Brazil
Brazil's financial repression runs mainly through administered returns and earmarked credit: savings deposits earn TR plus 0.5% a month whenever Selic is above 8.5%, the compulsory FGTS workers' fund earns TR plus 3% with an inflation floor set by the Supreme Court in 2024, and both are lent on for housing, with 65% of savings deposits directed to mortgages (rising from 2027 to 100% of the deposits not held as reserve requirements) and 31.5% of demand deposits to rural credit. Income-tax exemptions for savings deposits, housing and farm notes and infrastructure debentures steer savers toward these channels. Banks hold federal debt at a zero risk weight and as Level 1 liquid assets, pension funds may hold unlimited federal bonds but only 10% abroad, and a 2019 law lets the central bank's FX gains be transferred to pay domestic debt when its refinancing is under severe strain, as happened with R$325 billion in 2020. Outflows face a 3.5% IOF tax on most foreign-currency purchases and transfers (1.10% for investment abroad), and since February 2026 crypto transfers abroad and to self-custody wallets fall under FX rules, with banks barred from dealing with unauthorised crypto platforms from 6 November 2026.
- 14 en vigueur
- 1 adoptée
- 0 proposée ou en discussion
Mesures au
Construction de l’indice
Chaque segment représente la contribution d’une catégorie de règles ou du pilier marché à l’indice. La barre entière vaut 100.
- Demande captive 3,2
- Financement par la banque centrale 3,2
- Contrôle des capitaux 8,0
- Plafonnement des taux 9,1
- Biais prudentiel en faveur de la dette souveraine 6,0
- Crédit dirigé 6,0
- Incitations fiscales 2,8
- Restrictions sur les actifs réels 1,2
- Taxes sur les transactions 2,0
- Pilier marché 8,4
Indice = 80 % × règles (51,9) + 20 % × marché (41,9) = 49,9
La méthode en termes simples
- Pilier règles (0–100). Chacune des 9 catégories peut contribuer à hauteur de sa pondération (la somme des pondérations vaut 100). L’intensité d’une catégorie augmente avec chaque mesure en vigueur : une mesure compte selon son coefficient de sévérité (0,25 pour une sévérité de 1, 0,5 pour 2, 0,8 pour 3), puis chaque mesure supplémentaire comble une partie de l’écart restant. Le cumul des mesures a donc un effet décroissant : deux mesures de sévérité 3 donnent 96 %.
- Pilier marché (0–100). Moyenne des indicateurs de marché ci-dessous : degré de négativité du taux directeur réel et part de la dette publique détenue par la banque centrale et les banques du pays.
- Indice. 80 % pour les règles + 20 % pour le marché lorsque des données de marché sont disponibles ; sinon, les règles seules. Les lois adoptées mais pas encore applicables ne comptent que dans les perspectives ; les propositions ne comptent jamais.
Les 9 catégories
Pondération = nombre maximal de points qu’une catégorie peut apporter au pilier règles. Intensité = part de cette pondération remplie par les mesures en vigueur. Ouvrez une catégorie pour voir les mesures prises en compte ; « Qu’est-ce que c’est ? » présente les instruments correspondants, dans le monde et au fil de l’histoire.
