Last Sunday, March 28 Rio de Janeiro saw for the first time the Class 1 racing at the Guanabara Bay. Thousands of people packed to see the race, in a beautiful shining Sunday. Below, Belavista Rio reports and publishes some photos taken at the Rio Class 1 Racing event.

Pilots Arif Al Zafeen and Nadir Bin Hendi completed a hat-trick of wins, winning race 2 of the Brazilian Grand Prix to take a maximum 40 points from round one of the UIM Class 1 World Powerboat Championship and make the perfect start to the defence of their World Championship title.




Fazza 1’s Mohammed Al Marri and Abdullah Al Mehairbi pushed their teammates all the way to claim another second place finish, with Duemme - Foresti & Suardi’s all-Italian pairing of Giampaolo Montavoci and Guido Cappellini claiming a first podium, in their first Grand Prix weekend together.



The reigning world champions, led from start-to-finish, claiming a tenth race win in only their twelfth race together, a career fourteenth for both. Despite an electrical failure, Al Zafeen and Bin Hendi were able to hold off a determined challenge from their closest rivals and teammates to take the victory, completing the 71.32Nm course in 47mins 16.14secs. "I am delighted with the result after the problems we had, but sometimes it is nice to drive without the technology to test yourself," said Bin Hendi, "This is a great start to the season and sets us up perfectly for the next round in Arendal."



A close race saw Fazza 1’s Al Marri and Al Mehairbi get within touching distance of their teammates while holding off a strong challenge from Duemme - Foresti & Suardi behind them. Two podiums from the weekend saw them consolidate second place in the championship on 30 points. "We are very happy to have finished the weekend with two podiums. We got very close to Fazza 3 and pushed hard to overtake, but they always had that little bit extra. To beat them we need some magic." said Al Marri

An inspired performance by new-pairing Montavoci and Cappellini in Duemme - Foresti & Suardi saw them claim their first podium together. Moving up from fourth on the grid they briefly held second place as they traded long-laps with Fazza 1. The third place finish, Montavoci’s first podium since Portorose, Slovenia, in 2006, delighted the experienced Italian, who said: "It feels fantastic to be back on the podium after such a long time. We got very close to Fazza, which is thanks to my new driver [Cappellini] and we will look for more in the next race."



A spin on lap six of the race prevented Team Abu Dhabi’s Rashed Al Tayer and Nicola Giorgi from pushing for the podium. Their fourth placed finish was well earned and the new pairing will take heart from a good performance by both boat and team, giving them something to build on for the next race.

Fabio Magnani and Marco Pennesi in Foresti & Suardi - SCAM produced another solid performance taking fifth place in their second outing together, going two better than in race 1, to make it an eleven-point weekend.



Welmax Alianza’s Giorgio Manuzzi and Marit Stromoy claimed their second consecutive sixth place in their first grand prix outing together, however, their was frustration for teammates Jorn Tandberg and Kolbjorn Selmer, in Welmax, who were unable to build on yesterday’s podium finish after stopping on the start lap before restarting, only to see their race hopes end a lap later with a broken compressor belt.




Considered the Formula 1 of the seas, Class 1, 10 boats competed. Each one has a pilot and a throttleman, which is responsible for the acceleration and deceleration of the boat. Renowned riders from Italy, Norway, Australia, UAE, among others. These fantastic machines that reach more than 270 km and are a true proof of engineering and design. It was the first time the event came to Rio de Janeiro, Brazil.

Finally, the Class 1 Event brought some beautiful women too!

Many foreigners when in Brazil, are worried about which taxes he is entitled to pay. In order to facilitate this understanding Belavista Rio published below a summary for real estate investors thinking about investing in Brazil. This post is composed of two sections. The first explains the types of taxes the real estate buyer will run into. The second part names these same taxes but with their original names in Portuguese language.

Generally speaking the taxes and associated costs involved in the buying property process are simple, but we always advise our customers to look for a professional advise of accredited real estate agents in Brazil , lawyers and accountants.




Photo by dckf in Flickr

In Brazil, taxes on ownership of real estate are generally lower than in most Western countries. As an owner of Brazilian real estate you will have to bear the following ongoing costs:

Brazilian Property Taxes

* Annual municipal real estate tax: All owners of Brazilian property (both residents and non-residents) must pay annual real estate tax to the local municipal authorities (" Imposto Predial e Territorial Urbano, IPTU). This usually works out as less than 1 percent of the properties assessed value.

