Opened Account with Banco Do Brazil. Do I Need to Inform?

roddiesho ViP

Member since 10 November 2022

roddieshoViP13 October 2025 18:59:41

1004

Do I need to inform someone? This was in my EXPAT - E-MAIL.

"Many expatriates still don't realize they must declare their foreign bank accounts to their home country's authorities. If you've moved to Brazil, Poland, or the UAE and opened bank accounts there, the tax office needs to know. Failure to declare can be subject to a fine per undeclared account in countries with a tax treaty against fraud with your home country. In countries without such a treaty, the fine can be much higher."

abthree Brazil Expert

Member since 28 December 2017

abthreeBrazil Expert13 October 2025 22:10:56

6330

10/13/25 @roddiesho. Generally speaking, as a US citizen you only have to report Brazilian bank accounts if they have a balance of US$10,000 or over even for a day during a tax year. The reporting thresholds for other assets are much higher. For example, I've only had to file a report once since I came to Brazil, for the year we bought our apartment, because the purchase price was in my Banco do Brasil account for a couple of days. The general rules for individuals appear here; discuss this with your US tax advisor if you think that you might be approaching any thresholds:

https://www.irs.gov/businesses/corporat … -act-fatca

One potential problem for expats from the US is investing in Brazilian "Passive Foreign Investment Companies". These will often look like mutual funds in the US, but receive extremely punitive treatment from the IRS. Talk to your US tax advisor before investing in any Brazilian investment that looks like a mutual fund. More information appears here:

https://www.taxesforexpats.com/articles … taxes.html

The above is for information purposes only and is NOT tax advice.