Purchasing Real Estate in Brazil
by Chris Parry
Increasingly, you may hear that investing in real estate is a good option for your financial future. Did you know, though, that investing in overseas real estate can be a better idea than investing domestically? Investing in real estate in Brazil is an excellent idea for a number of reasons.
Brazil is in the top five of the largest countries in the world, leaving lots of areas for real estate investors. Moreover, the areas Brazil encompasses include more than four thousand miles of beautiful coastline property, the massive Amazon, rain forests, mining towns, mountains, and towns like Sao Paulo and Rio de Janeiro. With a cost of living that is significantly lower than the United States, Brazil seems like the perfect place for your first overseas property investment. However, there are several things that you need to know before you can begin buying and selling in Brazil. One of the first things you should know is that you must have a CPF, or a Brazilian tax registration card. In order to get this piece of identification, you should first have your birth certificate translated into Portuguese (the national language of Brazil) by a member of the nearest Brazilian consulate.
The next step requires a bit of travel, but it will put you well on your way to starting the investment process. Some individuals are eligible to apply for a CPF through the Receita Federal website, but check with your Brazilian consulate to be sure. If not eligible, travel to Banco do Brasil with both your translated birth certificate and your passport. This major Brazilian bank has it’s headquarteres in Brasilia, and while there are branches in major cities like New York, they are only available for larger corporations and traveling Brazilian nationals. A fee is required for your CPF, and twenty-four hours later, you can pick up your CPF number at Receita Federal, also located in Brasilia.
You need to set up a post office box somewhere in the country, as your new card can only be mailed to a Brazilian address. This step will occur within the next two months. During the course of your first few investments, it is best to use an English-speaking broker in the area that you wish to invest in. Not only will it help you to understand the country as a whole, it may also help you to identify some of the deals that you might have overlooked. It also helps to ensure that you have to engage in very little travel, if you prefer it that way.
When you’re ready to choose an area for investment, talking to other Brazilian investors would be helpful, but some of the best spots to invest in include Rio de Janerio, which is considered to be a civil war zone by many, but has some of the hottest properties in the world, Buzios, one of the best beach resorts for international travelers, and Teresopolis, a beautiful mountain town. There are many websites dedicated to helping international investors find the perfect property, and lots of local Brazilian real estate brokers specialize in dealing with international investors.
Investing in property overseas is a great idea for your financial future, and at the moment, Brazil is the one of the best places to invest in.