- Pondération 16Intensité 25 %Points 3,2
Détention obligatoire de dette publique par les fonds de pension, les assureurs ou les banques. Qu’est-ce que c’est ? →
Demande captive : mesures prises en compte dans l’indice Mesure prise en compte Sévérité Coefficient Points 1 sur 3 0,25 3,2 - Pondération 16Intensité 25 %Points 3,2
Achats de dette publique par la banque centrale, contrôle de la courbe des taux, financement monétaire direct. Qu’est-ce que c’est ? →
Financement par la banque centrale : mesures prises en compte dans l’indice Mesure prise en compte Sévérité Coefficient Points 1 sur 3 0,25 3,2 - 1 adoptée non prises en comptePondération 16Intensité 63 %Points 8,0 → 10,4 lorsque les lois adoptées s’appliqueront
Restrictions aux transferts d’argent à l’étranger, plafonnement des investissements à l’étranger, contrôle des changes. Qu’est-ce que c’est ? →
Contrôle des capitaux : mesures prises en compte dans l’indice Mesure prise en compte Sévérité Coefficient Points 2 sur 3 0,5 5,7 1 sur 3 0,25 2,3 - Pondération 14Intensité 81 %Points 9,1
Plafonnement des taux des dépôts ou des prêts, et taux d’intérêt administrés. Qu’est-ce que c’est ? →
Plafonnement des taux : mesures prises en compte dans l’indice Mesure prise en compte Sévérité Coefficient Points 2 sur 3 0,5 3,8 2 sur 3 0,5 3,8 1 sur 3 0,25 1,6 - Pondération 10Intensité 75 %Points 6,0
Règles prudentielles favorisant la dette souveraine (pondérations de risque nulles, règles sur les coussins de liquidité, exemptions du ratio de levier). Qu’est-ce que c’est ? →
Biais prudentiel en faveur de la dette souveraine : mesures prises en compte dans l’indice Mesure prise en compte Sévérité Coefficient Points 2 sur 3 0,5 3,0 2 sur 3 0,5 3,0 - Pondération 10Intensité 75 %Points 6,0
Prêts dirigés par l’État, orientation du crédit et obligations d’investir dans le pays ou dans les priorités de l’État. Qu’est-ce que c’est ? →
Crédit dirigé : mesures prises en compte dans l’indice Mesure prise en compte Sévérité Coefficient Points 2 sur 3 0,5 3,0 2 sur 3 0,5 3,0 - Pondération 7Intensité 50 %Points 2,8
Avantages fiscaux pour les obligations d’État ou pénalités fiscales sur les actifs concurrents. Qu’est-ce que c’est ? →
Incitations fiscales : mesures prises en compte dans l’indice Mesure prise en compte Sévérité Coefficient Points 2 sur 3 0,5 2,8 - Pondération 6Intensité 25 %Points 1,2
Encadrement des loyers, restrictions immobilières et limites à la détention d’or, d’espèces ou de cryptoactifs. Qu’est-ce que c’est ? →
Restrictions sur les actifs réels : mesures prises en compte dans l’indice Mesure prise en compte Sévérité Coefficient Points 1 sur 3 0,25 1,2 - Pondération 5Intensité 50 %Points 2,0
Taxes sur les transactions financières, droits de timbre et prélèvements similaires sur les actifs autres que les titres publics. Qu’est-ce que c’est ? →
Taxes sur les transactions : mesures prises en compte dans l’indice Mesure prise en compte Sévérité Coefficient Points 2 sur 3 0,5 2,0
Pilier marché 41,9 / 100
Moyenne des indicateurs pour lesquels des données sont disponibles, représentant 20 % de l’indice (8,4 points ici).
Taux directeur réel
0,0 / 1009,8% · août 2026
Taux directeur moins inflation. Un taux réel de +2 % ou plus vaut 0 ; −5 % ou moins vaut 100 ; entre les deux, le score évolue de façon linéaire. Les épargnants perdent le plus lorsque le taux est fortement négatif.
Taux directeur de 14 % moins inflation des prix à la consommation de 4.223 % (sur un an), 2026-08.
Dette détenue par la banque centrale et les banques nationales
83,8 / 10050,3% of government debt · 2025-Q4
Part de la dette publique détenue par la banque centrale et les banques nationales. 0 % vaut 0 ; 60 % ou plus vaut 100 ; entre les deux, le score évolue de façon linéaire.
Banque centrale : 24.77 % + banques nationales : 25.49 % de la dette des administrations publiques, 2025-Q4.
Indicateurs
Données observées provenant de sources internationales, en complément des règles ci-dessus. Des taux réels inférieurs à zéro signifient que les épargnants perdent du pouvoir d’achat.
Taux directeur, inflation et taux réel
Qui détient la dette publique
L’effet de liquidation suit l’approche de Reinhart et Sbrancia : avec un taux réel négatif, environ −(taux réel × dette) du PIB passe chaque année des épargnants à l’État. Le calcul utilise le taux directeur et ne donne donc qu’un ordre de grandeur. Sources : BIS, BIS central bank policy rates; BIS consumer prices; IMF, IMF DataMapper: World Economic Outlook (October 2026); Fiscal Monitor (October 2026); Menzie D. Chinn and Hiro Ito, The Chinn-Ito Index (KAOPEN): a de jure measure of financial openness; IMF, Sovereign Debt Investor Base for Advanced Economies / for Emerging Markets and Developing Economies (Arslanalp and Tsuda).
Mesures
Toutes les mesures suivies ici, avec leur fondement juridique et leurs sources. Seules les mesures en vigueur entrent dans l’indice.
