The Annual Statement of Brazilian Capital Abroad (DCBE) can now be submitted to the Central Bank of Brazil. The deadline for submitting the DCBE is April 5, 2024.
Who needs to declare?
According to BCB Resolution 279/2022, individuals or legal entities domiciled or resident in Brazil that had assets abroad in an amount equal to or greater than US$1,000,000.00 (one million US dollars or its equivalent in other currencies) on December 31, 2023 are obliged to submit the DCBE.
What happens if I don’t declare?
Failure to submit the annual DCBE, as well as submitting it late or with false and/or incorrect information, results in a fine imposed by the Central Bank, which can reach R$250,000.00.
Please note:
If the value of the assets held abroad is equal to or greater than US$100,000,000.00 (one hundred million U.S. dollars or its equivalent in other currencies), in addition to the annual DCBE, it will also be necessary to submit the quarterly DCBE, the schedule for which is below:
- 1st quarter – referring to the base date of March 31: deadline for submission is April 30 to June 5;
- 2nd quarter – referring to the base date of June 30: deadline for submission is July 31 to September 5;
- 3rd quarter – referring to the base date of September 30: deadline for submission is October 31 to December 5.
It is worth remembering that if the assets belong to two or more individuals or legal entities in a condominium, each party must consider the full value of that asset when determining the obligation to submit the DCBE, but each declarant must only declare their respective portion.
Do you have any questions about the DCBE submission process? Our team is on hand to answer them.