* Income Tax: Tax for non-residents on income in Brazil is normally 25 percent (income tax is levied on a sliding scale of 15 to 27.5 percent) but is reduced to 15 percent for passive income such as from property rentals.

* Corporation Tax: There are various company structures through which you can purchase property in Brazil, all with varying liability to corporation tax. You should consult a tax advisor to see all the options.

* Inheritance Tax: English law states that real property (land and buildings) in Brazil are to be governed and dealt with by local Brazilian law when it comes to inheritance tax.



Photo of Class 1 Speed Boats at Guanabara Bay, in front of Flamengo Beach by Belavista-Rio


Other Brazilian property costs

* Lettings and management charges: There are lots of rental and property management agencies to choose from in the key Brazilian tourist hot-spots and many estate agents will also offer a property management service, including cleaning and maintenance. They may also offer a tenant-finding service for you, at an extra charge. Shop around for the best rates and quality of service.

* Maintenance: Your maintenance costs will depend on the level of maintenance required (or preferred by you) on your property. A full-time housekeeper (5 days a week, 8 hours a day) will cost you $60 to $120 per month and to have someone simply check on the home weekly (cut the grass, etc.), you will probably spend $25 to $60 per month. Alternatively, you can employ a groundskeeper who will live on the property. These property managers will maintain the house and safeguard it. In addition, they can perform helpful tasks while you are in residence, like grocery shopping and helping to arrange transport to and from the airport.



Photo above of Copacabana Umbrella by Neloqua in Flickr

Selling Property in Brazil

* Estate agent’s fees: Negotiation during property sales in Brazil can only be carried out by an accredited real estate agent. The estate agent?s commission is nearly always paid by the vendor, except in exceptional circumstances. Their commission rate (a percentage of the sale or rental value) is determined by the legislation of the local region, through the Real Estate Agents Regional Councils (CREI). Agents' fees normally charge between 5 and 6 percent of the purchase price. With new projects, real estate agents often receive only 3 to 4 percent from the developer.

* Capital Gains Tax: When real estate is sold in Brazil, vendors must pay tax on the capital gains they have made based on the property?s increase in value over the course of their ownership at a flat rate of 15 percent. This applies to residents and non-residents alike, in accordance with Brazilian legislation. However in practice, sales prices are often understated in the public title deed to avoid or minimize capital gains tax liability. Moreover, a new tax law has recently been introduced, exempting property sales from Capital Gains Tax in the instance where the proceeds are re-invested in another Brazilian property, although this is limited to a declared value of up to BRL180,000 (USD 76,000).

* Utility costs: Sellers are responsible for all the utility costs up until the time of sale.

* Notary fees: Usually paid for by the buyer, but make sure this is clear when you budget for the sale.




Photo of Sugar Loaf by Belavista Rio

Buying Property in Brazil

The Brazilian Real Estate buyer pays the following official transfer-related taxes which include:

* ITBI (Imposto de Transmissão de Bens Imóveis). This transfer tax is a municipal tax on transfers of real estate and rights to real estate. The amount varies from city to city, the average cost is three percent of the market value of the property, but can be higher. It is paid to the City Hall (Prefeitura).

* ITCMD (Imposto Sobre Transmissão Causa Mortis e Doação). State tax on transfers of goods on death-related inventories or donations of real estate. The amount varies from city to city, the average cost is four percent of the market value of the property, but can be higher. It is paid to the City Hall (Prefeitura).

* Costs of executing and registering the deed (between R$700 and R$800, for real estate valued between R$100,000 and R$150,000). It is paid to the Real Estate Registration Notary's Office.

* Brazilian Real Estate Accounting Tax is approximately R$800 for real estate valued between R$100,000 and R$150,000. It is paid to the Notary's Office (responsible for authenticating the purchase papers)

* Brazil´s Navy Alienation Fee: This fee is charged by the federal government for transactions involving real estate located on the coastline or up to 80 metres away from the coastline. It amounts to five percent of the total real estate value
* Municipal Alienation Fee. Some City Halls also charge alienation fees for real estate located in certain municipal areas. This fee is, on average, two percent of the total real estate value.

* Brazilian Bank Fees. If the real estate is acquired through bank financing, the buyer must also be prepared to pay the fees charged by the financial institution, such as real estate evaluation taxes, administrative taxes, credit-opening taxes, real estate insurance and life insurance.

Below, a beautiful panoramic view of the Flamengo neighborhood in Rio, which has seen an increase in its prices of apartments.