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Countries › Brazil › Guide › 5. FX and capital controls › Portfolio investment by non residents: investing in Brazilian stocks, bonds and funds under Joint Resolution 13

Portfolio investment by non residents: investing in Brazilian stocks, bonds and funds under Joint Resolution 13

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Last verified: 2026-10-27 · Status: Stable

Since 1 January 2025 non residents invest in Brazil's financial and securities markets under Joint Resolution 13 of the Central Bank and the CVM, which replaced the old Resolution 4.373 regime. Non residents use the same instruments as residents but must appoint a representative in Brazil and register with the CVM, with lighter rules for individuals. IOF on FX for portfolio inflows and outflows is zero, and the investment may not be settled through accounts abroad.

USD figures use the Banco Central do Brasil PTAX selling rate of R$5.5007 per US dollar for 26 October 2026, the last rate published before verification. Conversions are for orientation only; the rate on the day of each FX contract will differ.

Key facts

Non resident portfolio investment frameworkResolução Conjunta BCB and CVM nº 13, in force from 1 January 2025 Resolução Conjunta nº 13 art. 28, as of 2026-10-27 · in force
IOF on FX for non resident inflows into financial and capital markets0 %Decreto nº 6.306 art. 15-B XVI, as of 2026-10-27 · in force
IOF on FX for return of non resident portfolio funds0 %Decreto nº 6.306 art. 15-B XVII, as of 2026-10-27 · in force
Monthly financial asset inflow per intermediary for a non resident individual without representative2000000 BRLResolução Conjunta nº 13 art. 16 I c, as of 2026-10-27 · in force
Records kept by the non resident's representative10 yearsResolução Conjunta nº 13 art. 8 II, as of 2026-10-27 · in force
Banco Central do Brasil PTAX selling rate, reais per US dollar5.5007 BRLBanco Central do Brasil PTAX, as of 2026-10-26 · in force

The rule

1. Non residents invest in the same financial instruments and modalities as residents, with equivalent registration requirements and operating limits, subject to restrictions on trading venues and others set out in the rules.Resolução Conjunta BCB and CVM nº 13 of 3 December 2024, Art. 5, 2024-12-03 official text · verified 2026-10-27 · changed: In force from 1 January 2025 (art. 28); repealed Resolução nº 4.373/2014, Resolução nº 2.687/2000 and Resolução BCB nº 281/2022 (art. 27).
2. Before operating, a non resident investor must appoint one or more representatives in Brazil, which may be a financial or Central Bank authorized institution or a supervised clearing house, and register with the CVM. The representative keeps the investor's CVM registration up to date, keeps individual records of inflows and remittances for at least ten years and limits transfers to the investment balance.
Cost to do it: Representative, custody and registration fees are set by the providers; no Central Bank fee is set.Resolução Conjunta nº 13, Arts. 6, 7 and 8, 2024-12-03 official text · verified 2026-10-27
3. Assets must be held by authorized custodians, registered or deposited with authorized entities, and securities must be bought and sold on organized markets or in other cases the CVM allows. Transfers of a non resident's investments in forms not provided for in the rules are prohibited.Resolução Conjunta nº 13, Arts. 9, 10 and 11, 2024-12-03 official text · verified 2026-10-27
4. Payments, receipts and other movements for these investments through accounts held abroad are prohibited, except for agricultural forwards, futures and options contracted in Brazil, settled in Brazil by the clearing houses and representatives.Resolução Conjunta nº 13, Art. 13, 2024-12-03 official text · verified 2026-10-27
5. Non resident individuals need no representative when investing their own funds in securities, or in financial assets from their own non resident reais account, or in financial assets up to R$2,000,000 a month per intermediary otherwise, and need no CVM registration, subject to the CVM's registration requirements. Non resident companies investing in financial assets (not securities) from their own non resident reais account also need no representative or CVM registration.
Example: A non resident individual can buy up to R$2,000,000 a month of bank deposits or other financial assets per intermediary without a representative. / About US$363,590 a month per intermediary.Resolução Conjunta nº 13, Arts. 14 and 16, 2024-12-03 official text · verified 2026-10-27
6. A non resident may not use a reais account in Brazil to invest funds of residents. A change of residence does not force the investor to sell; the investor must inform its institution and comply with the rules for the new status.Resolução Conjunta nº 13, Arts. 12 and 15, 2024-12-03 official text · verified 2026-10-27
7. Depositary receipts abroad may be backed by securities of Brazilian listed companies, securitizers, funds and other CVM supervised issuers, capital eligible bank instruments and Letras Imobiliárias Garantidas held in specific custody in Brazil.Resolução Conjunta nº 13, Art. 18, 2024-12-03 official text · verified 2026-10-27
8. IOF on FX is zero on inflows of non residents for investment in the financial and capital markets and on the return of those funds.
Cost to do it: Zero IOF on FX in and out.
Example: US$1,000,000 into B3 listed shares (R$5,500,700): IOF zero on entry and exit. / US$0 of IOF.Decreto nº 6.306, Art. 15-B XVI and XVII, 2007-12-14 official text · verified 2026-10-27
9. Direct investment transfers and movements in securities traded on organized markets are not reported in SCE-IED; portfolio investment is tracked through the custodians and representatives.Resolução BCB nº 278, Art. 32 sole paragraph, 2022-12-31 official text · verified 2026-10-27

Worked example

  • A foreign fund wants US$5,000,000 of Brazilian listed shares (R$27,503,500). It appoints a Brazilian institution as representative and custodian, obtains CVM registration, and remits through an FX contract with zero IOF (Resolução Conjunta nº 13 arts. 6 to 9; Decreto nº 6.306 art. 15-B XVI). It buys on B3, keeps all settlement in Brazil and may later sell and repatriate with zero IOF on the FX (art. 13; art. 15-B XVII). Income tax on gains and income follows the tax rules for non resident investors (see Capital gains of non residents).

Step by step

  1. 1. Choose a representative and custodian in Brazil; one institution can do both (Resolução Conjunta nº 13 arts. 6 and 7).
  2. 2. Register with the CVM through the representative, and obtain the tax registration the tax rules require.
  3. 3. Remit through an FX contract classified as portfolio investment (Decreto nº 6.306 art. 15-B XVI).
  4. 4. Trade on organized markets and keep all payments in Brazil (arts. 10 and 13).
  5. 5. Repatriate through the representative, within the investment balance (art. 8).

Common traps

  • Settling trades offshore. Movements through accounts abroad are prohibited for these investments (Resolução Conjunta nº 13 art. 13).
  • Assuming the tax representative is enough. The regulatory representative is distinct from the representative required by tax law (art. 7 sole paragraph).
  • Mixing portfolio and direct investment. A stake bought as portfolio and later used for control, or converted, must follow the direct investment reporting rules (see FDI reporting).
  • Using a non resident reais account for residents' money. It is prohibited (art. 15).

Sources

Related pages

Related: Brazil country profile · live dashboard · central bank and release calendar · our posts on X · where Argentina is involved, see The Argentine Thread guide

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