Due to difficulties generated in accessing bank information abroad due to the coronavirus pandemic, the Central Bank of Brazil postponed the delivery of the Census of Brazilian Capitals Abroad (CBE) until June, 1st, 2020.

The Annual statement of Brazilian Capitals Abroad is mandatory only for Brazilian residents who own assets (assets and rights) abroad (including real estates, deposits, foreign currency assets, among other assets) with an amount equal or greater than U$ 100,000.00 (One Hundred Thousand American Dollars) as of December, 31st, 2019.

These capitals must be declared to the Central Bank of Brazil (“BACEN”), annually or quarterly, according to the framework. The declaration is mandatory for individuals or legal entities resident, domiciled or headquartered in Brazil, holding abroad, assets in which the total amount is:

• US$ 100,000.00 (one hundred thousand United State dollars), or equivalent in other currencies, on the base date of December 31st, 2019 – Annual CBE.
• US$ 100,000,000.00 (one hundred million United State dollars), or equivalent in other currencies, on March 31st, June 30th and September 30th, 2018 – CBE Quarterly.

The deadline for submission of the CBE 2020 declaration (base date 12/31/2019) expires at 6 pm on June 1, 2020. The delivery of the declaration beyond the deadline, as well as the delivery with errors or vice, or the non-delivery of the declaration may entail fines ranging from BRL 2,500.00 (two thousand and five hundred reais) BRL R$ 250,000.00 (two hundred and fifty reais), which may be increased up to fifty percent (50%) in some cases.

The purpose of this statement by BACEN is to create a statistic of the total foreign assets and liabilities of the Brazilian economy. The DCBE, in this way, helps to assess the degree of internationalization of our economy.

In cases where the amount subject to the declaration is susceptible to change resulting from an audit process in financial statements, the declarant must file his declaration within the regular term and, within 60 (sixty) days after the expiration of this term, update his declaration with the definitive, correct and complete information.