Invest In Brazil...Business In Brazil

"Kathleen, I was reading Lief Simon's article 'Frankly, The Real Estate Investor Is Better Off Looking Elsewhere' published recently, and I would like to give you two pieces of good news.

"According to Receita Federal do Brazil (the Brazilian IRS), a non-resident is not now obliged to file a tax return. He must file one only if he owes Brazil tax.

"In addition, non-residents, individuals, and companies are now able to open bank accounts in Brazilian banks. After a long and tiring negotiation with banks in Brazil, which strictly follow the Brazilian Central Bank regulations for the case, we finally succeeded in getting a unique and special authorization to open bank accounts for our clients who live abroad."

-- Flavio Pinto, our preferred Brazil attorney

***

"Kathleen, I read with interest the comments from the reader who was so defensive about investing in Brazil. I have my own Brazil experience.

"My story is that we opened an office in Brazil expecting to do business because of the sheer number of people living in this country. And we did very well in terms of total sales. Our problem occurred when we tried to take the money out of the country and were told that we could not wire the funds to our headquarters in Florida.

"The next surprise occurred when we were assessed a huge customs fee for a US$16,000 shipment from our office in the States to Brazil. The US$16,000 worth of goods was assessed a US$40,000 customs fee.

"After these and many other similar experiences, including excessive bribes demanded down the line, we decided to close our office in Sao Paulo and forget that we ever had the idea of going to Brazil for business."

-- Randy R., United States

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Kathleen Peddicord

Kathleen Peddicord is the founder of the Live and Invest Overseas publishing group. With more than 25 years experience covering this beat, Kathleen reports daily on current opportunities for living, retiring, and investing overseas in her free e-letter.

Her book, How To Retire Overseas—Everything You Need To Know To Live Well Abroad For Less, was recently released by Penguin Books.