Brazilian Stocks That Pay Monthly Dividends

Brazilian stocks that pay monthly dividends attract international investors seeking recurring income and exposure to one of the world’s largest emerging markets. However, a monthly payment schedule does not guarantee a high return, a stable share price, or sustainable dividends. Moreover, foreign investors must consider Brazilian withholding taxes, currency conversion costs, and fluctuations between the Brazilian real and the U.S. dollar.

In 2026, Itaú Unibanco, Bradesco, Banestes, and M. Dias Branco maintain relatively clear monthly payment practices or policies. JHSF approved twelve installments for the year, while ALLOS announced its intention to distribute between R$0.28 and R$0.30 per share each month.

This article examines dividend amounts, interest on equity, historical share prices, and dividend yields. In addition, it estimates how much US$1 million, converted into Brazilian reais, could generate for a foreign investor.

Data cutoff: July 15, 2026. Share prices, exchange rates, dividends, and tax rules can change. This article provides educational information and does not constitute investment, legal, or tax advice.

Quick Answer: Which Brazilian Stocks Pay Monthly Dividends?

The selection is smaller than many online lists suggest. To qualify, a company must distribute new monthly installments or maintain an annual schedule with payments throughout the year. A single annual dividend divided into several payment dates does not necessarily represent a recurring monthly policy.

Company	Ticker	2026 status	Gross monthly amount per share
Itaú Unibanco	ITUB3, ITUB4	Long-standing monthly practice	R$0.018182, about US$0.003584
Bradesco	BBDC3	Long-standing monthly practice	R$0.017249826, about US$0.003401
Bradesco	BBDC4	Long-standing monthly practice	R$0.018974809, about US$0.003741
Banestes	BEES3, BEES4	Policy with monthly payments	R$0.028776635, about US$0.005673
M. Dias Branco	MDIA3	Monthly policy	R$0.03, about US$0.005914
JHSF	JHSF3	Twelve installments approved for 2026	Average of R$0.068965, about US$0.013595
ALLOS	ALOS3	Monthly distribution guidance	R$0.28 to R$0.30, about US$0.055197 to US$0.059140

Therefore, this analysis covers six companies and nine Brazilian stock tickers. Still, investors should not compare only the monthly amount.

Itaú and Bradesco distribute small base payments and usually add larger complementary distributions. Likewise, Banestes can approve intermediate payments. JHSF divided an annual amount into twelve installments, while ALLOS published guidance rather than a permanent guarantee.

Investors can verify the schedules through the official investor relations pages of ALLOS, Banestes, Bradesco, Itaú Unibanco, JHSF, and M. Dias Branco.

Converting US$1 Million Into Brazilian Reais

Exchange rate used in this analysis

The calculations use the Brazilian Central Bank reference exchange rate for July 15, 2026:

US$1 = R$5.0726994

Consequently:

US$1,000,000 = R$5,072,699.40

In the opposite direction:

R$1 = US$0.1971337

The Brazilian Central Bank currency converter provides the official reference used in the calculations.

The investable amount may be lower

The conversion assumes that the investor exchanges the entire US$1 million at the reference rate. In practice, banks and international platforms may charge:

A foreign exchange spread.
International wire fees.
Brokerage commissions.
Receiving bank charges.
Custody or administration fees.
Depositary fees for American Depositary Receipts.
Additional taxes or currency conversion costs.

As a result, the amount available to purchase shares may fall below R$5,072,699.40. The tables exclude these expenses to maintain a standardized comparison.

Dollar-denominated dividend income will fluctuate

Brazilian companies declare their dividends in reais. Therefore, the dollar value depends on the exchange rate when the investor receives or converts each payment.

For consistency, every dollar equivalent in this article uses the same rate of R$5.0726994 per dollar. Nevertheless, actual dollar income can differ significantly.

If the Brazilian real strengthens, each real converts into more dollars. Conversely, a weaker real reduces the dollar value of dividends and the investment principal.

Dividends, Interest on Equity, and the Ex-Dividend Date

Dividends and JCP are not the same

Dividends distribute part of a company’s profits to its shareholders. By contrast, Brazilian interest on equity, known as juros sobre capital próprio or JCP, follows a different accounting and tax structure.

