B&T

Legislation

What legislative changes have been made?

According to new regulations on the Brazilian Central Bank, institutions that had formerly been authorized to operate in the tourism exchange market, such as travel agencies and hotels, lost their credentials on 31/12/2009 and can no longer operate directly in this area.

However, from January 1, 2010 any legally-constituted entity, and especially tourist agencies, may operate in this area, as long as it represents a financial institution duly-authorized by the Central Bank of Brazil.

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Legal entities registered with the Ministry of Tourism as touristic service providers according to their regulations, may perform purchase transactions and sale of foreign currency in cash, checks or traveler’s checks and unilateral transfers sent to and received from abroad;

Tourist lodging facilities duly registered with Ministry of Tourism, according to regulations, may perform purchase transactions and sale of foreign currency in cash, checks or traveler’s checks and unilateral transfers sent to and received from abroad;

Companies in general may perform international exchange transactions related to unilateral transfers sent to and received from abroad;