By Nicholas Storey, Contributing Reporter
RIO DE JANEIRO - All land purchased in Brazil is subject to a tax known as 'Imposto sobre a Transmissão de bens Imóveis Inter-vivos', ITBI, (title transfer tax on goods and real estate) which is equivalent to two percent of the value of the purchase. In addition, in relation to some oceanfront properties, there is another tax called laudemeo (marine tax), which is five percent of the land value (disregarding the value of the buildings), according to a statutory valuation.
There is additionally an annual local tax levied by the Prefeitura . . .