CBE and DCBE: Brazil's Capital Declaration for Brazilians Living Abroad

If you are a Brazilian living abroad — or a Brazilian who has recently obtained permanent residency in another country — you may be required to file annual capital declarations with Brazil's Central Bank (Banco Central do Brasil). These are known as the CBE (Declaração de Capitais Brasileiros no Exterior) and the DCBE (Declaração de Capitais Brasileiros no Exterior — annual version).

Missing these filings can result in substantial penalties. This guide explains everything you need to know.

What is the CBE/DCBE?

The CBE/DCBE is a declaration submitted to the Banco Central do Brasil (BACEN) that reports all assets, rights, financial instruments and other investments held abroad by Brazilian residents or by non-residents who were Brazilian residents at the time of acquisition.

The obligation is governed by Resolution BCB No. 278/2022 and related regulations. It is entirely separate from Brazil's income tax declaration (IRPF) and the Receita Federal's jurisdiction.

Who Must File?

You must file the CBE/DCBE if you are a Brazilian resident — or a non-resident Brazilian — who holds assets abroad with a total value equal to or greater than:

• USD 1,000,000 (one million U.S. dollars) — for the annual declaration (DCBE); or
• USD 100,000,000 (one hundred million U.S. dollars) — for the quarterly declaration.

Note: the threshold is calculated using the exchange rate on December 31 of the reference year. All foreign assets must be included — bank accounts, investment portfolios, real estate, business interests, receivables and more.

Important: Even after completing Brazil's tax exit (Saída Fiscal Definitiva), you may still be required to file the DCBE if you hold assets abroad that were acquired while you were a Brazilian resident.

Deadlines

The annual DCBE must be filed by April 5 of the year following the reference year. For example, the DCBE for the year 2024 must be submitted by April 5, 2025.

Quarterly declarations (for balances above USD 100 million) are due within 30 days after the end of each calendar quarter.

What Assets Must Be Declared?

The following categories of assets must be included in the declaration:

• Bank deposits and checking/savings accounts held abroad;
• Financial investments (stocks, bonds, ETFs, mutual funds, crypto);
• Real estate owned abroad;
• Equity interests in foreign companies;
• Loans and receivables from abroad;
• Offshore holding companies, trusts and foundations;
• Insurance policies with cash value held abroad.

How is the Declaration Filed?

The DCBE is filed electronically through the BACEN's Declarações de Capitais Brasileiros no Exterior system, available on the Central Bank's website. The process requires:

• Registration in BACEN's declarant system;
• A valid digital certificate (e-CPF) or access via GOV.BR;
• Detailed information on each asset, including type, country, institution, balance and currency.

Penalties for Non-Compliance

Failing to file the DCBE — or filing it with errors or omissions — can result in fines ranging from R$ 2,500 to R$ 250,000 per omitted asset or inaccuracy. In cases of deliberate concealment of assets, criminal liability under Brazil's financial crime legislation may also apply.

CBE/DCBE vs. IRPF: Key Differences

Many Brazilians confuse the CBE/DCBE with the foreign asset declaration in the IRPF. While both require reporting foreign assets, they serve different purposes and are submitted to different authorities:

• IRPF (Receita Federal): Covers taxation of income and capital gains from foreign assets. Required for Brazilian tax residents.
• CBE/DCBE (Banco Central): Focuses on the stock of foreign assets (not income). Required for both residents and non-residents above the threshold.

How GR Tax Advisors Can Help

Our team provides complete support for CBE/DCBE compliance, including asset mapping, valuation in USD at the reference exchange rate, filing through BACEN's system and coordination with your annual income tax obligations.