Tesouro Direto: Guide for Brazilians abroad

Launched in 2002, Tesouro Direto is a Brazilian National Treasury programme that allows you to invest in federal government securities through participating banks and brokerages. For Brazilians abroad, Tesouro Direto can provide access to Brazil’s relatively high interest rates – following the June 2026 Copom meeting, the Selic target stood at 14.25% per year. Find out more about this opportunity in our guide.

What terms you need to know

Let’s cover some basic investment terms that will help you understand Tesouro Direto better:

This article provides general information and doesn’t encourage individual investment,or shares legal or tax advice. Non-resident account eligibility, withholding tax and foreign-exchange treatment should be confirmed with the relevant financial institution and qualified advisers.

What is Tesouro Direto?

Tesouro Direto is a programme that provides retail investors with a form of direct treasury investment in Brazilian government bonds without requiring them to purchase an entire security.

These securities are obligations of the Brazilian Federal Government. As Brazilian sovereign bonds, they are generally considered to carry lower domestic credit risk than private-sector bonds, but they are not risk-free. Their market prices can fluctuate, and investors living abroad are also exposed to changes in the value of the Brazilian real.

In May 2026, the programme had 35,591,801 registered investors, of whom approximately 3.59 million held an active investment balance.

However, a high return in reais may be reduced or eliminated by Brazilian taxes, fees, foreign taxation and depreciation of the real against the investor’s main currency. For that reason, it may be good to consider Tesouro Direto as part of broader expat financial planning.

How to invest after leaving Brazil?

Your tax residency status determines which account structure, tax treatment and investment procedures may apply. Receita Federal applies specific rules to people who leave Brazil. A person who departs permanently generally needs to:

• submit the Comunicação de Saída Definitiva do País;
• submit the Declaração de Saída Definitiva do País;
• pay any outstanding Brazilian income tax;
• inform Brazilian banks, brokerages and paying sources of the change in tax residence.

A person who initially leaves temporarily generally becomes non-resident after 12 consecutive months abroad, unless another tax-residence rule applies.

Once your tax residency status changes, your financial institutions should update their records. Continuing to use an account registered to a Brazilian resident can result in incorrect withholding-tax treatment, additional document requests or transaction restrictions.

Rules and regulations may change, so always double-check your tax residency status and programme terms before investing.

Non-resident accounts

A Brazilian living abroad may use a BRL-denominated non-resident account, commonly referred to as a Conta de Não Residente, or CNR. This account may be used to:

• hold Brazilian reais;
• receive international transfers;
• make permitted domestic transactions;
• receive investment income and redemption proceeds;
• transfer money abroad later.

A CNR can make the source and movement of funds easier for the institution to document, but it’s not the only legally recognised investment route.

Joint Resolution No. 13

Joint Resolution BCB/CVM No. 13 entered into force on January 1st, 2025 – it simplified investment in Brazil by non-residents, particularly natural persons investing their own money.

Under the simplified framework, a non-resident natural person investing their own funds through a BRL non-resident account held in their own name may generally be exempt from appointing a separate representative in Brazil. The exemption doesn’t remove the bank’s or brokerage’s obligations to verify:

• identity;
• tax residence;
• source of funds;
• transaction purpose;
• regulatory reporting requirements.

The resolution also covers certain investments funded directly from abroad. For this route, the exemption from appointing a representative generally applies where your total monthly contributions don’t exceed 2 million BRL per intermediary. This is not a general monthly investment cap – it’s a limit under which you don’t need a representative in Brazil.

Some institutions may not accept foreign investments. Tesouro Direto provides a list of participating banks and brokerages, but non-resident access must be confirmed directly with the institution.

How Tesouro Direto works

Tesouro Direto allows you to buy fractions of government bonds rather than a full security. This makes direct treasury investment accessible with a relatively low initial amount. The precise minimum purchase depends on the current bond price and programme rules – some start as low as 1 real.

Bond prices and rates change during the trading day. Each maturity has its own:

• purchase price;
• purchase yield;
• early-redemption price;
• maturity date;
• payment structure.

You can check current and historical rates on the official Tesouro Direto site.

What are the main Tesouro Direto bonds?

The programme includes floating-rate, fixed-rate and inflation-linked Brazilian government bonds, as of 2026. Each type behaves differently and should be selected according to your time horizon, currency needs and ability to hold until maturity.

Tesouro Selic

Tesouro Selic is linked primarily to Brazil’s Selic rate and usually fluctuates less than long-term fixed-rate or inflation-linked bonds. However, a very short holding period may produce a small negative or below-expected result because of:

• mark-to-market changes;
• the bond’s market spread;
• IOF (operation tax) during the first 30 days;
• income tax;
• custody or administration charges.

Tesouro Direto confirms that bond positions may temporarily show negative returns because they are marked to market.

Generally used for: emergency reserves, temporary cash and shorter investment horizons.

Tesouro Prefixado

Fixed-rate bonds (Tesouro Prefixado) pay a nominal interest rate established at the time of purchase, provided the security is held until maturity, and the Federal Government makes the scheduled payment.

If you sell the bond before maturity, the return depends on the current market price. The sale may produce either a gain or a loss. The bond also carries inflation risk. A high nominal rate may result in a much lower real return if inflation rises.

‘We are highlighted in the increase in pre-fixed with long maturities in the National Treasury strategy in 2026. Our estimate overestimated the debt stock at 400 billion BRL, but it hit the trend of the average growth of public debt emissions’ – Felipe Tavares, chief economist at BGC Liquidez.

