How sell property in Brazil and transfer funds to US legally?

Wazzup wrote:

Hi, since my spouse passed on, I still tried to obtain an RNE in BR but to no avail. I would like to return to the US and never look back. However, since its a 50/50 split between myself and offspring (no will) I decided to opt for the cash in the bank. The problem is how to get it into US so I would not lose a whole lot? My bank does not list TransferWise as an option to transfer to. Any ideas, except for W.U. which has hefty fees, and my time here is limited at best since I already overstayed my Visa. Thanks for your advice.

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I am very sorry about your loss, and your necessity to give up on your RNE and having to leave to the USA.
Although I have no idea how much money you are talking about, you might ask if anyone here wants to sell you dollars, or whatever currency you need, in exchange for your R$. It might be less of a loss for you, and a way someone could buy R$ at a better rate for them. I also use a professional facilitator in Sao Paulo, he "might" be able to help you here, but usually, he is doing the opposite, transferring large amounts into Brazil for investments. If you talk to him, you should ask about your possible RNE if you have not spoken to a professional before as he does a lot of immigration work.

Wazzup wrote:

Hi, since my spouse passed on, I still tried to obtain an RNE in BR but to no avail. I would like to return to the US and never look back. However, since its a 50/50 split between myself and offspring (no will) I decided to opt for the cash in the bank. The problem is how to get it into US so I would not lose a whole lot? My bank does not list TransferWise as an option to transfer to. Any ideas, except for W.U. which has hefty fees, and my time here is limited at best since I already overstayed my Visa. Thanks for your advice.

No idea of Cambios in your area. You always can exchange and take it to the US. Must declare any funds over $US 10,000.00

Rectifying an old post of mine...

The probate process actually requires an attorney, mostly as a mandatory pro forma for filing.

You will end up doing most of the leg work, unless you pay your attorney above the minimum rate you can shop for. 

Cartorios, or Registry of Deed, will not run the process until you have designated an attorney.,  And they will not refer you one.  You must source your own attorney.

And every clerk is a complete different story on what paperwork, or what's missing on paperwork. 

Just get a decent attorney ( tall task in Brazil ).

08/19/22 @sergiobotinha  Hello I already sent an apostle notarized power of attorney to my proxy in Brazil what is the next thing to do.  I am one of three children of a little apartment my mother left after passing.  Please let me know thanks.

- @rdnllsn18

Just to clarify....

If you are a spouse and survivor, then you are a "meador", therefore non subject to probate. And it helps if your name is in the title of deed. 

Other than that, then you must go through probate. Just check on that.

As far as Capital Tax Gains, you have to check on exemptions, which might be affected as to when the property was purchased originally under the deceased and or you.   

Some times it could mean, zero capital gains taxes.  Sometimes, it is not applicable, and you have to pay the reigning tax rate. 

Also, there's an equivalent to a 1030 tax deferred exchange here in Brazil.  Same principle, you sold and you bought something else within the Country, within a six month window  then your  Capital Gains Tax  due is Zero. 

If you live abroad, you are the facto a landlord absentee, which does not bode well for you, even if you hire a property manager. Unless you have a super duper property manager in your behalf.  And being in Rio......

Well, there is a better way to collect income on the result of your sale, without transferring it Stateside.

So, what you can do, is to sell it outright, and take the proceeds to  buy unsold  or resale hotel units ( the  actual room unit ). As of recently, most larger hotel buildings, with very few  REIT sponsored projects and exceptions, are sold through units, just as you would gotten a condominium unit.

It benefits you, as passive income, where regardless as to whether your unit got occupied or vacant the entire previous month, you stand  collect the share of the net income. It so happens as hotels earnings are shared as income pool.

Most branded hotel projects in Brazil, regardless of flag affiliation ( Hilton, Accor, Choice Hotels, Marriott Intl ) are being put together this way. Likely you should be getting an Ibis, Ibis Budget, Comfort Inn, perhaps a Hilton Garden.  In short, you will be getting a piece of the action through passive income. Hands off management.

And btw, you stil own something, just as if you would for an apartment or office suite.

I recall I brokered a couple deals about seven years back, for two Trype Meilia units in Sao Paulo.  We got the monthly income & expense statements, met with the property comptroller, were given a tour, saw the occupancy numbers.  At that time, a R$ 335.000,00 investment netted about R$ 1,900 per month, with some seasonably adjustments throughout the year.

In some cases, even taxes are taken out, so by the time you get your wire transferred funds on your monthly income, it's tax free, and filing is a merely pro forma. 

And to boot, your income will fall bellow FATCA tresholds. 

There are caveats with this strategy, but this is another conversation.

Just give it a thought.

Thanks for the valuable information so far!

My question is about the amount of time required for the actual completion (closure) of the sale.

Assuming that the buyer is financed, what is the range of time that one might expect between acceptance of an offer and completion of the sale?

Consider 'closure' as turning over the keys and getting the proceeds.

Less than 30 days, 30 - 45 days, more?

Hi there, since the purchase is going to be financed, all the documents have to pass through the banks, and the buyer has to be approved as eligible, and considering that you also have to arrange the deed signature with the Cartorio, have a private contract, etc., I think 45 days is a reasonable timeframe to expect.  one consideration you should have is, if the sellers’ account is abroad, what would be the difficulties the bank will impose for an international payment to be done, If possible at all. Take care

@555USRio Best bet for this. Join the Expats in Brazil group on FB. Talk to James Chapman for the financial  part. For lawyer talk to Phillippe Macedo there. They will help n steer you through all the hoops.

    why in gods name would anyone want to take money IN to the USA?  Do you know that they are now busy hiring another 87,000 IRS agents, and one requirement for the job is to be eligible and willing to carry a gun and use it when necessary?
sorry if this sounds political, but I have to ask .....

   

    -@Inubia
]

And never mind Apple, Google set headquarters in Ireland to skirt US Taxes.

And the US has the largest budget shortfall in ages, and demand for US Denominated Debt is waning outside the US. 

You show up with cash out of nowhere, they will fork it over.