Hi everyone, my wife is a Brasilian citizen and in 2011 she legally transferred her money out of Brasil to USA. She lived with me all these years and she has a green card in USA. Now she would like to send her money back to Brasil. We have all her original documents of the transfer of the money to US. Is this possible? Are there any tax implications for her?
Any advice based on personal experience is welcomed!
Thank you
Dimitrios and Cecilia
Returning money to Brasil
dzgreek
23 December 2018 23:44:23
58
abthree
24 December 2018 02:03:20
5339
If the funds are being transferred from a US account in her name to a Brazilian account in her name, there shouldn't be any difficulty. The chief concern of the Central Bank will be to ensure that she's not engaging in money laundering; the original transfer documentation should help.
As for tax implications, IOF, the financial transaction tax, is assessed on all transfers. Income tax implications should be discussed with an accountant.
dzgreek
24 December 2018 11:26:08
58
Thank you so much for your reply. I will check also with her bank in So Paulo too to see what is their procedures.
Texanbrazil
24 December 2018 14:21:39
2744
She will have to wire transfer to her account in Brazil. Over $2000.00 U$D may need to advise her bank and the reason why.
dzgreek
24 December 2018 14:33:27
58
Thank you for the advice! I will also contact her bank in Sao Paulo and ask for procedures and legal ramifications.
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