Beginning in 2026, Brazil generally applies a 17.5% withholding tax to JCP, according to Complementary Law No. 224/2025 and the current version of Law No. 9,249/1995.

Consequently, a gross JCP payment of R$100 produces approximately R$82.50 after Brazilian withholding, assuming the standard rate applies.

Dividends paid to foreign investors

Starting in January 2026, Brazil generally applies a 10% withholding tax to dividends paid, credited, delivered, or remitted to shareholders residing abroad.

Unlike the monthly threshold that applies to certain Brazilian resident individuals, the foreign investor generally faces the 10% withholding from the first real of dividend income. The rule comes from Law No. 15,270/2025.

However, transitional exemptions may apply to some distributions approved by the end of 2025. Tax treaties, favored-tax-jurisdiction rules, and the investor’s legal structure can also affect the final treatment.

For this reason, the net estimates in this article deduct only the general Brazilian withholding rates:

17.5% on JCP.
10% on dividends remitted abroad.

The calculations do not deduct taxes that the United States, Spain, Mexico, Canada, Argentina, Chile, Colombia, or another country may impose.

The ex-dividend date determines eligibility

An investor must own the shares by the company’s record date to receive a declared payment. Once the stock begins trading ex-dividend, new buyers no longer qualify for that distribution.

The B3 explanation of the ex-dividend date provides additional details.

Therefore, buying a stock immediately before its ex-dividend date does not create free money. The market normally adjusts the share price to reflect the cash leaving the company. Furthermore, daily price movements can easily exceed the dividend amount.

Monthly payments do not guarantee stable monthly profits

A company may establish a small monthly installment and distribute most of its annual shareholder compensation through complementary payments.

Itaú and Bradesco follow this structure. In contrast, JHSF approved a specific annual amount divided into twelve installments. ALLOS presented a monthly range for 2026, but its board can change future distributions.

Thus, investors should distinguish among:

A long-term monthly practice.
A formal dividend policy.
A calendar approved for a single year.
Management guidance.
An annual dividend divided into several payment dates.

Methodology for Prices, Yields, and Income Estimates

Calculation process

The analysis follows these steps:

Convert US$1 million into R$5,072,699.40.
Divide the capital in reais by the July 15, 2026 share price.
Use only whole shares.
Multiply the number of shares by the announced dividend or JCP per share.
Deduct 17.5% when the payment consists of JCP.
Deduct 10% when a foreign shareholder receives a dividend.
Convert the net amount into U.S. dollars at the reference exchange rate.

Two different dividend yield measures

The 2026 recurring yield uses the monthly base installment, annual schedule, or announced guidance. Therefore, it helps estimate forward-looking cash flow.

Meanwhile, the trailing twelve-month dividend yield, or TTM yield, uses payments with record dates between July 16, 2025, and July 15, 2026.

Although the TTM yield adds useful context, it does not predict future distributions. Itaú and Bradesco, for example, show much higher TTM yields because they paid substantial complementary amounts.

Excluded expenses and risks

The calculations do not include:

Foreign exchange spreads.
Brokerage commissions.
ADR depositary fees.
Custody charges.
Market impact.
Home-country taxes.
Capital gains or losses.
Dividend reinvestment.
Inflation.
Returns on leftover cash.

Accordingly, the results offer a standardized comparison rather than a guaranteed investment outcome.

How Can a Foreigner Invest in Brazilian Stocks?

Foreign investors generally have three routes: direct B3 access, ADRs, or international funds.

Direct access to the B3

The most complete route involves opening an account with a Brazilian financial institution that accepts nonresident investors.

Brazil’s Joint BCB-CVM Resolution No. 13, effective since January 1, 2025, simplified access for foreign individuals and companies. According to the Brazilian Securities and Exchange Commission, the regulation removed the former RDE-Portfólio registration and reduced several operational requirements.

A foreign individual can generally follow these steps:

Find a Brazilian bank or broker that accepts nonresident clients.
Open the account using the correct nonresident tax classification.
Provide identity, address, tax residency, and source-of-funds documents.
Complete the institution’s know-your-customer process.
Obtain or register a Brazilian CPF tax identification number when operationally required.
Transfer dollars through an authorized financial institution.
Convert the money into Brazilian reais.
Purchase the desired shares on the B3.

