Apartment Sales > Brazil > Buyer's Guide of BRAZIL

Buyer's Guide of BRAZIL

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GENERAL INFORMATION

1.What is the currency in the country?
The currency in Brazil is the Real, whose International code is BRL. The Euro exchange rate is 2.62 Real (data in April, 2008), but it fluctuates.

2. Is it necessary a visa to enter in the country?
No. It is not necessary a visa to enter in the country.

3. What is the mortgage interest rate in force in Brazil?
The interest rate of reference in Brazil is the SELIC rate (interbank rate.) Its present figures are 11.2%

4. What was the last CPI in Brazil and what is the forecast for next years?
Invest on Brazil

INFORMATION ABOUT THE PURCHASE

1. Where shall I register the purchase of the house unit? Can Marina d'Or register in deed on my behalf?
Every purchase is registered in Brazil. In the case that you cannot travel to Brazil, Marina d'Or offers you the possibility of registering on your behalf always that you grant us a power of attorney duly legalized.

2. Is it the product purchased in Euro or in Brazilian Real?
Purchase shall be realized in the currency of the country: Brazilian Real.

3. If there is any legal discrepancy, which courts shall be in charge of it?
The Brazilian ones, according to section 95 of the Code of Civil Procedure.

4. How long shall it take to deliver the housing unit?
Date planned to deliver Torre I is March 2009.
Date planned to deliver Torre II is June 2009.

INFORMATION ABOUT EXPENSES AND DOCUMENTATION

1. What kind of expenses and costs are generated when acquiring a housing unit in Brazil?
In Brazil VAT does not exist. However, acquiring housing generates costs and expenses for 10,27% of the housing cost, as it follows:
· Public Deed: 1,20% of the valuation cost
· Registration Fees: 3,57 % (several concepts).
· Expenses and Taxes: 5,5 % (Transmission and Tax in coast area)

2. Is it necessary to have NIE (Foreign Resident Identification Number) if I acquire a housing unit in Brazil?
Yes, clients must get the CPF/MF (Brazilian fiscal number) as no residents. The procedure is realized in Brazil or in the Brazilian Consulate that corresponds to your residence.
You can obtain directly the CPF/MF by means of the web page of the Consulate of Brazil: www.brasilbcn.org. Marinad'Or can also get for you a CPF/MF if you grant us an attorney power

3. Has purchaser to pay for IBI? (Property Tax)
The municipalities where the properties are situated collect the Impuesto Predial and Territorial Urbano (Real Property Taxes.) In the case of Natal the rates oscillate from 0,20% to 0,61% annually depending on the real estate property.

4. If I buy an apartment and I sell it later, can I take the money out of the country? What should I pay to the Treasury?
Yes. It is possible to take the money out of the country, prior fulfilment of the fiscal norms:
· For individuals, the payment of taxes in Brazil can reach maximum the 27,5%
· For companies, the payment of taxes can be maximum of the 15% + 10% in function of the benefits of the company