Brazil: Enhanced procedure for CRIs and infrastructure debentures
customers of Clearstream Banking1 investing in CRIs (Certificados de Recebiveis Imobiliarios – mortgage-backed securities) and infrastructure debentures must verify that those securities are listed at CETIP and that the CETIP website confirms that the securities comply with Law 12.431/2011.
Such positive verification will eliminate the need for the customer to provide our New Issues desk with a copy of the CRI/debenture deed. The information is available on the CETIP website.
Customers are reminded that foreign investors in CRIs and infrastructure debentures who are not domiciled in tax-haven countries are exempt from withholding tax and from Imposto Sobre Operações Financeiras (IOF tax - Financial Operation Tax) on foreign exchange inflows.
The characteristics of CRIs and infrastructure debentures that qualify them for exemption from tax are presented in the Creation Link Guide - Brazil.
For further information, customers may contact their Clearstream Banking Relationship Officer.
1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500 (CBF) and Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under number B-9248 (CBL).
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