Opening a bank account in Brazil for an American

Sadly, Brazil is very strict on brick-and-mortar banking. In Brazil. It is illegal for non-residents to have brick-and-mortar bank accounts, including having your name on a joint account with a Brazilian. This is one of the huge goals and reasons lots of us became, or want to become, residents. A few people have managed, but they risk having their accounts blocked or seized.

All of us foreigners who have bank accounts in Brazil, have permanent visas - this is a pre-requisite to opening an account here. I have known a couple of cases slip through the net, but this is the rule.

So as an American with a Brazilian girlfriend, you will not be allowed to open an account, not even a joint one with her.

If you marry her, and receive a permanent visa as a result, then you would be able to open an account - even if you only travelled to Brazil a few weeks per year...

thank you!

@rraypo-  thank you

@Peter Itamaraca - thank you

@roy_usa_2023

One thing to keep in mind, if not already there... If you ever get an opportunity to open a bank account in Brazil, or in any other country, make absolutely sure to discuss with a CPA in the USA, how to go about complying with the IRS, by declaring the FBAR (Foreign Bank Account Report). If the IRS finds out you have a Foreign bank account before you report it, you will be in deep trouble to clear your name from suspicion for money laundering, etc... Best of luck.

@roy_usa_2023 It sounds like everyone covered the banking angle. I would only add to verify your opportunity to visit. Be careful of going back and forth to Brazil. They are very particular about your visa status when you travel.

Roddie in Retirement

Directly from the IRS website:

"The aggregate value of these assets must exceed $50,000 to be reportable, in general, but in some cases, the threshold may be higher."

Many of the "Brick and mortar" banks in Brasil have digital banking. I bank in the United States. My retirement is direct deposited in my U.S bank account. I PIX myself money to my accounts in Brasil monthly or periodically as needed. Using NUBANK, ITi/Itau, Santandar, and C6 Bank. I have accounts with all of them. Never having more than a few thousand in my accounts as needed. I will never have an aggregate of US $50,000 in accounts in Brasil. Note, JP Morgan Chase has 46% share of C6 bank.

@roddiesho That’s a great point. I’d like to add that it’s equally important to be mindful of the 183-day rule within a 12-month period. Staying in Brazil for more than 183 days could automatically classify you as a tax resident, which brings additional fiscal responsibilities. Always worth planning ahead to avoid surprises!

I wouldn't go near an American internet bank app with a 10' pole, or anyone else's FWIW. Google "Yotta" and see what I mean. A lot of these "banks" are not banks, but, financial services companies that hire clearing firms to run your money. Doesn't matter who invests in them, or owns them, never has, never will.

Having said that B+M banks fail as well, but, you're normally have insurance and lead time to see the end coming if you know how to monitor a bank's financial health.