Client case - From opening a bank account to purchasing an apartment in Maceió: the journey of a French entrepreneur

How an entrepreneur already connected to Brazil turned a simple bank account opening request into a structured real estate investment, despite facing a series of administrative and banking challenges.

3 June 2026 by

Jason Aerts

The Starting Point: Opening a Bank Account — and Much More

When our client first contacted us in January 2025, his request was clear and straightforward: open a bank account in Brazil. He already had a CPF, had spent three months in Brazil that year, and had a specific goal in mind: receive business income from Latin America, build savings in Brazilian reais to benefit from favourable exchange rates, and perhaps eventually establish a local business structure.

At first glance, it seemed simple.

The reality, as is often the case with this type of project, turned out to be far more complex and far more interesting.

An Unusual Profile: Entrepreneur, Connected to Brazil, Strategic Thinker

Our client is a European entrepreneur based in France. He operates in the B2B sector with business partners and clients in Brazil. He does not speak Portuguese. He has already spent time in Brazil, understands the culture, and intuitively recognizes the opportunities the country offers. He compares Maceió with other markets he follows across several countries, applying the analytical mindset of an investor accustomed to carefully weighing his options.

This type of profile — connected to Brazil but without any formal legal presence, with local business ambitions and a genuine long-term vision — is exactly where structured guidance makes a real difference.

Opening the Bank Account: Between Santander and Brazilian Reality

The process began in July 2025 with Santander, which at the time was one of the few banks willing to accept foreign clients without Brazilian residency.

The first obstacles appeared quickly: documents that had to be signed in Portuguese without translation, confusion about what needed to be completed and what did not, a Face ID feature that refused to work in the mobile app, missing passwords, and contradictory instructions from the bank. Our client repeatedly explained that he did not have the time to spend hours on the phone with a Brazilian customer service department.

At that stage, our role became very practical. We contacted the branch on his behalf, visited Santander in Maceió in person to activate his online banking access, collected his bank card and arranged its delivery, and relayed the information he needed in real time. By the end of September 2025, his account was active and accessible through a web browser. The mobile app followed a few weeks later.

At the same time, we had identified a better alternative, Banco Rendimento, with no account opening fees and no monthly charges, and presented it to him so he could make an informed decision. He preferred to complete the process with Santander, and we supported that choice all the way through.

The Question of a Brazilian Company: An Honest Answer

As early as July 2025, our client asked whether he could create a small business in Brazil, specifically a structure under the Simples Nacional regime to invoice local services. He had Brazilian business partners. He knew the market. The idea made sense.

We explored the matter thoroughly. Our answer was straightforward: without an RNE (foreign resident identification number) or tax residency in Brazil, Brazilian accountants almost always refuse to establish a company for a foreigner. The reason is simple: they assume a degree of personal liability if their client later fails to meet Brazilian tax obligations. We contacted several accountants. None were willing to take on the case.

Rather than promising something we could not deliver, we explained the realistic alternatives. A real estate investment of BRL 700,000 could qualify him for a permanent visa and therefore an RNE, making company formation significantly easier afterward. The path was there.

From a Bank Account to an Apartment: How the Decision Took Shape

From August 2025 onward, the conversation evolved. Our client began reviewing properties on our website, asking detailed questions about developers, neighbourhoods, financing plans, and delivery timelines. He compared projects himself, sent screenshots, and requested clarifications.

We never pushed for a sale. We answered every question accurately, including advising against certain areas (such as Praia do Sobral, located next to a petrochemical plant) and certain projects that did not match his objective of reselling shortly after completion.

After several weeks of analysis, he made his decision in October 2025: a one-bedroom apartment in Jatiúca. Budget: €99,000. Expected delivery date: October 2027.

His reasoning was that of an investor. He was not looking for a residence. He was looking for a property that could be resold upon completion to maximise capital appreciation. He quickly understood the logic of the Brazilian market: buying off-plan at a lower price, benefiting from appreciation during construction, and selling upon delivery. He incorporated that strategy into his own investment plan.

The Power of Attorney: A Process Full of Obstacles

As a non-resident investor, our client was required to appoint someone in Brazil to sign the purchase contract on his behalf. This is a legal requirement. We assumed that role through a power of attorney strictly limited to that specific transaction.