The CVM explains that an individual nonresident investor does not need separate authorization from the regulator to trade.

In addition, the Central Bank and CVM frequently asked questions state that a nonresident does not need to appoint a specific custodian before investing. Nevertheless, the investment must follow the applicable custody and compliance procedures.

Buying Brazilian ADRs

Some Brazilian companies trade in the United States through American Depositary Receipts.

Itaú trades under the ticker ITUB on the New York Stock Exchange. According to Itaú Investor Relations, each ADR represents one ITUB4 preferred share.

Bradesco also maintains ADR programs. Its official ADR page lists BBD and BBDO, generally using a one-to-one relationship between the ADR and the underlying Brazilian share.

This route may simplify access for someone who already has a U.S. brokerage account. However, ADR holders may face:

Depositary bank fees.
Currency conversion expenses.
Payment timing differences.
Brazilian withholding taxes.
Home-country taxes.
Price differences between the ADR and the underlying B3 share.

Moreover, not every company in this article offers a liquid U.S. ADR. Direct B3 access may remain necessary for Banestes, M. Dias Branco, JHSF, and ALLOS.

Investing through an international fund

Brazil-focused ETFs and mutual funds offer another route. They provide broader diversification and may remove the need to open a Brazilian account.

However, the investor cannot choose the exact portfolio composition. Furthermore, the fund’s distribution schedule may differ from the monthly schedule of the underlying companies.

Currency risk remains essential

A foreign investor starts with dollars, converts them into reais, buys Brazilian assets, receives payments in reais, and eventually converts the proceeds back into dollars.

Therefore, the investment contains two components:

Exposure to the Brazilian company.
Exposure to the USD/BRL exchange rate.

A share can appreciate in Brazilian reais but still produce a loss in dollars if the real depreciates enough. Likewise, a stronger Brazilian currency can improve the international return.

Brazilian Share Prices in Reais and Dollars

Prices used in the US$1 million simulation

Ticker	Price in Brazilian reais	Dollar equivalent
ITUB3	R$45.49	US$8.97
ITUB4	R$43.14	US$8.50
BBDC3	R$16.32	US$3.22
BBDC4	R$18.60	US$3.67
BEES3	R$8.81	US$1.74
BEES4	R$8.92	US$1.76
MDIA3	R$17.82	US$3.51
JHSF3	R$10.77	US$2.12
ALOS3	R$28.23	US$5.57

The dollar equivalents use the July 15, 2026 exchange rate. They do not necessarily equal ADR market prices because ADR pricing can reflect different market hours, fees, liquidity, and short-term currency movements.

Brazilian Stock Price History

Closing prices in Brazilian reais

Ticker	July 15, 2021	July 14, 2023	July 16, 2025	Jan. 2, 2026	April 16, 2026	June 16, 2026	July 15, 2026
ITUB3	R$23.24	R$21.62	R$30.60	R$36.31	R$46.86	R$41.94	R$45.49
ITUB4	R$26.08	R$24.96	R$34.16	R$39.15	R$46.98	R$40.45	R$43.14
BBDC3	R$19.49	R$14.52	R$13.77	R$15.64	R$18.12	R$15.30	R$16.32
BBDC4	R$22.65	R$16.43	R$16.06	R$18.22	R$20.85	R$17.66	R$18.60
BEES3	R$4.75	R$8.28	R$7.78	R$8.14	R$9.19	R$8.72	R$8.81
BEES4	R$5.30	R$9.26	R$7.73	R$8.14	R$9.29	R$8.78	R$8.92
MDIA3	R$31.06	R$42.57	R$25.78	R$23.86	R$23.25	R$18.07	R$17.82
JHSF3	R$7.84	R$5.25	R$5.19	R$7.84	R$13.26	R$10.86	R$10.77
ALOS3	R$29.18	R$24.47	R$22.03	R$28.55	R$33.27	R$26.76	R$28.23

