Tax Exit: How to open and maintain your bank account in Brazil?

If you've followed all the steps after moving abroad and submitted the Declaration of Final Departure, you're now officially a non-tax resident. But a problem arises: how to move money in Brazil? Whether it's to collect rent, pay an outstanding bill or hold investments, you'll need a Non-Resident Account (CNR).

In this article, Rendimento explains the rules of the game and how to open your CNR to continue moving funds in Brazil even if you already live abroad.

The Non-Resident Account

By law, Brazilians who make a tax withdrawal do not have to keep a current account in the traditional format we know. Maintaining an ordinary (resident) account after the tax exit is a risk. If the IRS cross-checks your data, you may have problems justifying that you no longer live in the country, as well as suffering double taxation or unnecessary fees.

Some banks, such as Rendimento, have the option of a specific account for Non-Residents. The CNR Rendimento can be opened from wherever you are, completely online and free of charge. With our Non-Resident Account, Rendimento customers can check their balance and statement, make transactions, send remittances in dollars, euros and other currencies, make transfers and bill payments, including via Pix, invest in CDBs and much more!

Documents required for opening

To open your Rendimento Non-Resident Account, you will need the following documents:

• Up-to-date identity document: RG, valid CNH or Passport.
• CPF: Must be in good standing, having already made the tax exit.
• Proof of address abroad: Electricity or water bills or rental agreement in the new country, issued less than 3 months ago.
• Definitive Exit Declaration (DSDP): Copy of the Complete Declaration and the Receipt of Delivery to the Receita Federal. The Communication of Final Departure from the Country is also accepted, if you made the tax exit in the current year.
• Proof of income: Income tax return from the country in which you reside, 3 most recent international counter checks or other documents proving declared income.
• In Income it is not necessary to appoint an attorney in Brazil. Opening an account is completely free and online.