Drafting the power of attorney took more than a month, for reasons that perfectly illustrate the realities of doing business in Brazil.

The notary we normally worked with had recently lost his French-speaking translator. We therefore had to find another professional capable of conducting the remote identity verification in French or Spanish. The verification call was scheduled and cancelled three separate times because of the office's lack of punctuality. Our client, who had to make himself available during specific time slots, repeatedly found himself waiting without any updates.

Each time, we managed the situation: following up with the notary, obtaining new appointment slots, and keeping our client informed without turning the issue into unnecessary drama. The call finally took place in mid-November 2025. Our client responded in a mixture of Romance languages, and that was sufficient.

However, a second call was required the following day to confirm his consent to sign. Another delay. Another round of scheduling. Then a clause in the power of attorney became an issue: the document included authorization to sell the property, something our client did not wish to grant. We requested a modification, and the notary corrected the document.

The power of attorney was finally issued in early December 2025. The purchase contract was signed shortly afterward.

A CPF Discrepancy: An Unexpected Obstacle

Meanwhile, another issue surfaced. Our client's CPF, obtained in Brazil several years earlier, was registered under an incomplete name, while his passport displayed his full legal name, including a middle name. That discrepancy alone was enough for the notary to halt the process.

This is exactly the kind of detail that remains invisible at the beginning of a project but can bring an entire transaction to a standstill.

We handled the correction request directly with the Receita Federal, Brazil's tax authority. We prepared the request email in Portuguese, word for word, with all the correct supporting documents attached. The CPF was updated to reflect his full name in November 2025, allowing the process to continue.

The Down Payment Transfer: A Mysterious Intermediary Bank

Once the contract had been signed, the next step was transferring the down payment: approximately €19,000, equivalent to BRL 117,640 at the time.

Our client initiated the transfer through his European bank in December 2025. The money left his account. The developer received nothing. Not in December. Not in January. For several weeks, the transfer appeared to have vanished.

We investigated. By reviewing the banking correspondence, we identified the intermediary bank holding the funds: StoneX. We contacted them directly. They confirmed that the money was indeed in their possession but that they were waiting for additional documentation from the developer before releasing it. The developer had not provided those documents because they did not know where the funds were being held.

We connected both parties and provided the appropriate contact details at StoneX. The developer submitted the required documents. The funds were released at the end of January 2026, with a small discrepancy of BRL 447 caused by banking fees. This was settled within seconds via PIX from our client's Santander account.

Monthly Payments: A Banking Detail Quickly Corrected

The first monthly payments also required a minor adjustment. Our client initially attempted to pay the first instalment through a manual bank transfer to the developer's account, but the banking details did not exactly match the format expected by the receiving bank. The funds were automatically returned without him noticing.

We identified the issue when the developer reported that payment had not been received. We explained how to pay using a boleto — the Brazilian barcode payment system — directly through his Santander app. This method eliminates manual input errors and automatically fills in both the payment details and the amount due. Since then, the process has been smooth.

Where Things Stand Today

Today, our client owns a one-bedroom apartment in the Jatiúca neighbourhood of Maceió. He pays his monthly instalments through his Brazilian Santander account. The down payment and the first monthly payments have all been completed successfully.

In May 2026, we sent him a construction update video. The project is progressing well. Delivery remains scheduled for October 2027.

He is already looking ahead: exploring other opportunities in the region and developing a growing interest in establishing a long-term presence in Brazil. He is no longer someone who is merely considering investing in Brazil. He is already part of the market.

What This Case Illustrates

This was not a client who lacked direction. He had a clear vision, a serious investor profile, and the right questions. What required structured support was the operational reality of Brazil: slow or unpredictable banks, notaries with poor punctuality, a tax administration capable of blocking a process over a missing middle name, and an unknown intermediary bank holding an international transfer for more than a month.

At every stage, our role was not to provide empty reassurance but to solve concrete problems: calling the bank, visiting the branch, finding the right notary, identifying the intermediary bank, drafting emails in Portuguese, modifying the power of attorney, and explaining how to make payments through boleto.

From Europe, much of this remains invisible. On the ground, it is exactly what makes the difference.