Property Tax in Brazil
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Property Tax in Brazil
Due to constant changes and the complexity of the property tax concept itself, we strongly recommend you to contact an expert tax advisor in order to understand the whole tax aspect when considering buying a property in Brazil. An overview of the various applicable taxes are:
Tax on Rental Income:
Tax is charged on worldwide income for residents of Brazil at 15%
Capital Gains Tax:
Non-residents are normally subject to a flat rate of 15% on gains from properties in Brazil but for example gains from the sale of an individual property, provided a similar sale has not taken place in the previous five years and the total value of the sale does not exceed a specified amount are exempt from capital gains tax.
VAT:
This is the value added taxes which normally applies in other countries. It is set at 18% and 25% on luxury goods.
Inheritance/Wealth Tax:
There are no inheritance or wealth taxes in Brazil.
Stamp Duty:
Stamp duty is a form of tax that is levied on documents. Historically, a physical stamp (a tax stamp) had to be attached to or impressed upon the document to denote that stamp duty had been paid before the document became legally effective. More modern versions of the tax no longer require a physical stamp. Included in the fees charged for real estate transfers are transfer taxes which vary from 2-4% of the declared value.
Municipal/Local Tax:
Depending on the municipality, it may charge a local tax (2%) on business and real estate transfers. There is also an annual urban real estates tax which is 0,6% of the assessed value of the property.
Currency Exchange – Brazil:
Since buying a property always involves large amounts of money, we strongly recommend you to be fully informed so that you do not loose thousands on currency exchange.
Why is exchange rate important?:
Even the smallest fluctuations in the money markets will make a difference to the price you pay for foreign currency. Currencies can fluctuate by as much as 10% over relatively short periods of time, so the best piece of advice is to secure an exchange rate prior to the transaction in order to protect your money.
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