What happened?
The Federal Government of Brazil issued Decree No. 12,466, which increases the IOF (Tax on Financial Transactions) rate for outbound foreign exchange (FX) transactions—that is, transfers of money from Brazil to other countries.
This change took effect on May 23, 2025, just a few hours after it was officially announced by the Ministry of Finance.
What is the new IOF rate?
Before: 0.38%
Now: 1.1%
This new rate applies to all outbound FX operations that are not expressly exempt or already covered by a specific rate (according to Article 15-B of Decree No. 6,306/2007).
Who is affected by this change?
Anyone making international transfers from Brazil, including:
Deposits into investment platforms such as Vest
Personal remittances
Payments for services abroad
Transfers of capital to international accounts
⚠️ Inbound transactions (money received from abroad into Brazil) are not affected and remain subject to the 0.38% rate, including withdrawals you make from Vest to your personal account.
Why was this change made?
The government did not provide detailed justification before implementing the new decree. It is a unilateral measure aimed at aligning capital flow taxation with broader fiscal goals.
Please note:
If you make deposits from Brazil through Vest to invest abroad, you’ll see this new rate reflected in the final cost of your transaction.
At Vest, we’re already updating the simulation screen values to give you a more accurate idea of the new cost when using PIX/TED.
Keep in mind that the amount shown in the simulation is only an estimate. The final cost is calculated at the moment the transaction is processed.
You can also explore other transfer methods available at Vest, depending on your preferences and needs. [Learn more here]