Autor: Claudinei Júnior
Membro do PAAP – Programa Advisor de Alta Performance
Todos sabemos que precisamos diversificar a carteira, não só entre ativos de renda variável (RV), mas também entre diferentes investimentos. Muitos especialistas falam em uma pasta 70/30 ou 60/40, vai do perfil de cada cliente, observando sempre o objetivo, o prazo, a aceitação de correr riscos e o conhecimento na área.
- Mas o porquê diversificar?
Muitos sabem que variar a carteira é o ideal, mas não conhecem o real motivo dessa necessidade. Se analisarmos, além de tentar evitar os riscos não sistemáticos, considere que vivemos em um país emergente, com um grande histórico de altas inflações, instabilidade política, corrupção, etc.
- Vamos analisar um segundo ponto: você tem alguma proteção para a carteira?
Para se proteger existem diversos métodos no mercado financeiro. Como operar vendido ou comprado em algum ativo, Ouro, Futuros, Swap, derivativos, opções, etc., porém há de concordar comigo, esses mesmos diversificadores, são os causadores da constante flutuação do câmbio. E como seria possível fazer um Hedge? Na própria B3 temos alguns métodos, além de futuros em dólar:
- ETFs: são fundos de índices, como exemplo o IVVB11, no qual replica o S&P500. Tem como vantagem a sua alta liquidez e a tributação sob o ganho de capital de 15% via DARF, sendo 0,005% na fonte.
- BDRs: são ações com capital aberto no exterior, que uma determinada instituição financeira compra lá fora e traz para o Brasil, para negociação em bolsa. Hoje existem cerca de 130 BDRs disponíveis, sendo grande parte das empresas norte americanas, onde a tributação é igual ao mercado de ações.
É importante lembrar que quando se compra BDRs, não está se adquirindo diretamente uma ação e, sim, uma cota de papel lastreado. Trata-se de um título gerido pela instituição financeira emissora. Assim, cada um tem lastro de 10 BDRs, ou seja, para que você tenha uma cota, é necessário ter 10 BDRs dela.
A maior vantagem é a de não precisar abrir uma conta em uma corretora no exterior, evitando tarifas e procedimentos de tributação de outros países. Já as desvantagens estão em pouca liquidez, portanto, é utilizado apenas para investidores qualificados, e também no recebimento de dividendos, onde as instituições financeiras ficam em média com 5% do valor, como uma comissão.
Caso prefira se aventurar um pouco mais, além de ampliar seus conhecimentos em outros mercados, você pode abrir uma conta em uma corretora norte americana. Fazendo isso contará com diversas vantagens, como a disponibilidade de mais de oito mil ativos diferentes, entre Ações, REITs e ETFs. Você se torna o dono direto da ação, não precisa ser investidor qualificado, assim, qualquer um pode aplicar.
O benefício que particularmente eu mais gosto, é de poder comprar ações fracionadas dos ativos. Por exemplo, hoje uma ação da Apple custa R$460 e você pode comprar 0,5% dela, ou seja, R$2,30. Com isso, torna-se ainda mais acessível para o investidor. As desvantagens estão, além de ter que abrir uma conta no exterior, no custo de envio do recurso e, o método diferente de declaração do imposto de renda (IR).
- Certo, e a tributação como funciona?
O Brasil possui um acordo com os EUA, para que não ocorra uma bitributação. Sendo necessário o investidor preencher o formulário W-8BEN, informando ser um aplicador não residente.
Para ganhos de capital em ações, REITs e ETFs, nas vendas mensais que somadas sejam inferiores a R$35.000, são isentas. Já para valores acima disso, são cobrados via DARF: 15% para lucros de até R$5.000.000, 17,5% de R$5.000.000,01 até R$10.000.000, 20% de R$10.000.000,01 até R$30.000.000, e 22,5% para ganhos acima de R$30.000.000,01.
Os rendimentos recebidos nesses investimentos, os EUA cobram 30% na fonte para investidores não residentes, devido aos dois países não terem acordo de isenção de impostos. Portando na declaração do IR, o investidor terá a compensação da diferença entre o imposto pago lá e a sua tabela de tributação no Brasil.
É muito importante deixar claro que os investidores que possuírem investimentos, imóveis ou qualquer outro recurso no exterior, que somados ultrapassem o valor de $100,000.00, é necessário declarar no Bacen (Banco Central do Brasil), caso não declare, o investidor está sujeito a uma multa que vária entre R$2.500 a R$250.000, depende do patrimônio.
- E você, já diversifica sua carteira? Já fez um Hedge nela?
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