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ABSOLUTE gUIDE SERIE
Braz
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ABSOLUTE gUIDE SERIES - BRAZIL
Date o Publication: March 2009
ObeliskFor further details contact Obelisk International on +34 952 820 [email protected] - www.lagunabeachtabatinga.com
Tabatinga
Step out of the fast lane
Tabatinga
... at Launa Beach where luxury beachront properties, olden beaches and innity ocean
views await those who invest in the worlds stronest emerin market.
Join the worlds sportin elite in north east Brazil Rubens Barrichello, Chris Hoy and
David Beckham and move into pole investment position.
and into paradise...
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5. Welcome to BrazilDedicated to providin impartial inormation.
6. Economic Growth & StabilityThe OECD predicts that Brazils GDP growth or 2010 will
be 4.8%, 2.5 times higher than the combined growth o the
OECDs 30 member economies.
7.Currency & BankingBrazils oreign exchange reserves are likely to keep the
Brazilian real steady.
8. Foreign InvestmentDuring 2008, Brazils inow o FDI reached a record
US$45.1 billion.
9. Political Situation & StabilityPolitically stable having frmly established democracyin 1985.
10. TourismTourism in Brazil is expected to contribute US$82.8
billion to the economy in 2009.
11. InrastructureInrastructure is set to receive a massive boost rom the
2014 World Cup and 2016 Olympic Games.
12 - 13. Property MarketBrazil ranks as the number one overseas property
investment destination in the Homesoverseas top ten
property investment destinations or 2010.
14 - 15. Secondary MarketProperties in the Natal area have seen rental yields o
around 10% per year.
16. Mortgage MarketThe Brazilian mortgage market is small but growing extremast.
17. Market RisksBrazil presents ew problems or oreign investors.
18. Purchase ProcessForeigners are permitted to buy, own and rent property in
Brazil.
19. Investment CostsCosts o buying are generally low.
20. SummaryA buoyant economy, thriving tourist industry and booming
property market all contribute to Brazils excellent
investment potential.
21. VerdictDemand or housing is still high and increased internation
exposure means Brazil ranks as a top global investmentdestination.
22. Obelisk AdvantageObelisk approaches its projects purely rom an investmen
perspective.
Contents
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Natal
Recife
Cuiaba Brasillia
Rio de JaneiroSao Paulo
JoinvilleCaxias do Sul
Porto Alegre
Londrina
Campo Grande
Manaus Sao Luis
Fortaleza
Belem
Teresina
Boa Vista
Rio Branco
Salvador
Vitoria
MaceioAracaju
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to BrazilWelcomeAs the market leader or overseas investment property,we are committed to providin cuttin ede inormation
or property investors, one aspect that earned us the
award o International Property Specialist 2008 by
Business Britain maazine.
We are thereore pleased to present our ully-updated
Property Investment guide to Brazil, an essential tool
or the investor plannin to buy property in this country.
This uide orms part o the Obelisk Absolute guide
Series, dedicated to providin impartial inormationabout numerous investment destinations worldwide.
At Obelisk, we are only too aware o the importance o
extensive research into an investment destination and,
as part o our policy to oer investors the denitive
service, this uide has been riorously researched to
provide you with in-depth, clear-cut knowlede on themost important actors infuencin your property
investment decision in Brazil.
In this uide you will nd recent economic perormance
and predicted rowth, a prole o the current
property market and its uture potential, alon with
tourism trends and inrastructure improvements. The
uide also includes inormation about Brazils mortae
market, the buyin process and buyin costs.
Obelisks Absolute guide to Brazil oers investors
objective and authoritative inormation to acilitate an
inormed decision about investin in Brazil. We trust tha
you, as an investor, will nd this uide indispensable.
Heres to Successul Investin!
Brazil forms part of the Obelisk Absolute Guide Series, dedicated to
providing impartial information about numerous property investment
destinations worldwide.
