Company: BBD
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001292814-25-001244
Chunk: 15

Company: BANK BRADESCO
Filing Date: 2025-03-31
Form: 20-F
Item: Item 10
Chunk 15
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and on the repatriation of capital, if there is a significant imbalance in Brazil’s balance of payments, or one is expected. The
last occurrence of restrictions on the remittance of foreign capital was in 1989, when, for approximately six months in 1989 and early
1990, the government suspended all remittances abroad of dividends and invested capital. The Central Bank of Brazil subsequently released
these amounts for remittance abroad in accordance with specific guidelines. The government may take similar measures in the future.

  208 – Form 20-F 2024 | Bradesco  

  Table of Contents  

Under Brazilian tax laws,
non-Brazilian holders of securities enjoy favorable tax treatment if they are qualified under the terms of CMN Resolution No. 4,373/14(which
was in effect until December 2024, being replaced by Joint Resolution No. 13/24 starting from January 2025). To qualify under this Resolution,
a non-Brazilian holder must:

  appoint a representative in Brazil with the power to undertake acts relating to the investment(except                                           

  register as a foreign investor with the CVM (except for the non-resident investor who is a natural person,  

See “ Item 10. E. Taxation
 - 10. E.10 Brazilian tax considerations - 10. E.10.02 Taxation of gains” for a description of tax benefits extended to
non-Brazilian holders of securities who qualify under CMN Resolution No. 4,373/14, (which was in effect until December 2024, being replaced
by Joint Resolution No. 13/24 starting from January 2025).

CMN Resolution No. 4,373/14
stated that securities held by non-Brazilian should be maintained under custody of, or in deposit accounts held in, financial institutions
duly authorized by the Central Bank of Brazil and the CVM. In addition, under this resolution, securities trading is restricted to transactions
on Brazilian stock exchanges or qualified over-the-counter markets. Under CMN Resolution No. 4,852/20, which amended CMN Resolution No.
4,373/14, the CVM may waive the foreign investor physical person from the obligation of registering with the CVM. Also, through the amendments
provided for by CMN Resolution No. 4,852/20, the individual non-resident investors are also exempted from the obligation of depositing
securities with