These capitals must be declared to the Central Bank of Brazil (“BACEN”), annually or quarterly, according to the framework. The declaration is mandatory for individuals or legal entities resident, domiciled or headquartered in Brazil, holding abroad, assets in which the total amount is:
• One milion dollars (US$ 1.000.000,00), or equivalent in other currencies, on the base date of December 31st– Annual CBE; and
• One hundred million United State dollars (US$ 100,000,000.00), or equivalent in other currencies, on March 31st, June 30th and September 30th, of every year – CBE Quarterly.
The delivery of the declaration beyond the deadline, as well as the delivery with errors or vice, or the non-delivery of the declaration may entail fines ranging from BRL 2,500.00 (two thousand and five hundred reais) to BRL R$ 250,000.00 (two hundred and fifty reais), which may be increased up to 50% in some cases.