STEP

Title Research

Brazil

The Federative Republic of Brazil is composed of 26 states, which gained independence from Portugal in 1822. It represents 47 per cent of South American territory and is now the ninth largest economy in the world. The capital city is Brasília. The country’s population is 183,987,291. Brazil is also a founding member of Mercosul (the Southern Common Market).

1. Introduction

a. History and background

The Federative Republic of Brazil is composed of 26 states, which gained independence from Portugal in 1822. It represents 47 per cent of South American territory and is now the ninth largest economy in the world. The capital city is Brasília. The country’s population is 183,987,291. Brazil is also a founding member of Mercosul (the Southern Common Market).

As the largest Latin American economy, Brazil has a strong international influence and is now one of the 20 biggest exporters in the world, with USD142 billion sold in products and services to other countries in 2007.

In 2006, the Brazilian GNP reached USD1,067 trillion.

The currency is the Real (BRL) (USD1.62 = BRL1).

b. Legal system

The legal system adopted in Brazil is codified, and laws are issued by the federal government, the states and municipalities, with due regard to their individual spheres of authority. The main legal texts in Brazil are the codes. Some of the more important of these codes are the Civil Code, the Tax Code, the Penal Code and the Commercial Code. None of these codes supersedes the Federal Constitution, which is the supreme law of Brazil.

Editorial board
Rene Werner TEP
Werner & Associados, São Paulo, Brazil
Nilton Serson
Nilton Serson Advogados Associados, São Paulo, Brazil

Advert

Article Search

© 2011 Society of Trust & Estate Practitioners