En vigueur (14)
Crypto transfers abroad and self-custody transfers brought into the FX regime
Ajoute 5,7 points à l’indice
Since 2 February 2026, international payments and transfers with crypto-assets, transfers to or from self-custodied wallets, and purchases and sales of fiat-referenced crypto-assets (stablecoins) count as foreign-exchange operations that only institutions authorised for them may carry out. Providers must identify the owners of self-custodied wallets and check where the assets come from and go, and buying or selling crypto-assets against foreign currency is banned. When the counterparty is not an institution authorised to operate in the FX market, an international crypto payment or transfer is limited to US$100,000 if handled by a crypto-asset service company and US$500,000 if handled by an FX broker or dealer. Reporting of these operations to the central bank starts with operations from 3 November 2026.
Pourquoi cette mesure compte : Moving savings abroad through crypto-assets now passes through the same licensed, reported FX channel as bank transfers, with a per-operation cap, closing a route around FX rules and the IOF tax.
Fondement juridique Resolução BCB nº 521, de 10 de novembro de 2025, Art. 1 (new art. 29, IV of Res. BCB 277/2022) et 2 de plus
Resolução BCB nº 521, de 10 de novembro de 2025, Art. 1 (new art. 29, IV of Res. BCB 277/2022)Source primaire
“quando a contraparte não for instituição autorizada a operar no mercado de câmbio é limitado ao valor equivalente a US$100.000,00 (cem mil dólares dos Estados Unidos)”
Resolução BCB nº 521, de 10 de novembro de 2025, Art. 1 (new art. 76-A, III and § 5 of Res. BCB 277/2022)Source primaire
“A prestadora de serviços de ativos virtuais deve identificar o proprietário de carteira autocustodiada”
Resolução BCB nº 574, de 18 de junho de 2026, Art. 1 (art. 82-A of Res. BCB 277/2022)Source primaire
“suas operações de prestação de serviços de ativos virtuais previstas nesta Resolução realizadas a partir de 3 de novembro de 2026”
Mandatory rural lending out of demand deposits (recursos obrigatórios)
Ajoute 3,0 points à l’indice
Banks must lend 31.5% of their demand-deposit base (the 'recursos obrigatórios' of the Rural Credit Manual, MCR 6-2) as rural credit at controlled rates, with sub-quotas for the Pronamp and Pronaf programmes for medium and family farmers. The CMN raised the share from 30% (plus 1.5% at free rates) for the 2025-26 crop year.
Pourquoi cette mesure compte : A fixed slice of deposit funding is pre-committed to state-priority farm lending at regulated rates, so banks cross-subsidise these loans out of depositors' money instead of paying market returns on it.
Fondement juridique Resolução CMN nº 5.216, de 22 de maio de 2025, Art. 1 (MCR 6-2, item 3-B, a)
Resolução CMN nº 5.216, de 22 de maio de 2025, Art. 1 (MCR 6-2, item 3-B, a)Source primaire
“tratam as alíneas “a” e “b” do item 7: 31,5% (trinta e um inteiros e cinco décimos por cento) do valor apurado na forma do item 2”
IOF tax on foreign-exchange purchases and transfers abroad
Ajoute 2,0 points à l’indice
Brazil's tax on financial operations (IOF) charges 3.5% on purchases of foreign cash, international card spending and prepaid travel cards, and on transfers of a resident's funds to accounts abroad; transfers abroad for investment pay 1.10%. Decree 12,499/2025 set these rates; Congress suspended it (Legislative Decree 176/2025), but an injunction of 16 July 2025 by the rapporteur in ADC 96, Justice Alexandre de Moraes, restored it except for the 'risco sacado' supplier-finance provisions; the full court has not yet ruled on the merits.
Pourquoi cette mesure compte : A levy on every conversion of reais into foreign currency raises the cost of moving savings out of the domestic financial system and makes foreign assets dearer than domestic ones.
