Brazil
All the foreign investors as well as nonresidents can easily make an investment in all kinds of urban as well as rural properties in Brazil through direct ownership from abroad or by the way of resident companies and partnerships.
A tax registration number from the Cadastro de Pessoa Fisica (CPF) is required as this serves as the most important process of buying property in the country.
There are various restrictions in terms of investments in rural properties. Foreigners who have an intention of migrating in the country may acquire the rural properties directly from abroad only if they have a plan to come and live in the country within 3 years from the date of such acquisition. Rural properties acquired by the foreign companies must be destined for the purpose of industrial, agricultural or settlement projects only.
In order to close a sale, both the parties are required to sign a public deed that should be drafted by a private notary public. The registration of real estate in the country is considered to be safe and well-developed.
A sale can be entered into directly by the participation of the seller and the buyer. Intermediation could be carried out only by the accredited real estate agents or agencies. The rate at which these parties are remunerated is determined by the real estate legislation of each region.
There are 13 procedures in total which are required to be fulfilled while registering a property. This takes a period of 42 days in total.
Two different sets of requirements are entertained in terms of documentation while investing in property in Brazil:
The most challenging requirement is that from the bank as it is held responsible to clear the payment. Direct payments are not generally accepted by the banks if the payment is made by the foreigners. Thus, it is very important to maintain a Brazilian bank account.
The important documents required to buy a property in Brazil by the foreigners include the following:
- Brazilian Taxpayer card which is also known as CPF
- Sworn translation of the passport of the investor.
- Registration at the National Public Registry of Deeds and Documents.
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