Tax Incentive

Really surprised to open the newspaper Valor Económico yesterday and coming across an advertisement of BNP Paribas promoting an investment fund dedicated to non-resident foreigners. That was fast, I thought, just one day after the Brazilian government announced its tax incentive decree. Too quick I learned today, the promoted fund does not comply with the conditions of the PM  as announced last night by the CVM (Braz. Security and Exchange Commission). Excempt from the tax incentives are also several countries considered tax paradise, check the list.
But then again, it is all about 15% witholding income tax and Brazil has closed treaties with various countries in order to avoid a double taxation.