Fondement juridique Decreto nº 12.499, de 11 de junho de 2025, Art. 1 (art. 15-B, XX of Decreto nº 6.306/2007) et 1 de plus
Decreto nº 12.499, de 11 de junho de 2025, Art. 1 (art. 15-B, XX of Decreto nº 6.306/2007)Source primaire
“XX - nas liquidações de operações de câmbio, para aquisição de moeda estrangeira, em espécie: 3,5% (três inteiros e cinco décimos por cento)”
Decreto nº 12.499, de 11 de junho de 2025, Art. 1 (art. 15-B, XXI-A of Decreto nº 6.306/2007)Source primaire
“transferência de recursos ao exterior, com vistas à colocação de disponibilidade de residente no País com finalidade de investimento: 1,10% (um inteiro e dez centésimos por cento)”
Cap on credit-card revolving and instalment interest at 100% of the debt
Ajoute 1,6 points à l’indice
Under the Desenrola law, total interest and charges on revolving credit-card balances and instalment plans for card bills may not exceed the original amount of the debt. The statutory cap applied because banks did not get a self-regulation approved within 90 days; the CMN regulated it in December 2023 and it took effect on 3 January 2024.
Pourquoi cette mesure compte : A legal ceiling on what lenders may charge on card debt lowers returns on a large consumer-credit segment, a mild administered-rate intervention.
Fondement juridique Lei nº 14.690, de 3 de outubro de 2023 (Desenrola Brasil), Art. 28, § 1 et 1 de plus
Lei nº 14.690, de 3 de outubro de 2023 (Desenrola Brasil), Art. 28, § 1Source primaire
“o total cobrado em cada caso a título de juros e encargos financeiros não poderá exceder o valor original da dívida”
Resolução CMN nº 5.112, de 21 de dezembro de 2023, Art. 1 (art. 2-A of Res. 4.549/2017)Source primaire
“Para os fins do disposto no art. 28 da Lei nº 14.690, de 3 de outubro de 2023, consideram-se”
Annual central-bank declaration of assets held abroad (CBE)
Ajoute 2,3 points à l’indice
Residents whose assets abroad total US$1,000,000 or more on 31 December must file an annual declaration of Brazilian capital abroad with the central bank, and quarterly declarations once they reach US$100,000,000. Since 2 February 2026 the regime also covers crypto-assets held abroad.
Pourquoi cette mesure compte : Reporting with fines for non-filing makes residents' foreign savings visible to the authorities, raising the cost and lowering the privacy of holding wealth outside the domestic system.
Fondement juridique Resolução BCB nº 279, de 31 de dezembro de 2022, Art. 10 and 11 et 1 de plus
Resolução BCB nº 279, de 31 de dezembro de 2022, Art. 10 and 11Source primaire
“A declaração anual deve ser enviada quando os capitais brasileiros no exterior, na data-base anual, totalizarem quantia igual ou superior a US$1.000.000,00”
Resolução BCB nº 279, de 31 de dezembro de 2022 (as amended by Res. BCB 521/2025), Art. 1, § 2Source primaire
“capitais brasileiros no exterior em ativos virtuais devem observar o disposto nesta Resolução”
Zero capital risk weight for exposures to the Union and the central bank
Ajoute 3,0 points à l’indice
Under the standardised approach, banks apply a 0% risk weight to exposures to the federal government (União) and the Banco Central do Brasil. Foreign central governments get 0% only if rated AA- or better and 100% if rated from B- to below BBB-.
Pourquoi cette mesure compte : Federal debt needs no capital whatever its rating, while foreign sovereigns carry risk weights of 20% to 150% unless rated AA- or better, so banks' balance sheets are tilted toward domestic government bonds.
Fondement juridique Resolução BCB nº 229, de 12 de maio de 2022 (RWACPAD), Art. 23, I et 1 de plus
Resolução BCB nº 229, de 12 de maio de 2022 (RWACPAD), Art. 23, ISource primaire
“Deve ser aplicado FPR de 0% (zero por cento) às exposições: I - à União e ao Banco Central do Brasil”
Resolução BCB nº 229, de 12 de maio de 2022 (RWACPAD), Art. 25, I and IVSource primaire
“IV - 100% (cem por cento), para classificação igual ou superior a B- e inferior a BBB- ou classificação equivalente, ou quando não há classificação”
Pension-fund rules: unlimited federal bonds, 10% cap on foreign assets
Ajoute 3,2 points à l’indice
Closed pension funds (EFPCs) may hold up to 100% of each plan in domestic federal government securities, while bank-issued and corporate fixed income is limited to 80% and all foreign investments together to 10% of each plan's assets. The CMN revised the rules in March 2025 (Resolution 5,202) without changing these two limits.
Pourquoi cette mesure compte : The asymmetric limits make domestic federal debt the only asset pension funds can hold without restriction and keep at least 90% of pension savings at home, sustaining domestic demand for government bonds.
