Seguro fiança

    Has anyone tried to use seguro fiança to rent a property without having a formal job or income declared in Brazil? What are the chances of getting approved in that case? Assuming CPF is not "sujo"
   

    -@martinsan

Zero.  I've taken clients to the insurer, who does all the background check ( FICO reports, income proof ). No income, no fico, no policy. Period. 

The second option is also offered by the same insurer-Carrier. It;'s called Titulo de Capitalizacao.

You are expected to shell out, up front, anywhere from 4-6 months ( once on the Titulo , all rules for that three month rent cap are out of the window ).

Seguro fianca, actually, your money is never returned, if you meet the covenants set in a lease.  At least with the Titulo de Capitalizacao, you get your money back.

@sprealestatebroker Thanks for the information.

I got the approval from CredPago today. To expand a bit more... The ended up asking for my foreign credit card statements, and also had a job offer letter to show as support. But it took several iterations, they mainly wanted to see a payslip.

About 95% of of  landllord's  insurance policies and underwritten by Porto Seguro.  Particularly in Sao Paulo.

Also rans are to be taken with suspicion.   

There are records of Brazilians taken for a a ride in comers and goners Carriers. That and the Consorcios, which many Brazilians use to buy cars, homes. 

They go belly up, you have no recourse.

@martinsan coup you please explain how you did it? Did you go to a real estate agency, did it work online?

I'm in the same situation, my landlord in Rio only accepts fiador or seguro fiança, and from gringos the path seems a bit unclear.

Thanks a lot in advance!

Can't you pay for the full year in advance, and ask for a small discount in lieu of, thereby avoiding the need for the guarantee ?

That's the approach I'd take.

No, I specifically asked for these other kinds of agreement, but they only want to hear about seguro fiança or fiador. As I'm talking to an intermediate, he doesn't feel like negotiating on behalf of the owner.

@Emily504 A Brazilian that doesn't want to negotiate? 🤔

@Emily504

I agree with Alan - get rid of the intermediate...

...or get out of Rio!

Hi Emily,

I went to a real estate agency and arranged a viewing of the flat in person. After confirming that I was interested in renting it, they tried three different seguro fiança providers and one accepted me (CredPago). I'm paying around 200 reais per month.

Hi Emily,I went to a real estate agency and arranged a viewing of the flat in person. After confirming that I was interested in renting it, they tried three different seguro fiança providers and one accepted me (CredPago). I'm paying around 200 reais per month. -@martinsan

WOW! That is an amazing price - I have never heard of a rent as low as R$200 in all of Brazil, ever... Are you sharing with many others?

Haha no Peter. That's the price I am paying monthly for the seguro fiança

10/17/24 No, I specifically asked for these other kinds of agreement, but they only want to hear about seguro fiança or fiador. As I'm talking to an intermediate, he doesn't feel like negotiating on behalf of the owner. -@Emily504

Sounds like time to walk away and find an apartment with a more reasonable owner.

Emily504Sounds like time to walk away and find an apartment with a more reasonable owner. -@abthree

100% agree - that is crazy!

@Emily504

If your Portuguese is good enough start walking around the closest block in your preferred area and talk to the doormen in the buildings you like. I bet you find 2-3 places to look at in the same day or two, where you will deal direct with the owner. We bought two of our apartments by doing this.

Has anyone tried to use seguro fiança to rent a property without having a formal job or income declared in Brazil? What are the chances of getting approved in that case? Assuming CPF is not "sujo" - @martinsan

I've done paperwork processing for a quirky Canadian on Crypto. 

1.Your income from the US or Europe, or Canada will matter none.  Neither your FICO report.  It can't be verified here, It can't be granted.

2.Very likely, they will deny you an insurance policy.

3.In the end you will end up paying , from the same issuer as the insurance company, a Titulo de Capitalizacao., Which is a redeemable bond. The bond cap premium is set by the landlord, and unlike a security deposit , it has no legal cap.  Figure, on average,  you will fork 4-6 months on escrow earning interest.