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Buyers of property in Brazil 'must do research'

Date added: 10th March, 2010 at 10:14
(view all articles from March, 2010)

People looking to buy property in Brazil must do their research into tax issues, it has been stated.

According to the commercial section of the Brazilian Embassy in London, investors in the Latin American country must ensure that they get advice about taxation.

"It is confusing, especially to a foreigner," a spokesman for the Embassy commented.

As a result, he recommended that people who are thinking about buying property in Brazil seek legal advice.

He explained that the Embassy tells people to speak to lawyers with experience of such matters.

An ideal lawyer would be one that offers representation in Brazil, but who also keeps offices in London, the spokesperson advised.

He added that, like in most countries around the world, taxation plays a large part in how much money an investor will have to pay for a property in Brazil.

People looking to invest in property overseas in any country should always seek legal representation, he said, so that they can be made aware of any important taxation issues they may not have known about.

However, according to the spokesman, the situation for people thinking about buying property in Brazil is not as bad as in many other countries and that as a result many people had invested in the country, especially in areas such as Bahia in the North East.

"You just see by the amount of investment that has been happening in the last few years, the amount that has been invested and the number of people buying property either as an investment...or even people who are looking for a second home or just a holiday home to buy, especially in the North East," he commented.

People and companies may find that now is a good time to make an investment in Brazil as the economy in the country is growing and tourism revenue is set to increase over the coming years.

Both the Fifa World Cup in 2014 and the Olympic Games in 2016 are to be held in Brazil, which means the country will see a larger number of overseas visitors.

People may find that buying property in Brazil can enable them to see these great sporting events firsthand without spending too much on accommodation when they travel out to the Latin American country for a holiday.

This comes after the minister of tourism Luiz Barretto stated that the government is to make an investment in Brazil to expand the regional air grid in an attempt to make travel for holidaymakers easier. ADNFCR-1477-ID-19660383-ADNFCR