Fondement juridique Resolução CMN nº 4.994, de 24 de março de 2022 (as amended by Res. CMN 5.202/2025), Art. 21, I, a) et 1 de plus
Resolução CMN nº 4.994, de 24 de março de 2022 (as amended by Res. CMN 5.202/2025), Art. 21, I, a)Source primaire
“I - até 100% (cem por cento) dos recursos de cada plano em: a) títulos da dívida pública mobiliária federal interna”
Resolução CMN nº 4.994, de 24 de março de 2022 (as amended by Res. CMN 5.202/2025), Art. 26, caputSource primaire
“A EFPC deve observar, em relação aos recursos garantidores de cada plano, o limite de até 10% (dez por cento) no segmento exterior”
Central bank FX profits can be transferred to the Treasury to pay federal debt
Ajoute 3,2 points à l’indice
Law 13,820/2019 parks the central bank's foreign-exchange gains in a result reserve, which, with the National Monetary Council's prior authorisation, may be used to pay the domestic federal securities debt (DPMFi) when severe liquidity restrictions significantly affect its refinancing; in August 2020 the CMN authorised the transfer of R$325 billion from this reserve to the Treasury for that purpose. The rest of the central bank's positive results must also be paid to the Treasury and used exclusively to pay the federal securities debt. The law took effect on 1 July 2019.
Pourquoi cette mesure compte : Valuation gains on reserves can be turned into Treasury cash to redeem bonds when markets will not roll them over, a quasi-monetary backstop for government debt outside the budget.
Fondement juridique Lei nº 13.820, de 2 de maio de 2019, Art. 5
Lei nº 13.820, de 2 de maio de 2019, Art. 5Source primaire
“poderão ser destinados ao pagamento da DPMFi quando severas restrições nas condições de liquidez afetarem de forma significativa o seu refinanciamento”
Savings deposits directed to housing credit at a 12% cost ceiling
Ajoute 3,0 points à l’indice
Banks in the savings and loan system (SBPE) must apply at least 65% of savings deposits to real-estate financing, at least 80% of which in residential loans, mainly under the Housing Finance System (SFH), whose total cost to the borrower is capped at 12% a year. Under CMN Resolution 5,255 of October 2025, from 1 January 2027 the requirement rises to 100% of savings deposits and new interbank real-estate deposits, net of the savings reserve requirement held at the central bank, which is to be gradually released into housing credit. Banks have asked for a postponement; as of September 2026 no CMN resolution had changed the 2027 date.
Pourquoi cette mesure compte : Savers' deposits, which earn an administered return, are pre-committed to subsidised housing loans, so the low deposit rate funds below-market mortgages instead of rewarding savers.
Fondement juridique Resolução CMN nº 4.676, de 31 de julho de 2018 (consolidated, version 17), Art. 15, I et 2 de plus
Resolução CMN nº 4.676, de 31 de julho de 2018 (consolidated, version 17), Art. 15, ISource primaire
“65% (sessenta e cinco por cento), no mínimo, em operações de financiamento imobiliário, dos quais:”
Resolução CMN nº 4.676, de 31 de julho de 2018 (consolidated, version 17), Art. 13, IISource primaire
“custo efetivo máximo para o mutuário, compreendendo juros, comissões e outros encargos financeiros, de 12% a.a. (doze por cento ao ano)”
Resolução CMN nº 5.255, de 10 de outubro de 2025, Art. 2 (new art. 15, I of Res. 4.676, from 1 January 2027)Source primaire
“aplicar os recursos captados em depósitos de poupança e em depósitos interfinanceiros imobiliários de acordo com os seguintes percentuais: I - 100% (cem por cento) em operações de crédito imobiliário”
Federal government securities count as Level 1 liquid assets in the LCR
Ajoute 3,0 points à l’indice
In the Liquidity Coverage Ratio, Brazilian federal government securities accepted by the central bank in intraday rediscount operations count as Level 1 high-quality liquid assets alongside cash and central-bank reserves, with no cap or weighting factor, unlike Level 2 assets, which are capped at 40% of the buffer. Foreign government securities qualify for Level 1 only if rated AA- or better (or up to local-currency outflows of subsidiaries abroad). New LCR minimums apply from 1 January 2027 (CMN Resolution 5,296/2026); the central bank has yet to reissue the calculation rules.
Pourquoi cette mesure compte : Large banks must hold a buffer of liquid assets, and federal bonds are the main eligible asset, which creates steady regulatory demand for government debt.
