Brazil attracts numerous foreigners every year, whether for professional, tourism, or investment reasons. A common question among those who wish to settle in or conduct financial transactions in the country is: Is it possible to open a bank account in Brazil as a foreigner? The answer is yes, but under certain conditions.
1. Types of Bank Accounts for Foreigners
Foreigners can open a bank account in Brazil under two main categories:
a) Resident Account
Foreigners holding a permanent or temporary residence visa can open a bank account just like Brazilian citizens. To do so, they must provide:
A CPF (Cadastro de Pessoa Física), which is the Brazilian tax identification number;
A valid identification document (passport);
Proof of residence in Brazil;
Proof of income or employment.
b) Foreign Domiciled Account (CDE)
Non-residents, including foreigners and Brazilians living abroad, can open a Foreign Domiciled Account (CDE).
What is a CDE account?
The CDE account is a banking option designed for expatriates or anyone needing to manage their finances in Brazil while residing abroad. This type of account is ideal for:
Paying personal or property-related expenses in Brazil;
Buying and selling real estate without unnecessary complexity;
Facilitating money transfers between Brazil and other countries;
Managing donations and inheritances received in Brazil by non-residents.
This type of account follows specific regulations set by the Central Bank of Brazil, which defines the criteria for its opening and management.
2. Requirements and Documents Needed to Open a CDE Account
To open a Foreign Domiciled Account, certain conditions must be met. This account:
Can only be opened at a financial institution authorized to operate in the Brazilian foreign exchange market;
Must be identified as a non-resident account, distinct from standard deposit accounts;
Is registered with Sisbacen (Central Bank system), although this requirement may be eased under the 2023 foreign exchange law reform.
Required Documents:
The documents required may vary depending on the bank but generally include:
A valid passport;
A CPF (Brazilian tax identification number) in good standing;
A foreign tax identification number (NIF);
Proof of residence abroad;
A certificate of tax compliance in Brazil;
Proof of income (pay slips, tax returns, etc.);
A copy of the Definitive Exit Declaration (DSDP) for expatriate Brazilians.
For more information about what a CPF is and how to get one, read our article: https://www.pontesvieiraadvogados.com.br/en/post/how-to-obtain-a-cpf-in-brazil-practical-information-for-foreigners
3. Benefits and Regulation Changes
Until recently, the Central Bank of Brazil imposed strict controls on CDE accounts, making their management complicated. However, new reforms in 2022 have relaxed some requirements:
The mandatory documentation threshold for transactions has increased from BRL 10,000 to BRL 100,000;
Transaction traceability remains necessary but involves fewer administrative formalities;
A gradual simplification of banking procedures aims to attract more foreign investments.
4. Potential Challenges and Practical Advice
Despite these improvements, there are still obstacles:
Differences in bank procedures: Not all banks are familiar with these reforms, which may slow down the account opening process;
Documentation requirements: Depending on the source of funds, the bank may request additional proof;
Complexity of transfers: Some international transfers are still subject to strict regulations.
Need help opening a bank account in Brazil? Contact us: iurevieira@pontesvieira.com.br
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