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Brazilian Tax Authorities Target Irregular Property in Miami

07/19/2017 - 09h35

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MAELI PRADO
FROM BRASÍLIA

Of 4,765 Brazilians who bought real estate in Miami between 2011 and 2015, about 2,100 people, 44% of the total, did not report it to the Federal Revenue Office or undervalued the property, according to an estimate released by the office on Tuesday (18th).

Starting in August, the tax authorities intend to notify these taxpayers if they do not join the second stage of the program to repatriate funds illegally kept abroad, which ends in less than two weeks, on July 31.

Brazilians are in the second place among foreign buyers of real estate in the American city. In terms of values, they are the first nationality in this ranking - US$ 730 million in 2015 alone, or an average value of US$ 766,000 per property.

According to the Revenue Office, 1,400 people did not declare property ownership in the US and 700 taxpayers undervalued the property, reporting a lower value.

Another indication that there is an attempt to conceal property from inspection is that about 75% of the purchases were made in cash, according to Revenue Office.

Only 836 reports have been received so far, referring to approximately R$ 800 million (US$ 253 million) in assets, in the second phase of the repatriation program. The government forecast was R$ 6.7 billion (US$ 2.1 billion)- in the first stage, the tax revenue was about R$ 50 billion (US$ 15.8 billion).

Translated by MARINA DELLA VALLE

Read the article in the original language

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Brazilians are in the second place among foreign buyers of real estate in Miami
Brazilians are in the second place among foreign buyers of real estate in Miami

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