Fondement juridique Circular BCB nº 3.749, de 5 de março de 2015 (consolidated, version 8), Art. 6, VI
Circular BCB nº 3.749, de 5 de março de 2015 (consolidated, version 8), Art. 6, VISource primaire
“VI - títulos públicos federais brasileiros aceitos pelo Banco Central do Brasil em operações de redesconto intradia”
Administered return on savings deposits (poupança)
Ajoute 3,8 points à l’indice
By law, savings deposits (cadernetas de poupança) earn the reference rate TR plus 0.5% a month while the Selic target is above 8.5% a year, or TR plus 70% of the Selic target otherwise. Their income is exempt from personal income tax.
Pourquoi cette mesure compte : The legal formula caps the return on the most widely held savings product well below the policy rate whenever Selic is high, while the funds are channelled into regulated housing credit; the tax exemption keeps savers in the product.
Fondement juridique Lei nº 8.177, de 1º de março de 1991 (consolidated), Art. 12, II, a) and b) (wording of Lei nº 12.703/2012)
Lei nº 8.177, de 1º de março de 1991 (consolidated), Art. 12, II, a) and b) (wording of Lei nº 12.703/2012)Source primaire
“70% (setenta por cento) da meta da taxa Selic ao ano, definida pelo Banco Central do Brasil, mensalizada, vigente na data de”
Income-tax exemption for savings deposits, housing and farm notes, and infrastructure debentures
Ajoute 2,8 points à l’indice
Individuals pay no income tax on savings-deposit (poupança) income or on real-estate and agribusiness notes and receivables (LH, LCI, CRI, CDA, WA, CDCA, LCA, CRA); infrastructure and priority-project debentures issued up to 31 December 2030 pay 0% for individuals. Other fixed-income investments are taxed at 22.5% to 15% depending on holding period. Provisional Measure 1,303/2025, which would have taxed real-estate and farm notes at 5%, lapsed on 8 October 2025.
Pourquoi cette mesure compte : Exemptions are reserved for instruments whose proceeds must fund housing, agriculture or state-priority infrastructure, steering household savings into credit the state wants to subsidise and away from untargeted investments.
Fondement juridique Instrução Normativa RFB nº 1.585, de 31 de agosto de 2015, Art. 55, I-III et 1 de plus
Instrução Normativa RFB nº 1.585, de 31 de agosto de 2015, Art. 55, I-IIISource primaire
“I - os rendimentos auferidos em contas de depósitos de poupança; II - a remuneração produzida por letras hipotecárias, certificados de recebíveis imobiliários e letras de crédito imobiliário;”
Instrução Normativa RFB nº 1.585, de 31 de agosto de 2015, Art. 48, I and § 1Source primaire
“sujeitam-se à incidência do imposto sobre a renda, exclusivamente na fonte, às seguintes alíquotas: I - 0% (zero por cento), quando auferidos por pessoa física”
FGTS: compulsory workers' fund paid TR plus 3%, floored at inflation
Ajoute 3,8 points à l’indice
Employers must pay 8% of each worker's pay into an FGTS account, whose balance is credited with the savings-deposit adjustment (TR) plus 3% a year interest and a share of the fund's profits. In June 2024 the Supreme Court (ADI 5090) kept this formula but ruled that balances must be corrected at least by IPCA inflation, with the fund's Board of Trustees compensating any shortfall.
Pourquoi cette mesure compte : A large pool of mandatory worker savings earns an administered return of TR plus 3% a year, floored at inflation only since the 2024 ruling, and is lent out by law for housing, sanitation and urban infrastructure; the floor protects against negative real returns but not against the gap to market yields.
Fondement juridique Lei nº 8.036, de 11 de maio de 1990 (consolidated), Art. 9, § 2 (wording of Lei nº 14.438/2022) et 1 de plus
Lei nº 8.036, de 11 de maio de 1990 (consolidated), Art. 9, § 2 (wording of Lei nº 14.438/2022)Source primaire
“Os recursos do FGTS deverão ser aplicados em habitação, saneamento básico, infraestrutura urbana, operações de microcrédito”
Supremo Tribunal Federal, ADI 5090 (judgment), Plenary decisionSource primaire
“fica mantida a atual remuneração do fundo, que corresponde a juros de 3% ao ano mais a Taxa Referencial (TR), além da distribuição de parte dos lucros”
Limits on rural land purchases by foreigners and foreign-controlled companies
Ajoute 1,2 points à l’indice
A foreign individual may not acquire more than 50 modules of rural land, and land owned by foreigners may not exceed a quarter of any municipality's area (40% of that share for any one nationality); larger purchases need authorisation. The law also applies to Brazilian companies majority-owned by foreigners, an interpretation restored by a 2010 Attorney-General opinion and upheld unanimously by the Supreme Court on 23 April 2026 (ADPF 342 and ACO 2,463).
