Sorry, my friend, I don't know the answer to your question, but an interested myself. I'm thinking about Fortaleza, Belo Horizonte or Manaus. Not interested in the big cities. I'll be watching for someone's answer.

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Brazil is VERY different when it comes to buying property.
Basically, most of Brazil works without mortgages. Interest is VERY high when a bank does give you one. New construction is sometimes viable, as the developer will work with you on terms, but even their interest is 10% plus, and usually for 6-10 years.
I can't answer your question about interest deduction. I have bought a lot of property in Brazil, but have yet to get a mortgage as its nearly impossible. The thought of time, documents involved, 12-15% interest, and such doesn't make it appealing to me!!!!
Oh, and one other thing. For banks to even look at you, they of course want to see a plan of repayment. If you don't live in Brazil, then its hard for them to believe that when you move, you will still have your other job and be paid. So unless you are in Brazil and can show proof of income, its a very long shot. One option is to take out an equity loan on your property where you live now, and then pay cash in Brazil.
Retirement money is a little different. But you can't have a bank account in Brazil without a permanent visa, which you can only get by marrying a Brazilian, having a Brazilian child, investment (not property), and showing your retirement pension is over 2000 US dollars a month.

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00abuse

Thanks Movingsoon for the information. Those rates are harsh. Wonder if the mortgage interest be deductable on either the US or Brazilian Tax form? Those mortgaea rates sure don't make me want to attempt a mortgage for a long term!

I am sure we will rent something first, until we find the best place to call home. My wife is presently looking at Petropolis, just 45 minutes North of Rio de Janeiro.

As I stated, we'll be retiring to Brazil. My wife is Brazilian and our son is American-Brazilian. My retirement income will be very comfortable.

We plan to rent our home here in Houston before moving to Brazil. We may return to Texas again if our son decides to go to a University in the US like we both prefer.

My wife's home is Belo Horizonte. So I know we will eventually be between the Rio area and Belo Horizonte! A CPF# and Permanent Visa will be acquired at the Brazilian Consulate here in Houston before we go. Don't want the pain of trying to do all that in Brazil.

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Some feedback that I have received is that you can write off expenses in certain cases. If my purchase in Trairi goes through, and I think it will with the assistance of a title company, my expenses will be deductable. Here is the rub... I'm making the purchase with my IRA. Because I will eventually build and rent a casa, it is business. It is my understanding that all expenses are deductable both toward Brasilian income and capital gains in the IRA. Of course I can't live in the property. Forced withdrawals at age 70 1/2 could force eventual liquidation to pay taxes and roll over of the remaining funds.

I will also be looking for property for personal use, probably in the Fortaleza area. I will post my findings relevent to the personal use and will post them. Please do the same.

I will check first with my Brasilian title company rep.

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00abuse

I would certainly recommend renting in your situation-since you might be going back to Brazil. Petroplis is a nice area. We have some property not far from there as well as in Rio. Our son is still in school, so we are settling in Rio so he can go to an American based school.

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