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Economic Growth
& Stability2008 was one o the best years or the Brazilian economy
with boomin export and commodity markets and the
currency at a 9-year hih aainst the US dollar. Durin Q4
2008 and Q1 2009, Brazil was aected by the lobal
recession, but the 1.9% rowth in Q2 2009 proved thatthe economy is once aain on an upward trend.
The Economic Outlook published by the Oranisation or
Economic Co-operation and Development (OECD) in
November 2009 predicts that Brazils gDP rowth in
2010 will be 4.8%. This ure is 2.5 times hiher than the
1.9% combined rowth orecast or the 30 OECD
members. The OECD expects Brazil to row 4.5% in 2011.
An indication o Brazils economic strenth came in
October 2009 when Bank o America Merrill Lynch
predicted 5.3% rowth or Brazil in 2010 and titled its
economic paper Brazil: turnin even more bullish.
Brazil has more than US$214.8 billion (Auust 2009)
in reserves. The country has moved rom IMF debtor
to IMF creditor in just our years, allocatin 5% o its
international reserves a sum o some US$10 billion
to the IMF in March 2009.
Brazil has diversied its orein trade, with tradinpartners in both emerin markets and the developed
world. Brazil also boasts a stron domestic market
consumer spendin rose by 2.1% in Q2 2009, the
23rd consecutive quarterly increase. Unlike many
developed economies, the Brazilian has enerated
employment durin 2009 and by November, 1.1
million jobs had been created.
Brazil maintained its investment-rade credit ratin
(BBB-) in the April 2009 report rom Standard & Poors,
a nancial credit ratins aency. In September 2009,
Moodys (another ratins provider) awarded Brazil
investment radin. Brazil is only the second Latin
America country to achieve this status.
GDP Growth (Q2 2009):1.9%
GDP Per Capita (2008):US $10,100
Unemployment (Oct 2009):7.5%
Inflation (Oct 2009):4.17%
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Brazils currency is the real. Accordin to Merrill
Lynch, the real is the best-placed currency in Latin
America to weather increased risk aversion caused
the onoin turmoil in lobal nancial markets.
Accordin to the IMF, the reals record strenth aa
the US dollar durin 2007 allowed Brazil to
accumulate reserves. Its US$214.8 billion in orein
exchane reserves and the central banks market
interventions have kept the Brazilian currency steady
most o 2009.
The Central Bank o Brazil closely monitors the econ
and nancial situation. In mid-2009, it cut Brazils
benchmark interest rate (Selic rate) to 8.75%, the low
in history.
Accordin to the Financial Times (FT), the Central Ban
a model and its tiht reulations have led to a quick
recovery in the Brazilian bankin sector than in the reo the world. The FT reports that the lon-term outlook
Brazilian banks is attractive with the bankin marke
enjoyin enticin protability. An indication o this
the Santander Brasil initial public oerin (IPO) in
October 2009, which raised US$8 billion and was th
larest IPO in the world since March 2008.
Currency& Banking
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Foreign Investment
Brazil, turning even more bullish.Bank of America Merrill Lynch (Oct 2009)
Brazil takes off. Brazil suddenly seems to have made an entrance onto the
world stage.The Economist (November 2009)
In recent years, Brazil has become increasinly
attractive or orein direct investment (FDI).Accordin to the United Nations Conerence on Trade
and Development (UNCTAD), durin 2008, the
countrys infow o FDI rew 30%, reachin the
record ure o US$45.1 billion. In its 2009 outlook,
UNCTAD said that the increase in infows to Brazil
were in sharp contrast to lobal FDI which ell by an
estimated 10% in 2008.
UNCTAD ranks Brazil 8th amon the leadin taretsor FDI, ahead o important economies such as Japan,
germany, Italy and India, and Brazil is the second
larest destination in emerin markets or FDI fows
ater China. Brazil has a lare potential market, still
partly untapped and its economy has expanded over
the last ew years, two aspects which are vital
determinin actors in attractin FDI.
