02/12/2024 – 21:59
Brazilians sent more money abroad in 2023, surpassing the pre-pandemic period. According to data from the Central Bank, the volume rose last year and reached US$2.1 billion (around R$10.4 billion), the highest in the historical series.
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The United States continues to be the main destination for Brazilian capital, having received US$487 million (R$2.4 billion) last year, compared to US$426 million (R$2.1 billion) in 2022. Portugal and the United States United are part of the ranking of the main countries to which Brazilians sent the most money in 2023.
According to experts, the reasons for transferring individuals to other countries are protecting capital against uncertainties in the Brazilian political-economic scenario, spending on tourism and education, investments, moving to another country and transferring values to relatives living abroad. Since 2014, Brazilians have sent US$17.5 billion (R$87 billion) abroad.
“In the previous decade, people had greater confidence because Brazil was growing. With political instability, the volume of transfers increased. To solve this, we need to have stability in Brazil”, says Alexandre Chaia, economist and professor at Insper.
Digital wallets
Part of the explanation for the acceleration of sending capital abroad is the popularization of international digital wallets, such as Wise, Avenue, Revolut, Nomad and BS2. Fabiano Nagamatsu, director of the Osten Moove accelerator, says that the ease of use of multicurrency wallets speeds up the movement of values outside the country.
For Renato Nobile, manager and analyst at Buena Vista Capital, the market expected strong growth in international transfers from individuals this year, which did not materialize.
“As time passed, there was a lot of stability in Brazil, a drop in interest rates and this movement of sending capital abroad fell. The taxation of international investments was also a point that caused a smaller growth than expected by the market in the amount sent abroad last year”, he says, highlighting that, despite the record value in 2023, the market expected an even higher value.
At the end of last year, President Lula sanctioned a law approved by the National Congress on the taxation of investment funds abroad, called offshore. The measure is part of the effort by the Minister of Finance, Fernando Haddad, to increase revenue and pursue the goal of closing the public account deficit in 2024.
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