Just one question about the ITBI ownership transfer tax, you were saying Boris that it depends on location if the tax is 2% up to 7%. Would that mean property within Rio city would have a higher tax rather than outside the city, or would it be just areas in the south zone like Ipanema or Leblon, or do they go by having an older apartment or a new apartment?

Regards
Don

Hello Don,

ITBI is mostly a municipal tax, and it only differs from municipality to municipality. In some cases, State ITBI applies, but it is mainly the case for transactions other then ´inter vivos´.