Brazil 巴西
高名义高摩擦 — 每条收益率都要与 13.75% 的 Selic 同屏
巴西是组合的高名义收益、高摩擦袖仓:Selic 在 13.75%,上市地产基金(FII)机械地月派约 9–14% 的名义现金——但非居民在居民免税之外,先扣 20%,再独自扛雷亚尔(政治事件能让它一天跌约 8%)。本站的立场:巴西敞口只能按「新兴市场货币仓位 + 地产外壳」定尺寸,永远不许写成「安全的 12% 收入」;本页每条收益率旁边的对照物,都是那个 13.75% 的基准利率。直接买房出租在 13.75% 的门槛面前连测算都不成立(见国家页讲解框),RN 36 的房产居留卖的是居留,不是租金(见身份枢纽队列)。
Four grades
Identity & tax (in one line)
Identity & tax: holding FII quotas confers no status of any kind. Real-estate residence under RN 36/2018: purchase urban property with at least R$1M of own funds wired from abroad (R$700k in the North/Northeast) for a 4-year residence permit, renewable/convertible; the business route RN 13/2017 is R$500k (permanent residence) or R$150k for innovation. Foreigners buy urban property without restriction; the exceptions are rural land (Law 5.709/1971), the 150 km border strip (National Defense Council consent) and coastal federal land (terrenos de marinha — SPU authorisation plus a 5% laudemio). Tax: FII distributions are exempt for qualifying residents and withheld at 20% for non-residents; capital gains on exchange-traded quotas are exempt for 4,373 investors not resident in low-tax jurisdictions.
This section is general information only — not immigration or tax advice. Program rules change frequently; before acting, rely on the official texts and a licensed adviser.
Key metrics
Why this country
The nominal yields are this site's highest, and the reason is the rate, not the real estate: under a 13.75% Selic, CDI-linked papel funds mechanically distribute about 13.5–13.8% — print the risk-free rate beside them first, and only then do any Brazilian figures mean anything.
The FII skeleton is real: Law 8.668/1993 requires at least 95% of cash-basis profits to be distributed at least semi-annually, and the large funds pay monthly in practice — the high payouts are the product of law and rates, not marketing.
The tax position was just tested empirically: the provisional measure that would have taxed resident FII income at 5% (MP 1.303/2025) was removed from the Chamber's agenda and lapsed — this page's tax lines are written from "lapsed" and "current law", never from rumour.
Entry routes
Listed route (the only main line, and the highest-friction): non-residents invest under CMN Resolution 4,373 — a local custodian/representative, a CPF tax ID and a Brazilian broker non-resident account — then buy the papel funds (entry No. 81) or the logistics brick fund (No. 82). This is not a click-and-buy market from a standard Singapore brokerage.
Direct route (no entry; explainer box): urban property is unrestricted for foreigners, but against a 13.75% risk-free rate — when even the tax-exempt-at-fund-level brick FIIs gross only about 9.6% — a foreign individual's directly held flat cannot plausibly clear this site's cash-flow bar on a full-cost basis. The RN 36 real-estate residence (at least R$1M) sells a residence permit, not rent, and has been routed to the identity-hub queue.
Risks
- The real is the first risk: it fell about 8% in a single day after the October 2026 election run-off (market-compiled basis) — a year of distributions can be eaten by a week of FX; size the position as a currency position.
- Tax reform's political afterglow: MP 1.303 has lapsed, but the project of taxing currently exempt instruments is alive (October 2026 press reports of an IOF-decree study, unconfirmed) — if the resident exemption moves, non-resident treatment moves the same way; verify annually against the official gazette.
- The Selic path cuts both ways: cuts flatter brick-fund valuations while mechanically reducing CDI-linked papel payouts — this page's two entries carry opposite rate exposures, which is why they are presented as a pair.
Ranked opportunities in this country
| Overall rank | Opportunity | Net return (primary metric) | Our take |
|---|---|---|---|
| 81 | Brazil's papel FIIs (KNCR11 / MXRF11): 13.5–13.8% nominal, monthly — deduct 20% first, then compare with the 13.75% Selic | 13.5–13.84% | Do, with conditions |
| 82 | HGLG11: the Brazilian logistics 'brick' FII's 9.6% — an honest yield that sits below the risk-free rate | 9.6% | Do, with conditions |