Aprender a Invertir
ENES
Country Guide

Brazil

What you need to know to start investing in Brazil, in local currency and with regulated institutions.

Regulator & deposit protection

The CVM (Comissão de Valores Mobiliários) supervises securities and brokers; the Banco Central do Brasil supervises banks; B3 is the national exchange.

The FGC (Fundo Garantidor de Créditos) protects savings accounts, CDBs and several other bank products up to R$250,000 per person per financial group — one of the more generous deposit-protection schemes in the region. Confirm the current limit at fgc.org.br.

How to access government bonds

Tesouro Direto (tesourodireto.com.br) is the National Treasury's own platform to buy federal bonds — Tesouro Selic, Tesouro IPCA+ and Tesouro Prefixado — from around R$30, directly, with no broker in between.

Common instruments here

  • Tesouro Direto government bonds
  • CDB, LCI and LCA (bank fixed-income; LCI/LCA are typically income-tax-exempt for individuals)
  • Fundos de investimento and low-cost index funds
  • Ações (stocks) on B3
  • FIIs (fundos de investimento imobiliário — Brazil's REIT-like vehicle, traded on B3)

Taxes, briefly

Fixed-income gains (Tesouro Direto, CDB) follow a regressive schedule — the longer you hold, the lower the rate, from 22.5% down toward 15% after two years. LCI/LCA are typically exempt for individuals. Stock-sale gains are commonly exempt below a modest monthly total for regular trades, taxed above it — confirm current thresholds on gov.br/receitafederal, since these rules are updated periodically.

Your first steps

  1. Build your emergency fund first — a Tesouro Selic position doubles well as this, since it tracks the base rate and is highly liquid.

  2. Open a free account directly at tesourodireto.com.br, or through any CVM-regulated broker that offers access to it.

  3. Buy your first Tesouro Selic bond with around R$30–100 to learn the mechanics.

  4. Compare CVM-regulated brokers (bank-based or independent) for low-fee funds, ETFs and FIIs as your goals grow longer-term.

Frequently asked questions

What is the difference between Tesouro Direto and a CDB?
Tesouro Direto lends money to the federal government; a CDB lends money to a bank, which is only protected up to the FGC limit if the bank fails. Both are common low-risk starting points — Tesouro Direto is generally considered the calmer of the two.
Are FIIs the same as owning property directly?
No. An FII pools investor money into a portfolio of properties or real-estate receivables, traded like a stock on B3 — you get diversified, liquid exposure without buying or managing a building yourself, but the price still fluctuates with the market.
How much does it cost to use Tesouro Direto?
B3 charges a small annual custody fee (with an exemption for smaller balances of Tesouro Selic); some brokers waive their own service fee entirely. Compare the total cost, not just the headline, before choosing where to hold your account.

Educational content only — not financial or tax advice. Confirm current figures and rules with the regulator or tax authority before deciding.

← All country guides