Share price performance through July 15, 2026

Ticker	One month	Three months	2026	One year	Three years	Five years
ITUB3	+8.5%	-2.9%	+25.3%	+48.7%	+110.4%	+95.7%
ITUB4	+6.7%	-8.2%	+10.2%	+26.3%	+72.8%	+65.4%
BBDC3	+6.7%	-9.9%	+4.3%	+18.5%	+12.4%	-16.3%
BBDC4	+5.3%	-10.8%	+2.1%	+15.8%	+13.2%	-17.9%
BEES3	+1.0%	-4.1%	+8.2%	+13.2%	+6.4%	+85.3%
BEES4	+1.6%	-4.0%	+9.6%	+15.4%	-3.7%	+68.3%
MDIA3	-1.4%	-23.4%	-25.3%	-30.9%	-58.1%	-42.6%
JHSF3	-0.8%	-18.8%	+37.4%	+107.5%	+105.1%	+37.4%
ALOS3	+5.5%	-15.1%	-1.1%	+28.1%	+15.4%	-3.3%

These returns show price performance in Brazilian reais only. In other words, they exclude dividends, reinvestment, and USD/BRL movements.

Itaú delivered strong long-term share price appreciation. Bradesco, in contrast, still recorded a five-year decline.

Banestes also gained over the longer period. Nevertheless, its lower market liquidity requires caution when interpreting its closing prices.

MDIA3 demonstrates that monthly dividends cannot prevent significant capital losses. Although M. Dias Branco maintained recurring payments, its share price fell more than 40% over five years.

JHSF3 more than doubled in one year but declined 18.8% during the final three months of the sample. Similarly, ALOS3 lost 15.1% over three months despite posting a positive one-year return.

Consequently, foreign investors should evaluate total return, including share price performance, distributions, taxes, expenses, and currency changes.

Historical prices come from Yahoo Finance for ALOS3, BBDC3, BBDC4, BEES3, BEES4, ITUB3, ITUB4, JHSF3, and MDIA3. The B3 also provides official historical quotation files.

How Much Monthly Income Could US$1 Million Generate?

Recurring or scheduled 2026 scenario for a foreign investor

Ticker	Shares purchased	Average gross monthly income	Net monthly income after Brazilian tax	Net annual income	Net yield
ITUB3	111,512	R$2,027.51, US$399.69	R$1,672.70, US$329.74	US$3,956.94	0.40%
ITUB4	117,586	R$2,137.95, US$421.46	R$1,763.81, US$347.71	US$4,172.47	0.42%
BBDC3	310,827	R$5,361.71, US$1,056.97	R$4,423.41, US$872.00	US$10,464.04	1.05%
BBDC4	272,725	R$5,174.90, US$1,020.15	R$4,269.30, US$841.62	US$10,099.47	1.01%
BEES3	575,788	R$16,569.24, US$3,266.36	R$13,669.62, US$2,694.74	US$32,336.92	3.23%
BEES4	568,688	R$16,364.93, US$3,226.08	R$13,501.06, US$2,661.51	US$31,938.18	3.19%
MDIA3	284,663	R$8,539.89, US$1,683.50	R$7,685.90, US$1,515.15	US$18,181.80	1.82%
JHSF3	471,002	R$32,482.66, US$6,403.43	R$29,234.40, US$5,763.09	US$69,157.02	6.92%
ALOS3	179,691	R$50,313.48 to R$53,907.30, US$9,918.48 to US$10,626.95	R$41,508.62 to R$48,516.57, US$8,182.75 to US$9,564.25	US$98,192.98 to US$114,771.01	9.82% to 11.48%

Understanding the wide income range

ITUB3 shows the lowest base monthly income, approximately US$329.74 after Brazilian withholding. However, this amount includes only Itaú’s small recurring JCP installment.

ALOS3 appears at the opposite end, producing between US$8,182.75 and US$9,564.25 per month. Still, ALLOS announced guidance rather than a guaranteed permanent distribution.

The lower ALLOS estimate assumes:

A monthly payment of R$0.28 per share.
The entire payment consists of JCP.
Brazil withholds 17.5%.

Meanwhile, the higher estimate assumes:

A monthly payment of R$0.30 per share.
The entire amount consists of dividends.
Brazil withholds 10% from the foreign shareholder.

In practice, ALLOS can combine JCP and dividends. Therefore, the actual result would likely fall between these estimates if the company meets its guidance.