Brazil is rich in raw materials and oil and as are two
major investment areas. giant oil elds have been
discovered durin the last ew years, estimated to hold
50 billion barrels o oil and as. The rst extraction
rom the Tupi elds (o south east Brazil) took place
in May 2009. In an investment report in November
2009, the FT called Brazils oil potential the ticket to
the worlds VIP enery club.
Brazil is one o the worlds top biouel producers and
major FDI has been made in this eld. The
manuacturin sector, particularly cars Fiat recently
invested US$2.8 billion in the expansion o their plant
at Betim and telecommunications are also extremely
attractive markets or FDI in Brazil.
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Brazil is politically stable havin rmly established
democracy in 1985 ater more than 20 years o military
rule. The current President is Luiz Inacio Lula da Silva (rs
elected in 2002 and re-elected in 2006) and the
overnment is made up o several parties includin the
main Partido do Movimento Democrtico Brasileiro and
Partido dos Trabalhadores. The next eneral election is
due in October 2010.
The current overnment is larely responsible or
consolidatin Brazils macroeconomic stability while
increasin social spendin. Brazil now has an
important international presence with its participation in
UN missions and its leadership amon emerin nations
Accordin to President Lula, Brazil is bein transormed
into a reat economy and a reat nation.
Political analysts believe Brazils emerence as an
increasinly important player in the lobal stae was
boosted by the g20 summit meetin in April 2009.
President Lula has worked hard at raisin Brazils prole
internationally and in April 2009, Obama reerred to him
as the most popular politician on earth. Accordin to the
FT in November 2009, Lulas personal charm and
popular appeal are essential elements in Brazils success
Political Situation
& Stability
Mercosur Member:Founder member since 1991
WTO Member:Since 1995
Political System:Federal Republic
Ruling Party:Partido do Movimento Democrtico Brasileiro,Partido dos Trabalhadores
Next General Election:October 2010
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TourismBrazil received around 6.5 million visitors in 2008. With
4.75 million tourists durin the rst 9 months o 2009,
ures or 2009 are expected to be similar. Brazils
National Plan or Tourism aims to increase this to 9
million visitors a year in the near uture, a ure that
should be attainable since Brazil hosts the World Cup in
2014 and the Olympics in 2016.
Accordin to the World Travel and Tourism Council
(WTTC), Brazils tourism industry, the biest in South
America, rose to 13th position in terms o the economic
activity it enerates. Tourism in Brazil is expected tocontribute US$82.8 billion to the economy in 2009. The
WTTC also predicts the sector will expand at an averae
annual rate o 4.5% between 2010 and 2019. The
celebration o two o the worlds top sportin events
between 2014 and 2016 will probably lead to
considerably aster expansion o Brazils tourism.
Brazil is world renowned or its myriad o attractions
includin its 7,400km o tropical beaches, the wonders othe Amazon rainorest and the vibrancy o its people and
culture. The north east reion o Brazil, centred around
the resort o Natal, is increasinly popular with tourists,
particularly Brazils wealthy population, and major
investment (over US$1.8 billion) in new hotels, ol
courses and resorts is underway in the area.
Visitor Numbers (2008):6.5 million
Tourism Contribution to GDP(2009): 6.2%
Tourism Contribution toEmployment (2009): 5.9%
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InrastructureNatal So GonaloAirportwill be the largest airport in Latin America
Modernisation and expansionof all airports in World Cup match destinations
Investment ofUS$21.7 billionin roads, railways and ports
Brazils successul bid to host the World Cup in 2014
and the Olympics in 2016 will provide a hue boost to
the countrys tourism and project Brazil into the
international limeliht. Conscious that Brazil needs toaddress the current decient inrastructure in some parts
o this hue country, the Brazilian overnment has
announced several ambitious investment plans or the
near uture.
Throuh the overnment growth Acceleration Proram,
US$21.7 billion o public and private unds will be used
to improve transport inrastructure includin roads these
are set to receive over 75% o the investment - railways
and ports. Airports are another major ocus or
investment. Natals new So gonalo Airport is under
construction, which when completed, will be the larest
in Latin America.
