Insights

What we learn operating the asset.

Writing on real estate investing in Brazil and the United States: how Brazilian capital is taxed abroad, why the United States, what separates a club deal from a fund. The questions an investor asks before coming in.

July 2026

How is a Brazilian investor taxed when investing in Texas real estate?

A Brazilian investing in Texas real estate pays U.S. federal tax on rental income and on the gain at sale, but pays no state income tax: Texas is one of the states that do not levy it. On the sale of property by a foreign person, FIRPTA withholding applies, working as an advance on the federal tax.

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July 2026

Club deal or real estate fund: what is the difference for the investor?

In a club deal, a few investors come into a single deal, with a lean structure and the choice to participate made case by case. In a fund, capital from several investors forms a set of assets, with diversification across classes and stages, and recycling: the exit of one asset funds the next.

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