{"id":87187,"date":"2024-02-21T12:54:17","date_gmt":"2024-02-21T15:54:17","guid":{"rendered":"https:\/\/murray.adv.br\/?p=87187"},"modified":"2024-02-21T12:54:20","modified_gmt":"2024-02-21T15:54:20","slug":"brazil-extends-tax-clampdown-to-exclusive-pension-funds","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/brazil-extends-tax-clampdown-to-exclusive-pension-funds\/","title":{"rendered":"Brazil extends tax clampdown to exclusive pension funds"},"content":{"rendered":"\n
Measure wasn\u2019t on wealth managers\u2019 radar; government aims to safeguard income and prevent insurer imbalances<\/em><\/strong><\/h6>\n\n\n\n

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02\/21\/2024 <\/p>\n\n\n\n

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\"Debora<\/figure>\n<\/div>\n\n\n

Debora Mendeleh \u2014 Foto: Divulga\u00e7\u00e3o<\/em><\/p>\n\n\n\n

The restrictions on exclusive and restricted pension funds mark a continuation of government efforts to curtail tax avoidance practices among the ultra-wealthy. This initiative began with the biannual tax\u2014known as the \u201ccome-cotas\u201d\u2014which targeted fixed-income, multimarket, and foreign exchange portfolios, as well as closed investment vehicles tailored for wealth management. Along with this came the introduction of a tax on offshore entities, along with restrictions on the issuance of real estate and agribusiness credit bills and certificates: real estate credit bills (LCI), real estate receivables certificates (CRI), guaranteed real estate letter (LIG), agribusiness credit bills (LCA), and agribusiness receivables certificates (CRA), a move aimed at stemming the tide towards tax-exempt securities.<\/p>\n\n\n\n

The series of measures reached a new milestone on Monday evening during an exceptional meeting of the National Private Insurance Council (CNSP), which introduced a prohibition on the establishment of exclusive family pension plans for individual accounts exceeding R$5 million, effective immediately. This development, which wasn\u2019t anticipated by the investment community, emerged amid broader discussions on open pension plan reforms during a public hearing.<\/p>\n\n\n\n

According to a source closely monitoring the situation, this specific regulation was proposed by the Ministry of Finance as a strategic addition to the regulatory framework. The prompt for this action was an announcement by a leading financial institution about a new exclusive pension fund, raising concerns over the use of such structures solely for tax postponement. Additionally, there was apprehension within the insurance sector regarding the potential impact on pension fund balances from a substantial influx of capital.<\/p>\n\n\n\n

With a combined total of approximately R$750 billion in exclusive and restricted closed-end funds, plus an additional R$1 trillion in overseas investment structures, the pension fund emerged as a key target for the reallocation of assets following the introduction of new tax legislation at the end of the previous year.<\/p>\n\n\n\n

Debora Mendeleh, the head of distribution at Principal Claritas, interprets the government\u2019s strategy as a dual effort to safeguard revenues while simultaneously stemming the tide of investments into funds that do not truly serve the purpose of accumulating long-term savings. She remarked, \u201cIt seems there was a realization akin to \u2018Houston, we have a problem,\u2019 leading to a proactive approach to address the issue head-on, given the pension fund presented an evident solution for these assets.\u201d<\/p>\n\n\n\n

While it appears that existing family-established pension funds, which have already been contributed to, will not be impacted by the new regulation, a definitive guideline from the Superintendency of Private Insurance (SUSEP) is still awaited. Current estimates suggest that approximately R$60 billion is held within these specialized structures.<\/p>\n\n\n\n

Resolution 464, as detailed in Brazil\u2019s Official Federal Gazette, sets forth specific criteria concerning the allocation of assets within pension plans and related investment funds. Specifically, it stipulates that when the calculated reserves for future benefits (PMBaC) for an insured individual exceed R$5 million in a single plan or in a specially created investment fund (FIE) linked to that plan, the assets cannot be exclusively or predominantly allocated to that individual and\/or their immediate family members. Immediate family is defined to include a spouse, domestic partner, or relatives by blood or marriage up to the second degree of kinship.<\/p>\n\n\n\n

