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New legal framework for foreign exchange: main changes and expectations

The new legal framework for foreign exchange is already in effect. Law Nº 14,286/ 2021 regulates the Brazilian exchange market, Brazilian capital abroad, foreign capital in the country, and the provision of information to the Central Bank of Brazil (BC). The rules have been in effect since December 31, 2022.

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The law, which was sanctioned in 2021, aims to simplify foreign currency transactions. The change will benefit Brazil’s performance in the international market and help the country’s growth. For the bill’s rapporteur, Carlos Viana (PL-MG), “the norm seeks to modernize the [Brazilian] market, aligning regulation with the countries of the Organization for Economic Cooperation and Development (OECD).

The scope of the law is broad, impacting the activities of both individuals and companies. In practice, it covers everything from international travel and the buying and selling of foreign currency to the activities of exporting and importing companies.

Main changes

Besides expanding the scope of dollar payments in the national territory, the new legal framework for foreign exchange allows foreign currency to be used to settle debts incurred by Brazilian companies.

The exchange contract is no longer mandatory, and each financial institution can define its own criteria to prove the operation, as long as the parties are aware of and agree with the established conditions.

It is up to the client to indicate the code for the exchange operations. For transactions of up to US$50,000, the classification can be made in only eight codes, and the sending of the information from the financial institution to the Central Bank can be done until the 5th day of the following month.

The issue of the RDE – ROF (Electronic Declaratory Registry – Financial Operations Registry) is only mandatory in some cases, such as in foreign credit operations with a value equal to or greater than R$1 million; financed imports of goods or services with payment terms as of 180 days, with a value equal to or greater than US$500 thousand; and anticipated receipt of exports and foreign financial leasing, with payment terms greater than 360 days, with a value equal to or greater than US$1 million.

As for the issue of the RDE-IED (Electronic Declaratory Registry of Direct Foreign Investment) is required in direct foreign investment operations, when the financial transfer is related to a non-resident investor, with a value equal to or greater than US$100 thousand; and movement in various cases, such as barter, assignment, dividends, among others, with a value equal to or greater than US$100 thousand.

Financed import operations also benefited, because it is no longer necessary to wait for the arrival of a product in Brazil before payment can be made.

For individuals, significant changes are the possibility of buying and selling foreign currency on an occasional basis – which already happened, it is true, but was not foreseen by law – and the amount that does not need to be declared when traveling internationally – which was previously R$10 thousand and is now US$10 thousand.

What to expect?

In general, it can be said that the new legal framework for foreign exchange came to insert Brazil within a more modern regulatory environment regarding foreign currency transactions, expanding the country’s presence in the international market and encouraging its development.

It is worth noting that the new law is aligned with OECD guidelines, which simplifies transactions involving foreign currency in the national territory.

Brazilian legislation is complex and constantly changing. Therefore, it is necessary to be always attentive to comply with the new rules. In this context, there is nothing better than to be on the side of those who understand the subject.

For over 26 years, Pryor Global has worked in the implementation and acceleration of foreign companies in Brazil, offering, among other services, consulting, and exchange operations to its clients. Want to know how we can help you? Talk to our specialists!

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