The 2014 World Cup, expected to attract between
500,000 and 600,000 visitors, will see massive in-
vestment in inrastructure such as public services or
example, hospitals, and new hotels as well as stadiums
in the 18 proposed match locations (includin Natal)
throuhout the country. The 2016 Olympics with similar
visitor ure predictions have an initial budet o around
US$15 billion.
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Brazil, a relatively narrival on theinternational properscene, was classed byHomesoverseas.co.ukthe top overseasproperty investmentdestination for 2010.
Average Annual RenYield: between 4% an9.9% in the north east
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PropertyMarket
Althouh Brazil is a relatively new arrival on the
international property scene, it consistently ranks
amon the worlds top investment destinations. Kniht
Frank ranked Brazil as one o the top ten lobal
opportunities in 2009 (Kniht Frank/Citi Private Bank
global Wealth Report 2009). Accordin to the Report,
Brazil has considerable untapped potential and oersmany attractive eatures.
Homesoverseas.co.uk rated Brazil as the best
destination or overseas property investment in 2010.
Brazil takes the number one position in the top ten
because its property market has ot a lot oin or
it. Homesoverseas reports that lobal property
investors are fockin to Brazilian shores in
anticipation o uture capital rowth.
Brazils investment potential comes rom its stron
economy, natural beauty, avourable climate and
competitive pricin luxury property is considerably
cheaper than equivalents in Europe. Brazils north
east reion around Natal is currently a major ocus o
international investment interest centred mostly on the
coastal areas o this stunnin reion.
Brazil releases no ocial statistics on house price
increases, but accordin to the Kniht Frank report,
Brazil Latin Americas emerin luxury second
homes location - averae price rowth in the northeast reion has been very stron over recent years.
Homesoverseas quotes expected price appreciation o
200% over the next ten years.
Brazil is makin sinicant proress in improvin
transparency within its property market. Accordin to
the Jones Lan LaSalle Real Estate Transparency Index
2008 (the latest available), rom 2006 to 2008 Brazil
reistered the larest increase in transparency in LatinAmerica (alon with Panama) and was 11th in the
world, increasin its score in 4 out o 5 cateories.
Still classed as an emerin property destination within
the lobal market, Brazil oers property prices that are
around a third cheaper than European resort equivalents
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Secondary
MarketA undamental actor behind the rowin Brazilianproperty market is the ever-increasin wealth amonBrazilians. Brazils middle class represented 53.2% o thepopulation in 2009 and the millionaire population recentlyalmost doubled, one o the hihest increases in the world.
The rowin number o households with sucient
wealth to enter the property market (both rst and
second home markets) adds to the resale marketpotential. With Brazilian interest rates down to an
all-time low and lendin rules relaxed, the countrys
emerin middle class will lead increased demand.
In Brazil demand is currently extremely hih Reuters
Real Estate analysts put the shortall ure at over a
staerin 27 million properties over the next 15 years.
To reduce the shortall amon low-income Brazilians,
the overnment has introduced the Minha Casa Minha
Vida (My House My Lie) scheme, which with a budet
o R$34 billion, aims to provide 1 million homes by
2011. The scheme will ive millions the chance to et
on the property ladder and will considerably enhance
Brazils property market.
With properties situated in developments in beach
resorts in the Natal area seein rental yields o around10% a year, the rental market presents ood potential
in many areas o Brazil includin the major cities and
resort areas such as those on the Natal coastline. Risin
tourism (mainly domestic but increasinly international)
has led to demand or quality short-term rental
accommodation, with Brazils newly-afuent
population keen on luxury holiday accommodation in
beach resorts, particularly in the north east reion.
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According to Reuters Real Estate analysts, 27 million propertiesare needed in Brazil over the next 15 years to meet the demand
for housing.
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Mortgage MarketThe Brazilian mortae market is still in its inancy, butthe housin market has recently had an enormous boost
with the introduction o mortaes or Brazilian nationals
The rowth o mortaes has been particularly stron
durin 2009. Accordin to the overnment-owned bank
Caixa, mortae lendin in the rst nine months o 2009
amounted to R$30.7 billion, an increase o 79.3% on
the same period in 2008.
