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BeginnerBrazilian REITs · Lesson B1.4 · Module B1

FII, direct rental or fixed income?

Module B1: What a FII is

12 slides~5 minquiz at the end

In this lesson

  • All three side by side: tax, guarantee, liquidity
  • What R$ 300,000 earns in each one
  • Why property swings in value too
See the slides
Tall residential buildings seen from below, among trees

FIIs · Lesson B1.4

R$ 300,000: apartment, CDB or FII?

Three paths for the same money — and what each one does best.

The yardsticks

Five questions to compare

  • Taxhow much of the income you keep
  • Guaranteewho covers you if it goes wrong
  • Liquidityhow fast you can sell and get cash
  • Pricewhat it's worth today, and whether you see it
  • Entry tickethow much you need to start

Side by side

Each one wins on something

Apartment

  • Rent is taxed
  • No FGC
  • Selling takes months
  • The whole property

CDB

  • Tax from 22.5% to 15%
  • FGC up to R$ 250k
  • Depends on the term
  • Starts small

FII

  • Tax-free income
  • No FGC
  • Sells in seconds
  • The price of 1 share

The FII exemption applies if the fund meets the legal requirements. Selling in seconds needs a buyer on the other side.

By the numbers · apartment

R$ 300,000 rented out

R$ 300,000×0.5%a month=R$ 1,500rent
R$ 1,500×11months (1 empty)=R$ 16,500a year, taxable

Gross: rental income tax (progressive table, up to 27.5%), property tax while empty and upkeep still come out.

By the numbers · FIIs

The same R$ 300,000 in funds

R$ 300,000×0.8%a month=R$ 2,400a month
R$ 2,400×12months=R$ 28,800a year, tax-free

But along the way the shares may be worth R$ 250,000.

Order of magnitude, not a promise: income changes every month.

Guarantee

Only the CDB has FGC

R$ 250k

per taxpayer ID, per bank or banking group

FII shares have no such guarantee. If the fund does badly, the loss is the unitholder's.

FGC rule as of 09/2026, capped at R$ 1 million every 4 years.

Liquidity

How long until the cash is back

  1. FII · secondsSell during tradingif there's a buyer; cash settles in 2 business days
  2. CDB · it dependsAt maturityor earlier, if it has daily liquidity
  3. Apartment · monthsListing, viewings, notaryand a broker's fee along the way

The common mistake

Both swing. Only one shows it.

FII share

every day

  • The price is on your screen
  • You see every drop

Apartment

only when you sell

  • Its value moves too
  • Nobody shows the scoreboard

Keep this

Three takeaways

  1. FII: tax and liquidityTax-free income and a quick sale on the exchange, with little money.
  2. CDB: the guaranteeOnly it has FGC, up to R$ 250,000 per taxpayer and bank.
  3. Everything swingsProperty loses value too; the share just shows it every day.

Quick quiz · 1 of 2

Which of these is covered by the FGC?

See answer

The CDB. The FGC covers up to R$ 250,000 per taxpayer and institution. Investment funds are not on the list.

Quick quiz · 2 of 2

R$ 2,000 rent, empty 2 months. How much a year?

See answer

R$ 2,000 × 10 months = R$ 20,000, gross and still subject to income tax.

Lesson complete

Next lesson

B2.1Beginner · Lesson B2.1Who does what inside an FIITwo essentials, a control team and your broker on the outside.Continue
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Educational content, written for learners. Not investment advice.