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Brazilian assets heading to tax havens in record amounts

Xinhua, January 29, 2016 Adjust font size:

Investments from Brazilians in tax havens around the world rose from 42.5 percent to 63.9 percent of all investments abroad in 2015, Brazil's central bank stated on Thursday.

In total value, investments and transfers toward tax havens rose from 10.17 million U.S. dollars to 13.05 million dollars year-on-year.

The majority of these investments were bound for the Bahamas and the Cayman Islands, which are jointly responsible for 60 percent of foreign transactions and investments made by Brazil.

Meanwhile, the total amount of foreign investments made from Brazil fell by 15 percent to just 20.4 million dollars.

With the country's economy in deep recession and the Brazilian real losing 48 percent of its value against the U.S. dollar in 2015, Brazilians are less keen to invest abroad.

However, the real value of Brazilian fiscal operations abroad may be higher since these figures are based only on declared revenue.

At the beginning of January, the government passed a new law seeking to repatriate non-declared Brazilian assets overseas while lowering fines for those doing so. Endi