In an interview to the G1 website, our partner Ana Cláudia Utumi commented on the new Foreign Exchange and International Capital Law (Law 14286/2021), valid since 12/31/2022, which allows the purchase and sale of foreign currency between individuals as long as the value does not exceed US$ 500.

Ana explains that whoever bought or sold foreign currency from other people or unauthorized institutions was committing the foreign exchange crime of currency evasion, subject to imprisonment for two to six years, plus a fine.

According to Ana, for the operations to be considered legal, the parties involved in the business will need to declare everything to the IRS. In the case of those who are selling, the declaration must be made through the Capital Gains Program (Gcap), available on the Federal Government’s website.

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