Why resident and foreign investor results differ

JCP withholding affects Brazilian residents and many foreign investors. However, dividends sent abroad generally face the new 10% Brazilian withholding tax.

As a result, the foreign net yields for MDIA3 and JHSF3 are approximately 10% below their gross yields. The same difference affects the dividend-based ALLOS scenario.

Trailing Twelve-Month Dividend Yield

The next table uses gross distributions per share recorded between July 16, 2025, and July 15, 2026. Then, it applies the general 2026 withholding rates to estimate what a similar future distribution mix might produce for a foreign investor.

Therefore, the table does not represent the exact historical tax paid on every event. It also does not guarantee future payments.

Ticker	Gross distribution per share	Gross TTM yield	Estimated foreign net yield	Net annual income on US$1 million	Monthly equivalent
ITUB3	R$3.527657, US$0.695422	7.75%	6.71%	US$67,056.99	US$5,588.08
ITUB4	R$3.527657, US$0.695422	8.18%	7.07%	US$70,709.55	US$5,892.46
BBDC3	R$1.414002, US$0.278749	8.66%	7.15%	US$71,479.84	US$5,956.65
BBDC4	R$1.555402, US$0.306624	8.36%	6.90%	US$68,989.41	US$5,749.12
BEES3	R$0.702056, US$0.138402	7.97%	6.57%	US$65,742.95	US$5,478.58
BEES4	R$0.702056, US$0.138402	7.87%	6.49%	US$64,932.28	US$5,411.02
MDIA3	R$1.06, US$0.208963	5.95%	5.35%	US$53,535.30	US$4,461.28
JHSF3	R$0.638140, US$0.125792	5.93%	5.33%	US$53,326.38	US$4,443.86
ALOS3	R$2.748873, US$0.541988	9.74%	8.03% to 8.76%	US$80,333.34 to US$87,636.37	US$6,694.44 to US$7,303.03

The TTM analysis changes the ranking considerably. Itaú and Bradesco move from small monthly base yields to estimated net yields near 7% because complementary payments represent most of their total distributions.

Nevertheless, investors should not use the previous twelve months as a guaranteed income forecast. Extraordinary or complementary payments depend on profits, capital levels, and board decisions.

Example of a Six-Company Portfolio

A purely illustrative equal allocation of US$1 million among ITUB4, BBDC4, BEES3, MDIA3, JHSF3, and ALOS3 would produce approximately:

Estimated net monthly income: US$3,224 to US$3,454.
Estimated net annual income: US$38,690 to US$41,453.
Estimated net dividend yield: 3.87% to 4.15%.

In Brazilian currency, the annual income would equal approximately R$196,263 to R$210,279 at the reference exchange rate.

However, this portfolio does not represent a recommendation. It concentrates the entire investment in Brazil, includes cyclical companies, and depends partly on ALLOS guidance.

Itaú Unibanco: Small Monthly Payments and Large Complementary Distributions

Dividend policy and monthly amount

Itaú reports that it has paid monthly dividends or JCP since July 1980. In addition, the bank generally approves complementary distributions.

In 2026, ITUB3 and ITUB4 receive gross monthly JCP of:

R$0.018182 per share.
Approximately US$0.003584 per share.

After the 17.5% withholding, the foreign shareholder would receive approximately:

R$0.015000 per share.
US$0.002957 per share.

The official Itaú dividend page lists record dates, payment dates, and net amounts.

Complementary JCP payments

Beyond the base installment, Itaú announced JCP of R$0.348880 per share with a March 2026 record date. Later, the bank announced another R$0.361880 per share with a June record date.

These complementary payments explain why Itaú’s TTM yield stands near 7%, even though the annualized base installment yields less than 0.5%.

US$1 million income estimate

The converted capital would purchase approximately:

111,512 ITUB3 shares.
117,586 ITUB4 shares.

The base installment would generate:

ITUB3: US$329.74 net per month.
ITUB4: US$347.71 net per month.

If Itaú repeated the TTM distribution per share, the net monthly equivalents would rise to approximately US$5,588.08 and US$5,892.46.

Main risks

Itaú faces credit risk, margin pressure, economic cycles, and regulatory changes. Additionally, a strong historical distribution record does not force management to repeat extraordinary payments.

