STATEMENT ON BRAZILIAN CAPITAL ABROAD

As per Resolution No. 3,845/10 (“Resolution 3,854”) and Circular No. 3.624/13 (“Circular 3,624”) of the Brazilian Central Bank (“Bacen”), the presentation of the Statement on Brazilian Capital Abroad (“Statement”) is mandatory and shall be made in accordance with certain terms and conditions.

In this context, up to 6pm of April 5, 2017, all individuals or legal entities resident, domiciled or headquartered in Brazil that hold assets and amounts abroad (“Providers of the Statement”), totalizing an sum equal to or greater than USD 100,000.00 (one hundred thousand dollars) or the equivalent in other currencies, shall provide the Statement related to December 31, 2016, as per Resolution 3,854.

Additionally, it is worth mentioning that Providers that hold assets or amounts abroad equal to or greater than USD 100,000,000.00 (one hundred million dollars), or the equivalent in other currencies, shall also provide the Statement quarterly, with the base dates of March 31, June 30 and September 30 of the current year.

The Statement shall be made through the form available on Bacen website, and shall include: (i) deposits; (ii) currency loans; (iii) financing; (iv) commercial leases; (v) direct investments; (vi) portfolio investments; (vii) investments in derivate financial instruments; and, (viii) other investments, including real estate and other assets.

It is necessary to enhance that the default in complying with the mentioned rules, as well as the provision of incorrect, incomplete or false information can result in the imposition of a fine by Bacen.

The Kestener, Granja & Vieira Advogados team is available to provide any further information required on this subject.

This article is intended exclusively to provide information and does not contain any opinion, recommendation or legal advice from KGV Advogados in relation to the matters herein addressed. Copyrights are reserved to Kestener, Granja & Vieira Advogados.