Financial Services

Brazil is among the ten largest economies in the world, and it represents one of the largest domestic markets in the world. This article aims at showing the main considerations one should have when planning to invest in Brazil.

As of 1 November 2022 trusts and funds for joint account (fondsen voor gemene rekening) are required to register an Ultimate Beneficial Owner (uiteindelijke belanghebbende) (UBO) with the Dutch UBO Register as managed by the Dutch Chamber of Commerce. The initial registration for existing trusts and funds for joint accounts with the UBO Register had to be completed before 1 April 2023. A trust with a trustee located in the Netherlands must register its UBO. The same applies, for example, in case a fund for joint account is created under Dutch law. Note that the criteria that apply to determine whether a UBO of a trust or fund for joint account qualifies for registration are different from (and wide in cope) those applied to Dutch legal entities.

The General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, No. 22 of 2022 places new obligations on Companies and other persons to register prescribed information regarding beneficial ownership following South Africa’s grey listing and recommendations made by the Financial Action Task Force.