There are prison sentences for disclosing customer bank details to third parties

Opening de cuenta
bank in Brazil

Country banking analysis

DWe have offshore account opening services in Brazil and anonymous bank accounts with numbered debit cards in Asia, America and Europe. These are aimed at companies, individuals and major corporations.

Everything you need to know to set up an operating company with a bank account.

1. Exchange of banking information

β€’ There are prison terms for disclosing customer bank details to third parties (and possibly fines). Banks are partially subject to strict customer due diligence regulations (old FATF recommendation 5 / new FATF recommendation 10).

β€’ Banks are largely required to maintain sufficient records of their customer and transaction data for law enforcement (old FATF recommendation 10 / new FATF recommendation 11).

β€’ Banks and / or other covered entities are required to report large transactions in currency or other monetary instruments to designated authorities.

β€’ The national administration has sufficient powers to obtain and provide bank information on request without qualifications.

β€’ There are undue notice and appeal rights against the exchange of bank information on demand without qualifications.

Is it legal to open an offshore bank account in Brazil?

D

We must emphasize that it is perfectly legal to open a offshore bank account in Brazilas well as any offshore jurisdiction or low tax. Illegality arises when the beneficiary of these offshore accounts

You have not informed the administrative and tax authorities of your country of origin of the opening of said bank account.

2. Measures to avoid tax evasion

β€’ Payment of dividends: Unilateral double tax relief through a tax credit system for all three payment scenarios (beneficiaries always receive a unilateral tax credit, regardless of whether it is an independent or related legal person, or a natural person).

β€’ Interest payments: Unilateral relief for double taxation through a tax credit system for both payment scenarios (recipients always receive a unilateral tax credit, regardless of whether it is a legal person or a natural person).

3. Cash flow

β€’ The jurisdiction does not issue or accept the circulation of large notes / cash notes of its own currency (with a value greater than 200 EUR / GBP / USD).

β€’ Unregistered bearer shares are available / outstanding or registered by a private custodian.

β€’ Series LLC / Shielded Cell Companies are not available

MORE CONFIGURATION SERVICES SOLUTIONS

  • Shareholders and Agents
  • Office permits
  • Protection of trademarks and copyrights. - Market study.
  • Legal support
  • Proportion of details of temporary unions or associations
  • Fusions and acquisitions.
  • Internal control.
  • Group restructuring.
  • Financial management consulting.
  • Buy a business.
  • Valuation of companies.
  • Credit recovery
  • Job solutions
  • Due diligence search on existing companies and individuals

4. Anti-money laundering legislation

In February 2016, the FATF issued a statement expressing its deep concern over Brazil's continued failure to remedy the serious deficiencies identified in its June 2010 mutual evaluation report, especially those related to terrorism and the financing of terrorism. terrorism.

The FATF reiterated its concern on several occasions and in June 2019, raised this as a member concern for consideration by the October Plenary.

Following the approval of Law No. 13.810 in February 2019 and Decree No. 9.825 in June 2019, the FATF revised Brazil's new framework to identify and freeze terrorist assets.

Overall, the FATF is satisfied that Brazil has made substantial progress and addressed most of its specific financial sanctions deficiencies, which concludes the process. The FATF no longer considers this to be a concern for FATF members.

However, the FATF expresses its serious concern regarding Brazil's ability to comply with international standards and combat money laundering and terrorist financing resulting from the limitation imposed by a recent provisional court order issued by a judge of the Supreme Court of Brazil on the use of financial intelligence in criminal investigations. The FATF is also concerned that the court decision is affecting the Brazilian FIU to share information with law enforcement authorities.

The FATF is closely monitoring this situation and looks forward to receiving timely updates and assurances from Brazil in this regard.

Overall Non-Compliance Score of FATF Standards in Percentage: 52,5%. (100% = all indicators rated as not met / low level of effectiveness; 0% = all indicators rated as met or highly effective)

5. Automatic exchange of information

You signed the MCAA and committed to sharing information on or before 2019.

Number of significant activated AEOI relationships (under MCAA) published by the OECD as of October 2019: 95.

What type of private banking exists in Brazil?

International Banking
Local banking

Central bank security ⭐⭐⭐

The banks international and digital They're available.

CRS: SI.

Real bank operations: 90%.

Type of visa: BRL R $, US $, €.

Joint accounts.

Remote management account: To consult.

Asset management Depending on the rating of the company.

Rates: It depends on the type of account.

Credit / debit cards in local currency

Why with Foster Swiss?

Foster Swiss is an international company registered in Switzerland aimed at providing financial and compliance advice on a variety of topics related to company formation
and commercial banking internationally. We are specialized in the implementation of businesses in different jurisdictions, which means that we offer value-added services helping our clients in their expansion abroad.

Some of these services include:
Advice and consultancy,
visas, offices, nominated director / shareholder / secretary,
accommodation if necessary… to name a few.
Check with your assigned consultant for more information.

All rights reserved Foster Swiss