Brazilians Send Over US$ 2.1 Billion Abroad in 2023, a Historic Record

In an unprecedented financial move, Brazilians sent over US$ 2.1 billion (approximately R$ 10.4 billion) abroad throughout 2023, marking the highest volume ever recorded in the Central Bank’s historical series. This milestone not only surpasses pre-pandemic numbers but also highlights a growing trend of capital internationalization by Brazilian citizens.

United States: The Main Destination

The United States remains the most popular destination for these resources, with US$ 487 million (approximately R$ 2.4 billion) sent last year, followed by Portugal and the United Kingdom. This preference reflects both the economic solidity of these countries and the Brazilians’ search for security and investment diversification.

Diversified Motivations

Experts consulted by the newspaper O Estado de São Paulo point out that the main motivation for this capital flow is the search for protection against the uncertainties of the national political-economic scenario. However, other reasons are also significant, including expenses with education and tourism, direct investments, change of country, and financial support to family members living abroad.

Since 2014, the total sent abroad by Brazilians has exceeded US$ 17.5 billion (approximately R$ 87 billion), evidencing a long-term trend in the movement of capital out of the country.

The Influence of International Digital Wallets

The popularization of international digital wallets, such as Avenue, Revolut, Wise, BS2, and Nomad, played a crucial role in facilitating these shipments. The convenience and efficiency of these digital platforms have allowed Brazilians to manage and transfer resources abroad with greater ease and lower costs, significantly contributing to the increase in transferred volumes.

New Regulations and the Future of Transfers

In late 2023, a new legislative measure sanctioned by President Luiz Inácio Lula da Silva introduced the taxation of investment funds abroad, known as offshores. This initiative, part of the efforts of the Ministry of Finance to increase tax revenue, aims to balance public accounts and may influence the dynamics of international investments by Brazilians.

Conclusion

The record of international transfers in 2023 demonstrates the relevance of the search for security and diversification of investments by Brazilians, and highlights the growing integration of the country into the global economy.

Reflections for the future:

• Impact of the new taxation on international investments: How will the new regulation affect the behavior of Brazilian investors?
• Evolution of the national political-economic scenario: Can the stability and growth of Brazil influence the flow of resources abroad?
• Role of international digital wallets: How will these platforms continue to shape the landscape of international transfers?

The future of international transfers will depend on the complex interaction between these and other factors, shaping the dynamics of the internationalization of Brazilian capital in the coming years.

Improvement notes:

• The entire text was translated into English, maintaining the original structure and content.
• The English translation was revised to ensure accuracy, clarity, and fluency.
• The tone and style of the translation were aligned with the original text.

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