As well as wider availability o mortaes, another
reason behind the mortae market boom is the lower
interest rate. Traditionally hih interest rates led most
Brazilians to buy homes with cash. However, the latest
cuts interest rates were at a historic low o 8.75% in
late 2009 mean mortaes are more aordable and
thereore demand is increasin.
The non-resident mortae market is currently very small
However, this situation is expected to chane within
the very near uture once the overnment removes the
remainin restrictions. In October 2009, overnment
ocials announced that they were condent mortaes
would be readily available or non-residents within a
year. It is thouht that this will substantially open up the
property market.
Brazilian banks are continually introducin new
mortae products or Brazilians and lendin terms are
becomin more fexible. However, accordin to Forbes,
the term subprime is virtually unheard o in Brazil
because o strict overnment mortae reulations.
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Purchase ProcessBelow is the standard purchase process in Brazil and issues that may affect a property purchase.
Under Brazilian law, oreiners may buy, own and rent property in Brazil and are entitled to similar
rihts as Brazilians reardin property ownership and tenant rihts. The only restrictions aectin
orein buyers in Brazil include certain areas o land subject to national and security interests.
All oreiners purchasin property in Brazil require a tax identication number (cadastro de pessoa
sica/CPF). The CPF identies the buyer or tax and reistration purposes and is obtainable rom the
Brazilian tax oce.
The transer o all unds or a property purchase into Brazil must be made throuh the Central Bank o
Brazil where records are kept o the transer.
Beore buyin, the buyer should apply or a certicate known as Certidao de Onus Reais, an
identication document or the property which states its entire ownership history.
A sales contract is drawn up detailin the ull conditions o the sale and also acts as receipt or the
deposit paid. The nal sales deed completion is normally carried out in ront o a public notary. The
deed should then be reistered at the Real Estate Reistry.
Brazilian laws and legal processes may be very different from what you are used to
and Obelisk strongly recommends that independent legal advice be taken during a
property purchase.
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Investment CostsThe costs of a standard property purchase in Brazil may include the following:
Stamp duty plus overnment purchase tax up to a maximum o 5% o the purchase price.
Notary and land reistry ees based on a slidin scale o a percentae o the purchase price.
Capital ains tax: Brazilian non-residents are subject to capital ains tax or withholdin tax on prots
made rom the sale o property in Brazil. Withholdin tax is levied at 15%, except when double taxatio
treaties provide or tax relie. However, when prots are remitted to a tax haven (Brazil reards any
country or territory with income tax rates below 20% as a tax haven), withholdin tax is levied at 25%.
Any income arisin rom property rental is taxed at the same rates as income tax, which currently rane
rom 15% to 27.5%.
All properties are subject to an annual urban municipality tax (Imposto sobre a Propriedade Predial e
Territorial Urbano/IPTU). Rates vary between municipalities and are based on the assessed value o the
property.
Brazilian taxation is complex and subject to change. You are thereforerecommended to take expert and up-to-date advice on taxation issues affectithe purchase and ownership of property in Brazil.
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SummaryQ2 2009 rowth was 1.9% and rowth
or 2010 is predicted at between 4.5%
and 5.3%.
Brazil has moved rom IMF debtor to IMF
creditor in just our years.
Brazil is the second larest destination
in emerin markets or FDI fows ater
China.
Brazil is rich in raw materials and has a
boomin commodity export market. Its hueoil and as potential is described as Brazils
ticket to the worlds VIP enery club.
Political stability has contributed reatly to
Brazils macroeconomic stability.
Tourism is expected to boom with two o the
worlds top sportin events, the World Cup
and Olympic games in 2014 and 2016.
Inrastructure will receive a major boost
rom investment in the 2014 World Cup
and the 2016 Olympics.
Major Brazilian airports are set to receive
US$2.5 billion or expansion and
modernisation by 2010.
Accordin to the Kniht Frank global
Wealth Report 2009, Brazil has
considerable untapped potential and
oers many attractive eatures.