Pourquoi cette mesure compte : Caps and approvals on foreign ownership narrow the pool of buyers for farmland, a property curb that keeps rural land in domestic hands.
Fondement juridique Lei nº 5.709, de 7 de outubro de 1971, Art. 3, caput et 1 de plus
Lei nº 5.709, de 7 de outubro de 1971, Art. 3, caputSource primaire
“A aquisição de Imóvel rural por pessoa física estrangeira não poderá exceder a 50 (cinqüenta) módulos de exploração indefinida”
Lei nº 5.709, de 7 de outubro de 1971, Art. 12, caputSource primaire
“A soma das áreas rurais pertencentes a pessoas estrangeiras, físicas ou jurídicas, não poderá ultrapassar a 1/4 (um quarto) da superfície dos Municípios onde se situem”
Adoptée, pas encore en vigueur (1)
Crypto platforms need central-bank authorisation; banks barred from dealing with unauthorised ones
Compte uniquement dans les perspectives : ajoute 4,3 points dès son application
Since 2 February 2026 crypto-asset service providers in Brazil need central-bank authorisation (SPSAVs, or authorised banks and brokers); firms already operating had 270 days to apply and may continue meanwhile, and foreign entities already serving Brazilian clients had 270 days to transfer their operations and clients to an authorised institution. From 6 November 2026, financial and payment institutions may not carry out or enable crypto-asset operations whose counterparties are unauthorised providers.
Pourquoi cette mesure compte : Cutting the banking and payment rails to unlicensed and offshore platforms confines residents' crypto holdings to supervised domestic providers, which report to the central bank and fall under the FX rules.
Fondement juridique Resolução BCB nº 520, de 10 de novembro de 2025, Art. 23, caput et 1 de plus
Resolução BCB nº 520, de 10 de novembro de 2025, Art. 23, caputSource primaire
“deve transferir, em até duzentos e setenta dias a partir da referida data, as suas operações e clientes para”
Resolução BCB nº 589, de 23 de setembro de 2026, Art. 1 (new art. 91 of Res. BCB 520/2025)Source primaire
“realizar ou viabilizar operações no mercado de ativos virtuais que tenham como contrapartes instituições ou entidades que prestem serviços de ativos virtuais e não estejam autorizadas a funcionar no país”
Avant aujourd’hui
6 exemples pour Brazil dans la boîte à outils, d’hier et d’aujourd’hui, classés selon la fonction de l’outil. Chaque exemple renvoie à l’instrument, à ses autres exemples et à la loi citée.
MaintenezMaintenez le prix de l’argent bas
Plafonnement des taux
Taux d’épargne administrés et dérogations aux formules de calculLaw 12,703 of 7 August 2012, article 1, amending Law 8,177 article 12
2012 → aujourd’huiEn vigueur
BloquezBloquez les sorties
Taxes sur les transactions
Taxes sur les débits et crédits bancairesLei nº 9.311, de 24 de outubro de 1996 (CPMF)
1997 → 2007HistoriqueTaxes sur les transactions
Taxes sur les achats de devises et les transferts à l’étrangerDecreto nº 6.306/2007 (Regulamento do IOF), Título III, arts. 11 and 15-B (IOF-Câmbio)
2007 → aujourd’huiEn vigueur
RéécrivezRéécrivez les règles en temps de crise
Mesures extraordinaires
Emprunts obligatoires ou forcés au profit de l’ÉtatLei 4.156/1962, art. 4 (empréstimo compulsório Eletrobras)
1964 → 1968HistoriqueMesures extraordinaires
Emprunts obligatoires ou forcés au profit de l’ÉtatDecreto-Lei 2.288 of 23 July 1986 (complementary measure to the Cruzado stabilisation programme of DL 2.284/1986), arts. 10-17
1986 → 1989HistoriqueMesures extraordinaires
Gel des dépôts, fermetures bancaires et limites aux retraits d’espècesLei 8.024/1990 (conversion of MP 168/1990, Plano Collor), arts. 5-6
1990 → 1992Historique