Generally used for: goals with a defined date where you expect to hold the bond to maturity.

Tesouro IPCA+

Inflation-linked bonds (Tesouro IPCA+) combine Brazilian IPCA inflation with a fixed real rate agreed at purchase. If held until maturity and paid as scheduled, the gross contractual result reflects:

• the accumulated IPCA adjustment;
• the fixed real rate.

This doesn’t mean that your purchasing power is guaranteed. The bond isn’t protected against:

• inflation outside Brazil;
• depreciation of the Brazilian real;
• taxes and fees;
• losses caused by an early sale.

Long-dated IPCA+ bonds can fluctuate sharply because their prices are sensitive to changes in long-term real interest rates.

Generally used for: long-term goals denominated in reais, including retirement or future expenses in Brazil.

Tesouro RendA+

Tesouro RendA+ is designed for retirement planning and includes an accumulation phase followed by 240 monthly payments, equivalent to 20 years. The monthly payments include both investment return and gradual repayment of principal – it’s not a lifelong pension or interest-only income product.

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Tesouro Educa+

Tesouro Educa+ is designed to help build a future income stream for education. During the accumulation phase, you buy bonds linked to Brazilian inflation. Once the selected conversion date is reached, the investment is paid out in 60 monthly instalments over five years.

The five-year payment period is intended to match expenses such as university fees, accommodation and living costs during a course of study. However, the proceeds aren’t legally restricted to education. The investor can use the monthly payments for any purpose.

What are the taxes and fees?

B3 custody fee

For Tesouro Selic, Prefixado and IPCA+, B3 generally charges an annual custody fee of 0.2%, calculated on the value of the securities (as of 2026, but the amount may change).

For Tesouro Selic, the first 10,000 BRL per CPF is exempt. If the holding exceeds this amount, the fee applies only to the excess. For example, if an investor holds 16,000 BRL in Tesouro Selic, the custody fee is generally calculated at 6,000 BRL.

RendA+ and Educa+ follow separate fee rules, particularly during their scheduled income phases. Participating institutions may also charge their own administration or service fees.

Brazilian income tax

For investors subject to the ordinary Brazilian resident fixed-income regime, returns generally follow the regressive table:

• 22.5% for investments held for up to 180 days;
• 20% from 181 to 360 days;
• 17.5% from 361 to 720 days;
• 15% after more than 720 days.

True as of July, 2026, subject to change.

The tax applies to the return rather than the original principal and is generally withheld on redemption, maturity or coupon payment.

Tax treatment of non-residents

Receita Federal states that some Brazilian-source income paid to non-residents is subject to 15% withholding where no more specific rule applies. Other rates and special financial-market rules may apply depending on:

• the investment structure;
• the asset;
• the investor’s country of residence;
• whether the jurisdiction receives favoured-tax treatment;
• the legal classification of the return.

Before investing, you should obtain written confirmation from the bank or brokerage of the withholding tax (alíquota) that will apply to the specific account and investment structure.

The applicable rate may also depend on whether your records correctly reflect your non-resident status. This is another reason to update the institution after completing the Declaração de Saída Definitiva do País.

IOF on early redemption

IOF on securities applies when an investment is redeemed during the first 30 days – the rate starts at 96% on day one and declines daily until it reaches zero after the 30-day period. The percentage applies to the investment return, not to the full amount redeemed.

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Tax outside Brazil

A person living abroad may also need to report:

• the Brazilian account;
• investment income;
• realised gains;
• year-end asset values;
• Brazilian tax withheld.

Whether Brazilian tax can be credited abroad depends on local law and any applicable double-taxation treaty. Check the rules separately for your country of tax residence.

What are the currency risks?

If you’re an expat investing in Brazil, all your returns may vanish after the conversion. Suppose you earn 14% in BRL over one year. If the real depreciates by a similar percentage against the euro, pound or US dollar, you’ll barely earn anything. A Tesouro Direto investment should therefore be assessed in two stages:

1. Net return in BRL = Investment proceeds (your total income flow) − Brazilian tax − B3 custody fee − bank or brokerage charges - any other charges.
2. Net return in your main currency = Net BRL return after conversion − FX spread and transfer fees − tax due in the country of residence

Tesouro IPCA+ protects against Brazilian IPCA inflation under its contractual terms, but it doesn’t protect against inflation in Germany, Portugal, the UK, the US or another country, or BRL depreciation.

‘It is very common for Brazilians, starting from a certain income level, to maintain business activities abroad or build a savings pot in other currencies, in the case of natural persons, because it forms part of their retirement or they have plans to relocate abroad.’ – Fernando Rocha, Head of the Department of Statistics at the Central Bank of Brazil (BCB)

Is Tesouro Direto suitable for Brazilians living abroad?

It may be suitable where you expect future expenses in Brazil, plan to return, can tolerate currency volatility and understand mark-to-market risks.

However, it may be less suitable where:

• all future expenses are in another currency;
• you may need money unexpectedly;
• the investor may need to sell a long-term bond early;
• foreign tax reporting is unusually complex;
• FX, account and tax costs consume much of the expected return.

For most people living abroad, Brazilian government bonds should therefore be assessed within a wider cross-border portfolio rather than treated as a standalone answer to long-term savings.

Frequently Asked Questions about Tesouro Direto