simplified and the eviction lawsuits were perfected and that shall make landlords less strict. They shall not ask for the old guarantees that always creates barriers and headaches when finding and renting a property in Brazil.