Homesoverseas.co.uk ranks Brazil number
one in its Top 10 Overseas Property
Investment Destinations in 2010.
Brazil qualies as an emerin market
with prices around 30% lower than
European equivalents.
Demand or housin huely exceeds
supply with 27 million new properties
required over the next 15 years.
The domestic mortae market isexpandin huely and non-resident
mortaes are expected to be widely
available by October 2010.
Brazils property market is increasinly
transparent and buyin costs are low.
The following summary provides key highlights to consider when investing in Brazils property market:
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Brazil is currently experiencin one o the most
remarkable transormations in the world. Alon with
increasin international presence, Brazil is an
emerin world power and is expected to be the th
larest economy between 2016 and 2020. Toether with
major sportin events, its consolidated export industry and
healthy orein exchane reserves, Brazils new oil elds
add to an extremely promisin economic uture. In the ac
o economic downturn worldwide, Brazil has stood stron
and has an excellent lon-term outlook.
Demand or housin continues to be hue and this
coupled with ever-increasin international exposure,
means that property experts such as Kniht Frank and
Homesoverseas.co.uk rank Brazil amon the worlds
best places to invest in property. In addition, the rapid
expansion o the Brazilian mortae market means that
property investment and by extension, capital rowth
looks certain to continue to row.
Based on thorouh research we have carried out on
Brazil, we at Obelisk believe that Brazil is currently
one o the best options to explore or overseas property
investments, promisin hih capital rowth and return o
investment.
Verdict
The Absolute guide Series Ratin
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Based on our extensive research, Obelisk
has introduced a 5 star ratin system to
summarise the investment potential oa country. The availability o nance,
economic stability, political stability, the
strenth o the local market to provide an
exit stratey and the potential to earn rom
investment are the key criteria that
determine the investment rade o each
country.
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DisclaimerThe material contained within this document has been prepared or inormation purposes only. Inormation contained herein is not to be relied upon
as a basis o any contract or commitment. The inormation is not to be construed as an oer, invitation or solicitation to invest and opinions expressed
are based on market conditions at the time o print and may be subject to chane without prior notice. Inormation contained herein is believed to be
correct, but cannot be uaranteed. In case o queries or doubt you should consult an independent investment adviser. No personal recommendation is
bein made to you and the past is not necessarily a uide to the uture.
The brochure in its entirety text, imaes, marks, raphics, loos, buttons, combinations o colours, and the structure, selection, orderin and
presentation o its content is protected by the leislation on intellectual and industrial property, it bein orbidden to reproduce, distribute, publicly
disseminate or transorm it, except or personal private use. It is also orbidden to reproduce, relay, copy, assin or broadcast, in whole or in part, the
inormation contained in this brochure, or whatever purpose and by whatever means, without written consent.
Voted International Property Specialist o the Year 2008 by Business Britain maazine, Obelisk has been
reconised as the authoritative voice within the industry and its clients benet rom the companys uncompromisin
hih standards and proessionalism.
Obelisk has identied a simple and transparent purchase process or its clients as a simple, our step process:
The client chooses and reserves the unit that best suits their investment requirements, and Obelisk takes
the client throuh a compliance procedure.
An independent lawyer, sourced and appointed or the client by Obelisk, will have already carried out ul
due dilience on the project. They will issue all purchase contracts and paperwork to the client.
On receipt o this contract, the client will sin and make the rst payment. The lawyer will notiy the
client o all urther payments when required.
The appointed lawyer will also represent the client in all aspects leally required within the country o
purchase, ensurin that clients o Obelisk enjoy the benets o simple and hassle-ree real estate investment.
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For more inormation about Obelisks investment opportunities in Brazil, contact us now on [email protected],visit our website at www.obeliskinternational.com or call us FREE on 0808 160 0670 (UK) or 1800 932 514 (IRE).
ABSOLUTE gUIDE SERIES - BRAZIL
Awards Obelisk InternationalProperty Specialist 2008Obelisk
Advantage
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