Bank Account for Foreigners: How to Open One in Brazil

Discover how to open a bank account for foreigners in Brazil, with or without a visa or residence permit, and understand the differences between regular bank accounts and those for non-tax residents.

Contributor: Lucas Velozo de Mello Marchiori

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Who wants to open a bank account in Brazil?

The process of opening a bank account in Brazil for foreign citizens is a point of great general interest, with many questions about the requirements and necessary procedures. Opening a bank account is an essential service for those who intend to reside in Brazil, and it is also highly sought after by foreigners who:

• Look to invest in the country;
• Intend to do business with Brazilian companies;
• Want to buy property in Brazil;
• Want to hire Brazilians remotely;
• Intend to live in Brazil temporarily or permanently.

In this text, we seek to clarify the most common questions about the procedure.

Where to open a Bank Account in Brazil?

Foreigners can open a bank account directly through one of Brazil’s financial institutions. There are over 20 banking institutions in Brazil, including public, private, foreign, and Brazilian institutions.

Brazilian law allows bank accounts to be opened and maintained entirely online, but few banks offer this service; most still require an in-person visit to a bank branch. This makes it difficult for foreigners.

Therefore, some digital banks are a great option for those who have a Brazilian Residence Permit and a tax address in the country, and hold a CRMN (formerly known as RNE).

If you don’t have a residence permit, you can still open a Non-Resident Bank Account, which we’ll explain later.

What are the obstacles and requirements?

Each banking institution in Brazil establishes the account opening process and the required documentation. This is especially true for foreigners wishing to open a bank account in Brazil.

The main obstacle foreign citizens face when opening a bank account is presenting the CRNM (National Migration Registry), also known as CRNM or RNE (formerly known as the National Migration Registry).

The CRNM is a document intended for foreigners residing in Brazil, authorizing them to live in the country temporarily or permanently.

If you are interested in learning more about residence permits, read our articles explaining how a foreigner can become a temporary or permanent resident in Brazil.

The CRNM requirement is very common in virtually all banking institutions established in Brazil. This requirement ultimately complicates the account opening process, as many foreigners who wish to open an account in Brazil do not plan to reside there.

Documents for a Foreigner to Open a Bank Account in Brazil

By analyzing the main financial institutions established in Brazil, it’s possible to gather an overview of what will be necessary for a foreign citizen to open a bank account here. The documents required by banks are:

• CRNM;
• Valid passport;
• CPF;
• Proof of address;
• Proof of income or possession of funds.

In addition to the CRNM requirement, discussed in the previous topic, another document frequently on the list of requirements of financial institutions is the presentation of a valid passport.

Every passport has an issue and expiration date.

The passport is valid between these two dates.

If a foreign citizen is in Brazil with an expired passport, they must contact their country’s consulate or embassy in Brazil to have a new travel document issued.

You can access the contact details for all consular offices in Brazil.

Another document regularly requested by financial institutions is the CPF (Individual Taxpayer Registry). The process for issuing a CPF for a foreigner is usually simple and quick. Any foreign citizen can apply for a CPF, even those who do not reside in Brazil or have never even been to the country.

Closely linked to the RNM, proof of address in Brazil is also routinely requested by financial institutions. This proof is typically demonstrated by a regular bill, such as a water, electricity, telephone, or credit card bill, among others.

Furthermore, some banks in Brazil may require foreign citizens to appear in person at one of their branches to request an account opening.

Non-Tax Resident Bank Account

Given the difficulty of opening a regular bank account without being a resident of Brazil, there is a type of account called a CDE (Account for Residents Abroad), regulated by the Central Bank.

This type of account is intended for both foreigners not residing in Brazil and Brazilians who have permanently left the country.

The CDE is similar to a checking account, except that it is intended for foreigners and Brazilians without tax residency in Brazil.

However, most banks in Brazil currently do not offer CDEs. This is because the Central Bank’s requirements for opening this type of account are quite strict, and financial institutions have the discretion to choose whether or not to offer this type of account.

Some of the financial institutions that offer account opening for non-residents are Banco Rendimento, Banco Santander, and BTG Pactual. This list may change over time, so it is important to contact the institution directly to confirm the conditions.

The expectation is that the regularization of the Overseas Resident Account (CDE) will be simplified and offered by more institutions soon, given that the New Exchange Framework came into effect on December 30, 2022, bringing with it relevant changes.

Does opening a bank account for foreigners require a proxy in Brazil?

The need for a proxy to open a bank account for foreigners depends strictly on the type of bank account being created. Accounts for foreign residents in Brazil, whether temporary or permanent, do not require a proxy.

Opening a CDE (Account for Residents Abroad), however, usually requires a proxy in Brazil. This requirement varies according to the financial institution’s guidelines.

Banco Rendimento, for example, is one of the institutions that offers account opening for non-residents without requiring a proxy in Brazil. The service is 100% digital, which facilitates the process for foreigners residing only abroad.

Is it necessary to establish tax domicile in Brazil to open a bank account?

According to the Brazilian tax system, tax domicile is the place of habitual residence, which corresponds to the place where the taxpayer’s center of life is frequently located.

For a foreign citizen to be considered a tax resident in Brazil, they must meet one of the following criteria:

• Enter Brazil with a permanent visa;
• Enter Brazil with a temporary visa;
• To work under an employment contract or work as a medical fellow in Brazil, on the date of arrival;
• On the date they complete 184 days, consecutive or not, of stay in Brazil, within a period of up to twelve months;
• On the date of obtaining a permanent visa or employment contract, if this occurs before completing 184 days, consecutive or not, of stay in Brazil, within a period of up to twelve months.

Therefore, it is not necessary for a foreign citizen to be considered a tax resident to open a bank account in Brazil.

A foreign citizen with a temporary visa, for example, can open the account upon arrival in the country. Furthermore, foreigners residing abroad can also apply to open a CDE account in Brazil, as discussed earlier in this article.

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