Posted by Leonard Steinberg on Friday, April 13th, 2012

Brazil is revising its currency laws to allow more money to flow out of the country. The strength of the Brazillian economy which is the only energy self-sufficient country also has one of the fastest-growing middle classes on the planet. A strong and stable currency, coupled with a new Central Bank rule that doubled the amount of cash Brazilians can send overseas through brokerage firms and banks has more locals sending money abroad than ever before…..now Brazillians can send out $ 100,000.00 although the hope is to double that figure soon.

If you were Brazillian and had lived through its historically corrupt and volatile past, wouldn’t you want to get more money out of the country…..just in case?

Brazillian buyers are a fast growing segment of the foreign buyer market in Manhattan at all price-points: like all BRICA countries (we add an ‘A’ for Africa as its wealth is growing strongly too) economic growth and wealth creation is exciting, but political instability and corruption has always encouraged those with the means to stash some away in a more first world environment. And New York real estate is a good place to put that money.