Country rank #20

Brazil 巴西

高名义高摩擦 — 每条收益率都要与 13.75% 的 Selic 同屏

巴西是组合的高名义收益、高摩擦袖仓：Selic 在 13.75%，上市地产基金（FII）机械地月派约 9–14% 的名义现金——但非居民在居民免税之外，先扣 20%，再独自扛雷亚尔（政治事件能让它一天跌约 8%）。本站的立场：巴西敞口只能按「新兴市场货币仓位 + 地产外壳」定尺寸，永远不许写成「安全的 12% 收入」；本页每条收益率旁边的对照物，都是那个 13.75% 的基准利率。直接买房出租在 13.75% 的门槛面前连测算都不成立（见国家页讲解框），RN 36 的房产居留卖的是居留，不是租金（见身份枢纽队列）。

Data updated: 2026-11-08

Four grades

Identity & tax (in one line)

Key metrics

Why this country

The nominal yields are this site's highest, and the reason is the rate, not the real estate: under a 13.75% Selic, CDI-linked papel funds mechanically distribute about 13.5–13.8% — print the risk-free rate beside them first, and only then do any Brazilian figures mean anything.

The FII skeleton is real: Law 8.668/1993 requires at least 95% of cash-basis profits to be distributed at least semi-annually, and the large funds pay monthly in practice — the high payouts are the product of law and rates, not marketing.

The tax position was just tested empirically: the provisional measure that would have taxed resident FII income at 5% (MP 1.303/2025) was removed from the Chamber's agenda and lapsed — this page's tax lines are written from "lapsed" and "current law", never from rumour.

Entry routes

Listed route (the only main line, and the highest-friction): non-residents invest under CMN Resolution 4,373 — a local custodian/representative, a CPF tax ID and a Brazilian broker non-resident account — then buy the papel funds (entry No. 81) or the logistics brick fund (No. 82). This is not a click-and-buy market from a standard Singapore brokerage.

Direct route (no entry; explainer box): urban property is unrestricted for foreigners, but against a 13.75% risk-free rate — when even the tax-exempt-at-fund-level brick FIIs gross only about 9.6% — a foreign individual's directly held flat cannot plausibly clear this site's cash-flow bar on a full-cost basis. The RN 36 real-estate residence (at least R$1M) sells a residence permit, not rent, and has been routed to the identity-hub queue.

Risks

• The real is the first risk: it fell about 8% in a single day after the October 2026 election run-off (market-compiled basis) — a year of distributions can be eaten by a week of FX; size the position as a currency position.
• Tax reform's political afterglow: MP 1.303 has lapsed, but the project of taxing currently exempt instruments is alive (October 2026 press reports of an IOF-decree study, unconfirmed) — if the resident exemption moves, non-resident treatment moves the same way; verify annually against the official gazette.
• The Selic path cuts both ways: cuts flatter brick-fund valuations while mechanically reducing CDI-linked papel payouts — this page's two entries carry opposite rate exposures, which is why they are presented as a pair.

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