Brazil

I have not opened a Brazilian broker account. Content based on IBKR’s December 2025 B3 access announcement, B3 foreign investor materials, Brazilian local broker websites, and ADR/ETF market data.

Short answer

Since December 2025, Brazil is one of the easiest large EM markets to access. Interactive Brokers added direct B3 (Brazilian Stock Exchange) trading for eligible foreign non-residents, handling CPF issuance digitally via API — no Brazil visit, no local representative, no separate custodian. For most foreign individuals IBKR is the clean answer. The older CVM Resolution 4373 / CNR route is still the only path to Brazilian fixed income, FIIs, and government bonds, but it involves heavy paperwork and should only be used if you specifically need those instruments. Offshore, Brazil’s ADR market is unusually deep — many major names are highly liquid in the US already.

Best practical route

Interactive Brokers. Open a standard IBKR account, enable B3 trading. IBKR handles CPF issuance for the non-resident investor via API. No visit, no local representative, no separate custodian relationship. Available to clients of IB LLC (US), IB Canada, IB UK, IB Europe, IB Australia, IB Hong Kong, and IB Singapore — confirm eligibility for your specific entity. Not available to Brazilian residents (who need a domestic broker).

Broker options

Route 1 — IBKR direct B3 (recommended for most)

• Announced December 11, 2025
• Standard IBKR account; B3 equity trading enabled alongside other markets
• CPF issuance for the non-resident investor handled digitally via API
• Settles through IBKR’s existing infrastructure
• I hold an IBKR account; B3 access is the feature I would activate to verify this route

Route 2 — Traditional local brokers (CNR / 4373)

Required for Brazilian fixed income (CDBs, LCIs, LCAs, Tesouro Direto), real estate funds (FIIs), and Brazilian funds (fundos de ações, multimarket). Involves CPF, a Brazilian legal/financial representative, local custodian, CVM/B3 registration, and FX registration with Brazil’s central bank. Certified documents (often apostilled). Visit not legally required but expect meaningful friction and practical minimums.

What you can actually buy

Via IBKR / B3 direct — B3-listed equities:

• Banks: Itaú Unibanco (ITUB4), Bradesco (BBDC4), Banco do Brasil (BBAS3)
• Commodities: Vale (VALE3), Petrobras (PETR4), Suzano (SUZB3)
• Consumer: Ambev (ABEV3), Magazine Luiza (MGLU3), Lojas Renner (LREN3), JBS (JBSS3)
• Industrials: Gerdau (GGBR4), CSN (CSNA3), Klabin (KLBN11)
• Telecoms / utilities: Telefônica Brasil (VIVT3), Eletrobras (ELET3)
• Fintech / tech: XP Inc (B3-listed and Nasdaq XP), StoneCo (also Nasdaq STNE), Nubank (also US-listed NU)
• 300+ additional listings across all major sectors
• Brazilian real estate funds (FIIs) — equity-like instruments trading on B3, accessible via IBKR

Via traditional CNR route only:

• Brazilian government bonds (Tesouro Direto)
• CDBs, LCIs, LCAs (local fixed income)
• Brazilian funds (FIIs via full setup, multimarket, fundos de ações)

Tax, documentation & residency friction

• CPF (Cadastro de Pessoas Físicas): Brazil’s individual tax ID, required for any B3 investor. Via IBKR: handled digitally as part of onboarding. Via local route: must be obtained separately, often through a Brazilian consulate or representative.
• CVM Resolution 4373 / CNR (Conta Não-Residente): the regulatory framework for the traditional local route. Requires a Brazilian legal/financial representative, local custodian, and FX registration with Banco Central do Brasil.
• Visit: not legally required for either route as of this writing.
• Apostille: typically required for certified documents in the traditional route.
• Brazilian residents: ineligible for IBKR’s B3 access; must use a domestic broker.

Offshore-listed alternatives

Brazil’s ADR market is unusually deep — the most important large-caps are liquid in the US. For investors not needing single-name access to smaller companies, the ADR universe covers most of what matters.

Verdict

Brazil’s accessibility for foreign individuals improved dramatically in December 2025. Pre-announcement, the directory would have led with the CNR route and its meaningful operational complexity. Post-December 2025, IBKR is the obvious starting point for direct B3 equity access; the traditional CNR route is the specialist option for fixed income, FIIs, and full Brazilian financial setups.

The market itself is one of the deepest in Latin America — commodities (Vale, Petrobras), banking (Itaú, Bradesco, Santander Brasil, Nubank), consumer (Ambev), industrials (Gerdau, CSN, Suzano, Klabin), and growing fintech/tech (Nu Holdings, XP Inc, StoneCo). For EM/FM investors, Brazil has gone from “accessible with effort” to “easily accessible via IBKR or ADRs” — one of the larger access improvements in this directory’s 2025–2026 coverage.

Sources & dates

Verified personally: I hold an IBKR account; B3 trading access is the feature I would enable to convert this from researched to verified. CPF API issuance not yet tested.

Public sources checked:

• IBKR press release on Brazil / B3 access, December 11, 2025
• IBKR public materials on B3 trading
• B3 (Brazilian Stock Exchange) foreign investor guide
• B3 new non-resident CPF process documentation
• CVM Resolution 4373 documentation
• Itaú non-resident custody public materials
• iShares EWZ ETF documentation
• Franklin FTSE Brazil (FLBR) ETF documentation