Hi Boris

I dont know if I have to be a member for this kind of question but anyway you will tell me

I am interested in buying an apartment here in Brazil just for holidays without a permanent visa as I know it is authorized with a CPF.
But I have some doubts about the payment process and the different available options.
As far as I know, I will not be able to open a bank account as I have no permanent visa.So the idea to make a money transfer for myself and then pay the seller is not possible.
So could the money transfer directly to the seller be a good option?Or the cash carry option?
For my part I do not like very much both cases as it seems quite unsecure.
Does the 'cartorio' plays a role in the payment process?
Finally is there a good solution?

Sorry for all those questions but it would be nice if I could have some 'light' about the subject...

Hi Stephane,

YOu are correct: it is possible to buy a property in Brazil without a permanent visa. All you need is a passport and CPF. You are also correct about the inability to open up a bank account without a permanent visa.

The two options you are mentioning are the most practical ways to arrange payment for your purchase under the circumstances. Both have their major inconveniences. In the case of cash it is physical security (it is legal to bring funds into Brazil as long as you declare them) in the case of wiring directly to the seller´s account the main concern is security of the transaction.

The cartorios do not play any part in the payment process other then registering the payment as part of the purchase.

If you are absolutly adamant about dealing with cash, it would be safer to hire a good lawyer who can draw a purchase contract that the sellers would have to sign before you wire the funds to their account. The contract would have to be drawn to have full validity only when your payment has been received.

It has been done and it works.

Regards,
Boris

I cannot agree more with Boris. You must be carefull when bringing cash. First, by law, you must declare any amount superior of $10,000.00. Second, it is not recommended to carry cash around.

My legal advise to you is. Once you have a properly executed and registered contract for purchase and sale, it is fairly safe to wire the money over to the seller´s account directly.

Should you need further assistance, feel free to contact me.

Jose C. Santiago
Licensed Attorney - Brazil & Licensed Realtor – Florida (US)
Phones: 55-11-9348-5729 (Brazil) & 1-800-983-7060 (US)
Email: jsantiago@eliteinternational.com
Website: www.josesantiagohomes.com

Unless I am very much mistaken, the limit you are allowed to bring into the
country without declaration is R$ 10.000.- a relatively small amount.

A properly formulated sales contract previously read by both parties and duly
stamped by the local cartorio is a good way to purchase property where the
full amount is to be transferred to sellers bank account direct.
Banco Central will NOT allow large amounts in excess of the actual purchase
price but will usually accept amounts not in excess of 10-15% to cover
documentation and gov. taxes, usually 2%.

The money will first arrive at Banco Central who validifies the transfer and
agrees the exchanged rate to rials before transferring it to the sellers own bank
account. The sellers bank must have available all details of the purchase contract
for submission to the Banco Central. If not, the whole
amount will be returned to the buyers bank.

We have had very good results and co-operation with the Itau business bank,
which is more than we can say about some of the other Brazilian banks.

If you are unable to be here in person to sign the final 'escritura' at the
cartorio, you may appoint a trusted person as your 'procurador' who will
act on your behalf ONLY for the specific signing of the 'escritura' and
is validated within a very narrow timeframe.

Tore is right, the only disadvantage is that the exchange rate is not that good, but this is not a big deal at all and using a properly executed contract is indeed the legal and safest way to bring money over.

Should you need further assistance, feel free to contact me.

Jose C. Santiago
Multinvest / Elite International
Licensed Attorney - Brazil
Licensed Real Estate Agent - USA
Phones: (55-11)9348-5729 - São Paulo, Brazil
(800)983-7060 - Miami, USA
Skype: josecsantiago