Unreported Transfer of Funds abroad from Brazil

Transfer of funds from Brazil is allowed to any  individual and to any legal entity established in the country.

The Brazilian Constitution assures the individual right to freely move abroad and freely transfer one’s assets to any foreign country.

Transfer of funds abroad is, however, subject to some legal requirements.

Bank transfers are the usual procedure. If you carry money with you in excess of 10 thousand Brazilian Real (or its equivalent in foreign currency) while going abroad, you must file and surrender a report to the Brazilian Federal authorities  informing the amount of  any  such excess, before you leave the country. Lack of compliance will entail a penal suit and retention of the funds in excess of the legal limit.

Unreported transfer of funds abroad from Brazil may result in a criminal suit. A criminal proceeding may also be started whenever any person  residing in Brazil shall receive and maintain funds abroad in excess of US$ 100,000.00  at any year-end and keep this fact uninformed to the Central Bank of Brazil during the subsequent year.

Nonetheless, there are constitutional grounds for any defendant to sustain the unconstitutionality of the criminal type which qualifies as crime  any unreported transfer of funds abroad and  the maintenance abroad of more than US 100,000.00.

Filing an habeas corpus will be the remedy to close the case. A criminal revision petition will apply to obtain an annulment of the court’s decree whenever the plaintiff has been convicted.