A plan or FIE is deemed primarily dedicated to a single policyholder or a select group of policyholders if the reserves designated for an individual or the group\u2014either individually or collectively\u2014surpass \u201cmore than 75% of the total PMBaC of the plan or allocated to the FIE, respectively.\u201d<\/p>\n\n\n\n

In essence, the regulation prohibits the formation of new exclusive investment vehicles where individual balances exceed R$5 million. According to Ms. Mendeleh, \u201cThe core objective here is to prevent unchecked expansion through the shifting of mandates, ensuring that the pension fund remains true to its intended purpose as a means for accumulating long-term savings.\u201d<\/p>\n\n\n\n

The recent directive from the National Council of Private Insurance (CNPS) concerning exclusive pension funds caught industry stakeholders off guard, as acknowledged by Carlos Andr\u00e9, President of ANBIMA, the body representing capital and investment markets. During a media luncheon, Mr. Andr\u00e9 remarked, \u201cFrom a business standpoint, this decision eliminates certain opportunities. However, it\u2019s premature to ascertain its full impact.\u201d<\/p>\n\n\n\n

Similarly, the National Federation of Private Pension and Life (FENAPREVI), which advocates for the personal insurance and open private pension sectors, was taken by surprise. Edson Franco, president of FENAPREVI, noted that while the published text is still under review and awaits further regulatory details, he emphasized that \u201cleveraging exclusive closed-end funds for capital raising has never been a tactical focus for the industry.\u201d<\/p>\n\n\n\n

Mr. Franco highlighted the sector\u2019s decade-long growth model that has propelled its assets to R$1.4 trillion by 2023, amounting to 13% of Brazil\u2019s GDP. This growth has been driven by the attraction of long-term investments, distinct from general investment strategies. He acknowledged that while some market participants might have considered exploiting this avenue, pursuing fiscal advantages has not aligned with the sector\u2019s growth strategy. Mr. Franco stated, \u201cOur focus remains on identifying alternative pension savings solutions to the public system.\u201d He also compared pension assets\u2019 share of GDP in Brazil to other nations, pointing out that at 25%\u2014including the R$1.3 trillion in closed-end funds\u2014Brazil\u2019s ratio is significantly lower than in countries like the U.S., where it exceeds 100%, and Chile, at around 60%.<\/p>\n\n\n\n

For Carlos Andr\u00e9 of ANBIMA, who also serves as the executive vice president of Santander\u2019s wealth management division, the constraints placed on exclusive pension funds represent another phase in the ongoing transformation of the financial market. This shift is in response to several challenges, including the phasing out of tax deferrals on exclusive and restricted closed-end funds, the implementation of taxes on offshore entities, and restrictions on the issuance of tax-exempt securities.<\/p>\n\n\n\n

Exclusive pension funds were anticipated to become an essential avenue for reallocating assets from closed-end funds, in addition to managed portfolios and various other investment vehicles. Mr. Andr\u00e9 points out, \u201cOpen pension funds are equipped to accommodate such transitions, but exclusive closed-end pension funds present an appealing option as well. The industry is actively exploring a range of solutions tailored to these specific client needs.\u201d<\/p>\n\n\n\n

Two months into the enactment of policies targeting affluent families, Mr. Andr\u00e9 observes a nuanced investor response. The decision-making process, he notes, isn\u2019t solely influenced by tax considerations. Despite the opportunity at the end of the previous year for investors to recalibrate their gains in local closed-end funds to benefit from a preferential 8% tax rate, the anticipated shift in asset allocation has been gradual. With tax payments stretched out until March, the market has yet to witness significant movements.<\/p>\n\n\n\n

Evandro Bertho, co-founder of Nau Capital, characterizes the recent regulatory actions as a concerted effort to target the affluent investor segment. \u201cThere\u2019s definitely a tightening of regulations. All these measures target the affluent investor,\u201d he remarks, suggesting that \u201cthe capital flow towards exclusive investment vehicles prompted a similar response from regulators as seen with other recent changes.\u201d<\/p>\n\n\n\n

Mr. Bertho views the government\u2019s strategy as an attempt to preserve the essence of pension funds as vehicles for long-term savings. He explains, \u201cHistorically, exclusive [pension] funds were seldom utilized, as the advantages they offered were marginal compared to those of closed-end funds.\u201d<\/p>\n\n\n\n

