REAL ESTATE - BRAZIL

Brazilian Real Estate
With its enchanting towns, long stunning white coastline and tropical weather, Brazil is certainly proving to be a hotspot for investors worldwide.

A lot of Brazil’s reform has come from the hands of their president – Luiz Inacio Lula da Silva. It was in 2009 that their president announced that the Brazilian government would be spending 11.5billion on building new properties. With a population of 182 million, Brazil is now the 5th largest country on the planet.Referred to as part of BRIC; (Brazil, Russia, India, China) the term prominently used in a Goldman Sachs report from 2003. These four countries are among the biggest and fastest emerging markets of the globe with speculation that by 2050 their wealth would encompass that of current rich economies. Brazil has recently emerged as a perfect investment choice to many counterparts what with its relatively weak currency against the dollar . In 2014 Brazil will be hosting the FIFA World Cup and in 2016 the Olympic Games.

Buying Property in Brazil
The whole process of buying real estate is made a lot easier with non-Brazilians ato own the freehold title to the land and property. With a temptingly more affordable market and cheaper lifestyle it is no wonder so many people are investing their money in Brazil. When buying property in Brazil, you need something that is known as a CPF (Cadastro de Pessoas Físicas). This is used as Brazilian ID and is our equivalent of a national insurance number.

To obtain a CPF you would need to either grant Power of Attorney to someone to act on your behalf in Brazil or alternatively you can visit a Banco do Brasil or a local Post Office but remember to bring along your passport, birth certificate to formally apply for one. Once you have received your card you simply sign it and send back the card with a small fee whereby a CPF number will be issued to you at the Receita Federal. Your CPF card will need to be forwarded to a Brazilian address.

Once you have found a property you are interested in, we can act on your behalf to carry out all the necessary checks on the property or land. A small non –refundable deposit will need to be paid to the seller at this stage. We will then draft a contract agreeing to the full sales conditions of the property. This contract can then be signed in front of a Notary by either the buyer or to whom Power of Attorney has been granted. It is usually customary to appoint a Power of Attorney to act on your behalf in the sale granted that you may not speak Portuguese and therefore not in a position to sign the Deed of Sale.

The Notary Public will register your name on the property. There is one single registry in Brazil that maintains all the details of the property and records financial charges and other matters that may affect the title. Registering the deed provides the highest public level of protection. The transfer of funds takes place and depending on where exactly you are purchasing, the details will be recorded within a couple of weeks.

If you would like our assistance in obtaining either a CPF, Power of Attorney or would simply like our legal assistance in your purchase, please contact our Client Services Department at: info@giambronelaw.com