Igor Cornelsen is a prominent banking consultant, having managed one of Brazil’s largest banks for decades. These days, Igor spends his retirement days playing golf in South Florida. The brilliant consultant regularly pens financial opinion posts to his thousands of admirers and followers. Igor’s posts are always full of golden investment advice that emanates from his thirty-plus years as a leading financial consultant. Investors have benefited immensely by taking heed of the wise counsel by Cornelsen.
His recent article posted in the French Tribune is a must-read article for all Brazil-bound investors. Igor mentions three valuable tips for investors looking to make a killing in the lucrative Brazilian market. According to Igor, Brazil is every foreign investor’s dream destination. The country’s economy continues to post positive gains despite the lingering global economic fallout. But, there are numerous risks and pitfalls standing in the way to success. If the foreign investor fails to be cautious and fully informed on the intricacies of this South American marketplace, they risk losing all their hard-earned capital in months.
Understand the Currency Laws
As a foreigner, there’s no evading performing an exhaustive research on Brazilian currency laws before arriving. For instance, it is illegal for foreigners to trade and exchange currency in the local forex bureaus. Foreigners are only supposed to exchange currencies at the banks. Again, it is only via research one gets to learn that Brazil doesn’t have a single set exchange rate for any foreign currency; the rate always oscillates as set by the Central Bank. Compare and contrast the rates offered by as many financial institutions as possible to narrow it down to the most competitive Forex.
Networking with the Natives
Igor Cornelsen argues that it is essential to work with the locals for faster and hassle-free integration into the Brazilian market. Fortunately for foreign investors, however, Brazilians are very welcoming people and everyone you meet will be more than glad to help you.
Dealing with Red Tape
The Brazilian business environment is one of the most heavily regulated in South America. As a foreign investor, you’re faced with a plethora of bureaucracies as you set up shop and continue investing. Failure to adhere to these strict business regulations is a sure recipe for disaster for your business and investments, moving forward. Avoid paying hefty fines and incurring severe penalties by always staying up-to-date on all the poignant regulations governing foreign-owned Brazilian businesses, Igor advises.s