Pursuant to the provisions of its Circular No. 3,795 dated June 16, 2016, the Central Bank of Brazil (“BCB“) will conduct the Annual Census of Foreign Capitals in the Country (“2020 Census“).
The declarations required for the 2020 Census will have 2019 as base year, and must be delivered to BCB through the electronic platform made available on the institution’s official website(click here), by 6 pm on 08.15.2020, as defined by the mentioned Circular.
It is mandatory to submit the declarations by the:
(i) legal entities headquartered in the country, with direct participation of non-residents in their capital stock, in any amount, and with net worth equal to or higher than the equivalent to USD100,000,000.00 (one hundred million dollars) on December 31 of the base year;
(ii) investment funds with non-resident quota holders and net worth equal to or greater than the equivalent to USD100,000,000.00 (one hundred million dollars) on December 31 of the base year, through their managers; and
(iii) legal entities headquartered in the country, with a total debit balance of short-term commercial credits (payable in up to 360 days) granted by non-residents equal to or above the equivalent to USD10,000,000.00 (ten million dollars), on December 31 of the base year.
Failure to supply or supply of information that is false, incomplete, incorrect, or outside the deadlines established by the Circular, will subject those responsible to a fine of up to BRL250,000.00 (two hundred and fifty thousand reais).
The BCB has published the Declarant’s Manual on its website(click here), and the corporate team at De Luca, Derenusson, Schuttoff & Advogados remains available to advise you on this matter.