Anbima (Brazilian Financial and Capital Markets Association) has released a new guide designed to help international investors understand how to access and operate in Brazil’s financial and capital markets.

The Non-Resident Investors Guide for Investing in the Brazilian Financial and Capital Markets provides an overview of the main regulatory, operational and tax requirements for investors domiciled outside Brazil. It also maps the range of investment instruments available in the country and highlights features of the Brazilian market that may differ from practices in other jurisdictions.

The publication comes after a broad modernization of Brazil’s foreign-exchange and foreign-investment framework. In recent years, regulations governing non-resident investors have been revised with the aim of increasing legal certainty, bringing local rules closer to international standards and eliminating redundant requirements.

A roadmap to the Brazilian market

The guide takes investors through the structure of Brazil’s financial and capital markets and the roles of the country’s main regulatory authorities. It then explains the framework governing foreign investment and the requirements that apply specifically to international portfolio investment, the regime covering non-resident investments in securities, financial assets and federal government bonds.

A dedicated section provides practical guidance on entering the Brazilian market, including eligible assets, the use of local service providers, registration with Brazilian authorities, know-your-customer procedures and requirements that vary according to the type of investor, investment and funding method. The publication also includes a matrix summarizing when a local representative and registration with the CVM (Securities and Exchange Commission of Brazil) are required.

Among the changes reflected in the current framework are exemptions from some representation and registration requirements in specific circumstances. The guide also explains how non-resident accounts denominated in reais can be used to invest funds already held in Brazil and how investors accessing the market through eligible foreign intermediaries may qualify for simplified onboarding procedures.

Investments and taxation

The publication provides a detailed overview of the instruments available to international investors, covering equities, debentures and other debt securities, investment funds, derivatives, financial assets and federal government bonds. It discusses their main characteristics, trading and settlement arrangements, risks and applicable tax treatment.

The guide also addresses tax rules for foreign portfolio investors and the differences that may apply depending on the investor’s jurisdiction and the type of asset. Certain instruments may benefit from specific incentives—for example, qualifying non-resident investors not domiciled in a favorable tax jurisdiction are subject to a zero income tax rate on income from incentivized debentures.

The publication is intended as a practical reference rather than an exhaustive legal or tax manual. Because requirements and exceptions can vary according to the investment and investor profile, the guide recommends that non-resident investors seek professional advice when assessing individual investment decisions.

Download the full Non-Resident Investors Guide for Investing in the Brazilian Financial and Capital Markets.