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You can invest in Brazilian equities from the United States in three main ways: buy a U.S.-traded American Depositary Receipt (ADR) for a Brazilian company that has one, buy a U.S.-listed Brazil equity fund, or arrange direct access to shares listed on Brazil’s B3 exchange. ADRs and funds can usually be bought through a U.S. brokerage account; direct B3 investing involves additional nonresident-investor arrangements, and availability depends on the broker. Choose based on the exposure you want, account access, costs, currency risk, custody, and tax administration.
How do I buy Brazilian stocks from the US?
First decide whether you want a particular company, a basket of Brazilian equities, or direct ownership of shares traded on B3. Those are different routes, with different account requirements and costs.
| Route | What you buy | Account path | Key point |
|---|---|---|---|
| ADR | A U.S.-traded depositary receipt tied to shares of one foreign company | U.S. brokerage account | Available only for companies with an accessible ADR program |
| Brazil equity fund | A share in a fund holding a basket of Brazilian equities | U.S. brokerage account | Provides fund-defined basket exposure rather than a single chosen company |
| Direct B3 shares | Shares selected by the investor and traded on B3 | Broker plus applicable nonresident-investor arrangements | Onboarding and retail access depend on the intermediaries involved |
U.S. trading does not remove exposure to Brazilian companies, the local market, or currency movements. Compare the total costs and practical requirements before choosing.
Option 1: Buy a Brazilian company’s ADR
An American Depositary Receipt trades in the United States and represents shares in a foreign company. The U.S. Securities and Exchange Commission’s Investor.gov explains that “Each ADR represents one or more shares of foreign stock.” The number of underlying shares can vary by program. A U.S. investor can buy U.S.-traded ADRs through a U.S. broker, but not every Brazilian company has an ADR. See the SEC’s international investing guidance.
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What to check before buying
- Confirm that the Brazilian issuer has an active ADR and verify its ticker and U.S. trading venue through your broker or the program’s current materials.
- Review trading liquidity and the ADR program’s reporting status.
- Check for depositary fees as well as brokerage charges and the bid-ask spread.
- Remember that an ADR is company-specific exposure, so its value can reflect both the company’s performance and market and currency factors.
Option 2: Buy a U.S.-listed Brazil equity fund
A U.S.-listed fund can provide a basket of Brazilian equities through a fund share held in a U.S. brokerage account. One example is the iShares MSCI Brazil ETF (EWZ), listed on NYSE Arca. BlackRock says the fund seeks to track an index composed of Brazilian equities. Its holdings and index rules—not your selection of an individual company—determine the exposure. Consult the issuer’s EWZ product page for current fund information.
The issuer page lists a 0.59% expense ratio as stated in the fund’s current prospectus. This is the fund’s operating expense measure, not the full cost of investing: brokerage charges and trading spreads may also matter. Check the prospectus and current product page before investing, since fund details can change.
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Assess the fund’s fit
- Review the index methodology, holdings, and concentration to understand what the basket actually owns.
- Consider the stated expense ratio, trading spread, and how closely fund performance tracks its index.
- Do not treat a displayed yield, return, or holdings snapshot as a forecast.
- EWZ is an example of a U.S.-listed Brazil fund, not an individualized recommendation.
Option 3: Buy shares directly on B3
Direct investment in B3-listed shares is possible through Brazil’s nonresident-investor framework. B3’s guidance describes arrangements that can include a local legal, tax, and custody representative; know-your-customer checks; an operational code and a Brazilian tax registration (CNPJ); registration of invested resources; and a broker to execute trades. The precise steps and responsibilities depend on the investor’s circumstances and intermediaries. Start with B3’s nonresident investor guidance and its foreign investment information.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchB3 also describes U.S. persons accessing certain products through Direct Market Access, subject to intermediary permissions and access arrangements. That general information does not establish that any particular U.S. retail broker offers direct trading in Brazilian shares. Before sending funds, ask a broker for written confirmation of eligibility, available instruments, account and onboarding requirements, and all fees and currency-transfer costs.
How the three routes compare
| Factor | ADR | U.S.-listed Brazil fund | Direct B3 shares |
|---|---|---|---|
| Exposure | One issuer, if it has an accessible ADR | Basket determined by the fund’s index or mandate | Individual shares selected by the investor |
| Account route | U.S. brokerage account | U.S. brokerage account | Broker and nonresident arrangements; access is broker-specific |
| What you hold | Depositary receipt representing foreign shares | Fund shares; the fund owns its underlying holdings | Local-market investment under the applicable custody arrangement |
| Costs to investigate | Brokerage, spread, and ADR or depositary fees | Brokerage, spread, and fund expense ratio | Representative and custody, brokerage, exchange, currency and remittance, and tax costs |
| Currency and market exposure | Brazilian issuer and local-market currency factors can affect value | Underlying equity and currency exposure remain even though the fund trades in the United States | Brazilian share-market and real exposure, as well as remittance mechanics |
| Main trade-off | Company-specific access without opening a Brazilian account, when an ADR exists | Convenient basket exposure, with fund fees, index rules, concentration, and tracking differences to consider | Direct choice of B3-listed companies, with more complex onboarding and uncertain retail broker availability |
Understand ADRs and BDRs are not the same
An ADR is a U.S.-traded receipt representing shares of a foreign company, such as a Brazilian issuer. A Brazilian Depositary Receipt (BDR), by contrast, trades in Brazil and represents securities issued by a company headquartered abroad. BDRs are generally a way for Brazilian investors to obtain foreign exposure, not a direct route for a U.S. resident to buy domestic Brazilian shares. B3 also describes BDR ETFs, which are Brazilian-traded receipts backed by foreign ETF shares and have their own trading, settlement, and eligibility mechanics. See the CVM investor education page on BDRs and B3’s BDR ETF information.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Tax and reporting considerations
Tax treatment depends on the investor, instrument, and applicable conditions. B3 says qualifying nonresident investors trading equities, derivatives, and corporate bonds are exempt from Brazilian capital-gains tax, with an exception for residents of jurisdictions that do not tax income or tax it below 20%. Do not assume the exemption applies to you: confirm the conditions for your residence, instrument, and transaction against B3’s taxation guidance.
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That Brazilian guidance does not settle U.S. federal or state tax treatment or foreign-asset reporting obligations for an individual taxpayer. Receita Federal’s information also identifies Brazilian exchange transactions, including BDR sales, among transactions that may be subject to Brazilian tax rules; consult its stock-exchange tax guidance for the relevant rules. For a cross-border situation, confirm current requirements with official sources or a tax professional familiar with both jurisdictions.
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