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What are Your Levels of Taxation in Brazil?
When you are a legal resident of Brazil, you’ll need to file a tax return here. “Resident” here includes foreigners holding permanent visas, and also those holding temporary visas and a work contract.
As a general rule, if you are a U.S. citizen residing in Brazil, you’ll still have to file a U.S. return.
Foreigners with tax residence in Brazil must pay tax on income generated in Brazil or elsewhere, unless it is exempted through a double taxation treaty. The United States and Brazil do not have one at this time, though Brazil and Canada do.
Reviewed By Lief Simon
Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.
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Ordinary income is taxed on a graduated scale. Low-income individuals pay no tax, and the maximum marginal tax rate currently is 27.5%. It’s best to consult an accountant in Brazil, but the following passive income sources must generally be reported:
Returns must be filed by April 30 each year, and can generally be done via the Receita Federal website.
Capital gains are generally taxed at a flat 15%, but payment is due when the gain is realized, not the following April 30. There are some exemptions, such as the rollover of the gain from sale of your residence to buy a new residence within six months.
Note that when a property is sold in Brazil, Brazilian residents must pay capital gains in Brazil. Currently, non-residents would be required to pay taxes in their home country but not in Brazil.
For instance, some exemptions may be recognized in the United States (or other home country), but some may not, and laws change, so consult an accountant versed in international tax law.
More on Real Estate in Brazil
The more upscale the neighborhood, the higher the tax. IPTU will generally run between 1% to 2% annually. (Note that in Brazil tenants are generally expected to pay the IPTU, as well as any monthly condominium fees, but these often aren’t included in the quoted rent—so be sure to ask before signing any lease.)
Currency conversion at today’s exchange rate.
Smaller companies are generally taxed at 15% of net profits from operations, regardless of the type of business.
For example, there is a supplemental tax of 10% on any portion of net profit which exceeds 20,000 reals a month. Additionally, there is a social security contribution of 9%.
If you are moving large amounts of money into the country, please be aware that Brazil enforces a foreign-exchange transaction tax (IOF) of 0.38%.
Reviewed By Lief Simon
Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.
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Brazil has a system with different tax rates for ICMS (Imposto de Circulação de Mercadorias e Serviços), which is charged by each state. The usual ICMS rate is 17%, but it is 18% in São Paulo, Minas Gerais, and Paraná, and 19% in Rio de Janeiro.
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