Tesouro Direto: Tax implications of moving funds to Renda+

Investors considering moving funds from Tesouro Selic to Tesouro Renda+ should be aware of the tax implications. While Tesouro Renda+ currently offers attractive rates, transferring funds from Tesouro Selic requires a redemption, which triggers immediate taxation on accumulated earnings.

This process is not considered double taxation, as the tax is applied to the interest earned from the initial investment date until the moment of redemption. However, experts note that anticipating tax payments can be disadvantageous because it reduces the amount of capital that continues to earn interest. Unlike pension funds (PGBL or VGBL), which allow for portability without redemption, Tesouro Renda+ is a fixed-income product and does not offer tax-free transfer benefits.

Additionally, moving funds from Tesouro Selic to Renda+ involves a trade-off regarding liquidity and exposure to market-to-market fluctuations.