Foreign investors exempt from financial transaction charge in Brazil

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Following on from our story about the effects of the upcoming World Cup and the Olympics on the Brazilian property market, now comes an announcement from government sources aimed at easing further foreign investment into the country.

With record prices rises in the past year putting Brazil at the top of the table for international property investment returns, the country is already extremely popular with overseas buyers.

Now the government has said that foreign investors will be exempt from paying a financial transaction charge on property investment trusts traded on the Brazilian stock exchange.

It is hoped that this will give the market an extra boost by providing alternative funding schemes for local builders who currently rely on the state development bank BNDES for loans and financing.

Dyogo de Oliveira from the finance ministry said that "the objective here is to stimulate long term investment in the real estate sector.”

It is a strong statement from the government that they are looking at the future stability of the domestic property market and are not simply acting to benefit from a short term agenda.

This is all good news for prospective investors who may not yet have decided to enter Brazil’s property market due to concerns of a possible ‘boom and bust’ scenario.

In fact the upward curve for property prices in Brazil began in 2008 and over the next four years average house prices in Sao Paulo and Rio de Janeiro increased by 144.1% and 178.4% respectively.

The new initiative is sure to bring a new wave of investors into the market which, bearing in mind the major events the country will be hosting over the next few years, shows no signs of falling into a dip any time soon.

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Foreign investors exempt from financial transaction charge in Brazil

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