Furthermore, Mr. Bertho highlights the continuity of succession planning benefits across both traditional and exclusive pension plans. He notes, \u201cInstead of altering the tax regulations of pension funds\u2014which would adversely affect the smaller investor\u2014the decision was made to restrict exclusive plans exceeding R$5 million. This ensures they remain within the broader category of pension savings plans.\u201d<\/p>\n\n\n\n

Mr. Bertho acknowledges the potential for the newly introduced rule to apply retrospectively to investment vehicles established prior to the enactment of Resolution 464. In a preliminary reading, the orientation for investors to consider reallocating a portion of their investments to non-exclusive pension funds. \u201cThe main drawback is the inability to directly purchase assets and leverage specific [tax] advantages. The shift necessitates moving from direct bond investments to DI funds managed by third parties, and investing in companies like Petrobras and Vale through equity funds. While this adjustment may diminish the tailored experience of exclusive funds, the overarching pension strategy continues to provide valuable benefits,\u201d he explains.<\/p>\n\n\n\n

Ms. Mendeleh, of Principal Claritas, concurs, pointing out that transitioning from exclusive to pooled (or condominium) funds does not pose significant challenges for shareholders. In pooled funds, investors can benefit from a 10% tax rate [after a decade, under the regressive tax table], a more favorable rate compared to the 15% tax on multimarket funds after 720 days and the same rate on equity fund redemptions, albeit without the semi-annual \u201ccome-cotas\u201d tax. The trade-off, however, is the loss of investment strategies tailored to individual family needs. \u201cAchieving this level of personalization is more complex within a pooled fund context,\u201d she notes.<\/p>\n\n\n\n

Natalia Destro, the head of wealth planning at Julius Baer Family Office, emphasizes the impact of the CNPS resolution on family-oriented pension funds. The regulation necessitates a strategic pivot for those who previously aimed to capitalize on such funds. \u201cWhile families can still invest in open-ended [pension] funds, they must now defer to the fund manager\u2019s judgment, losing the ability to personally adjust their investment allocations or profiles. Should the need arise to modify their investment strategy, they would need to transfer to a different fund,\u201d she states.<\/p>\n\n\n\n

Gustavo Biava, co-founder and investment director at ID Gestora, overseeing R$5 billion in assets, concurs with the sentiment that the government is tightening the reins on these investors, \u201cwho are unfamiliar with the constraints of come-cotas and are actively seeking out new options.\u201d Mr. Biava points out that, besides managed portfolios of tax-exempt securities such as incentivized debentures, CRIs, and CRAs, which have seen a significant influx of capital in recent months, these investors are increasingly considering structured products. These products offer unique tax benefits and include real estate funds, investment funds in credit rights, Fiagros focused on the agribusiness sector, and infrastructure funds, all of which present distinctive income tax treatment advantages.<\/p>\n\n\n\n

*Por Adriana Cotias, Liane Thedim\u00a0\u2014 S\u00e3o Paulo and Rio de Janeiro<\/p>\n\n\n\n

Source: Valor International<\/p>\n\n\n\n

\nhttps:\/\/valorinternational.globo.com\/\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"

Measure wasn\u2019t on wealth managers\u2019 radar; government aims to safeguard income and prevent insurer imbalances 02\/21\/2024 Debora Mendeleh \u2014 Foto: Divulga\u00e7\u00e3o The restrictions on exclusive and restricted pension funds mark a continuation of government efforts to curtail tax avoidance practices among the ultra-wealthy. This initiative began with the biannual tax\u2014known as the \u201ccome-cotas\u201d\u2014which targeted fixed-income, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[24628,24627],"class_list":["post-87187","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-brazil-extends-tax-clampdown","tag-exclusive-pension-funds"],"yoast_head":"\nBrazil extends tax clampdown to exclusive pension funds - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/brazil-extends-tax-clampdown-to-exclusive-pension-funds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brazil extends tax clampdown to exclusive pension funds - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Measure wasn\u2019t on wealth managers\u2019 radar; government aims to safeguard income and prevent insurer imbalances 02\/21\/2024 Debora Mendeleh \u2014 Foto: Divulga\u00e7\u00e3o The restrictions on exclusive and restricted pension funds mark a continuation of government efforts to curtail tax avoidance practices among the ultra-wealthy. 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