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Date Created: 12/22/15
Guide to Purchasing Real Estate In Rio This article is for those of you that are taking into consideration purchasing real estate in Rio de Janeiro. First, we recommend that you take a vacation in the city and think about in which area of the city you would most likely purchase a property. We advise you to take into consideration established communities of expatriates and retirees because in these areas the prices of homes are most likely to be significantly lower in comparison with other regions. The next logical step would have to be to calculate your financing options. If you are planning on paying with cash, you will not have any problems besides the fact that you will be obligated to pay a 1 percent import tax on funds from abroad. If you need to finance your estate purchase in Rio de Janeiro (or in any other area in Brazil), you should be aware of the fact that mortgages are paid in these areas in installments of 12, 24, 36 or 48 months max, there are no 15 or 30 years options like in the United States for example. After that, you need to start looking for a real estate attorney local to the area in which you have decided investing. This is when the expat community is very useful. If you made a friend in the area, he could help you in finding a good lawyer for your needs. After you have found the right lawyer, you need to translate your birth certificate into Portuguese by a certified translator at the Brazilian Consulate in the country you are currently living. Take the birth certificate along with your passport to the Banco do Brasil and apply for a CPF ID (a document necessary for foreigners to buy any kind property in Brazil). Next, go to the Receita Federal to get your CPF number the next day. The actual card will be mailed to your Brazil address in about two months. You will now need to search for a realtor and personally view any of the properties you are considering on purchasing. We strongly advise you to not give any money online or over the phone and never buy a property you have not seen at all. Prepare for the down payment which is approximately around 3500$. The contract negotiations are done through realtors. You need to know that a “cartorio” is the Brazilian equivalent of a US notary, and it is this person's job to register the property in your name once all funds have been paid. Transfer taxes run four to five percent of the sales price. Apply for a partial visa (3 months or 180 total days per year) or a permanent visa. Retirees over 50 years who have a pension of at least $2000 per month are eligible for a permanent visa, as are individuals who can invest money in Brazil. Hire a caretaker to remain on your property if you'll be absent for long periods of time. As you can see, purchasing a real estate property in Rio de Janeiro, Brazil is not that hard but certain details are very important and must be taken into consideration when planning to acquire a property. Summary: The article offers a brief guide regarding how to purchase a real estate property in Rio de Janeiro, Brazil.
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