Foreign investors also face currency risk. Even excellent operating results may produce weak dollar returns if the Brazilian real depreciates.

Bradesco: Monthly JCP and the Difference Between BBDC3 and BBDC4

Monthly JCP amounts

Bradesco distributes monthly JCP and commonly adds intermediate or complementary payments.

During 2026:

BBDC3 receives R$0.017249826 gross per month.
BBDC4 receives R$0.018974809 gross per month.

The gross dollar equivalents are approximately:

BBDC3: US$0.003401 per share.
BBDC4: US$0.003741 per share.

After 17.5% withholding, the estimated net amounts become:

BBDC3: R$0.014231106 or US$0.002805.
BBDC4: R$0.015654217 or US$0.003086.

According to Bradesco’s official share information page, the preferred share receives 10% more in distributions per share than the common share.

Additional distributions

In March 2026, Bradesco announced R$0.270307744 per BBDC3 share and R$0.297338519 per BBDC4 share.

Later, the bank approved R$0.315359035 and R$0.346894939, respectively, with a July record date. Investors can verify each event through Bradesco’s official shareholder compensation table.

US$1 million income estimate

The investment would purchase approximately:

310,827 BBDC3 shares.
272,725 BBDC4 shares.

The monthly base JCP would generate:

BBDC3: US$872.00 net per month.
BBDC4: US$841.62 net per month.

Although BBDC4 pays more per share, BBDC3 traded at a lower price on the cutoff date. Consequently, the same capital buys more common shares and produces a slightly higher base yield.

Main risks

Credit quality, delinquency, operating expenses, digital competition, and profitability affect Bradesco’s distribution capacity.

Moreover, BBDC3 and BBDC4 still showed share price losses of approximately 17% over five years. The distributions did not fully compensate for the market decline.

Banestes: Higher Base Income but Lower Liquidity

Policy and monthly payments

Banestes targets shareholder compensation between 25% and 60% of adjusted net income. The bank can distribute monthly, semiannual, and intermediate JCP.

For 2026, BEES3 and BEES4 have monthly gross JCP of:

R$0.028776635 per share.
Approximately US$0.005673 per share.

After 17.5% withholding, the estimated net amount equals:

R$0.023740724.
US$0.004680 per share.

Furthermore, the bank approved an intermediate gross payment of R$0.074480035 per share related to the first quarter.

The Banestes dividend center provides the payment history. Meanwhile, the Banestes corporate profile describes the controlling ownership of the State of Espírito Santo.

US$1 million income estimate

The converted investment would purchase approximately:

575,788 BEES3 shares.
568,688 BEES4 shares.

The monthly base JCP would generate:

BEES3: R$13,669.62 or US$2,694.74 net.
BEES4: R$13,501.06 or US$2,661.51 net.

If the TTM payment pattern repeated under 2026 tax rates, the net monthly equivalents would reach approximately US$5,478.58 and US$5,411.02.

Liquidity risk

Liquidity represents the main concern. Since the controlling shareholder owns most of the bank, the public market has fewer available shares.

Therefore, an order worth more than R$5 million could affect the market price or require several trading sessions. The theoretical closing price may not reflect the investor’s actual average purchase price.

Traditional banking risks, regional concentration, and state control also deserve attention.

M. Dias Branco: Monthly Dividends and Possible Extra Payments

Distribution policy

M. Dias Branco intends to distribute 80% of adjusted net income through monthly installments and a possible residual payment.

Its 2026 calendar lists a monthly dividend of:

R$0.03 per MDIA3 share.
Approximately US$0.005914 per share.

Because the shareholder resides outside Brazil, the general 10% withholding reduces the payment to:

R$0.027.
Approximately US$0.005323 per share.

The M. Dias Branco shareholder compensation page explains the policy and payment dates.

Extraordinary payments

The recurring annual amount totals R$0.36 per share. However, M. Dias Branco paid extraordinary amounts during 2025, lifting its TTM total to R$1.06 per share.

Therefore, the historical yield exceeds the recurring 2026 base yield.

US$1 million income estimate

The investment would purchase approximately 284,663 MDIA3 shares.

The recurring dividend would generate:

R$7,685.90 net per month.
US$1,515.15 net per month.
US$18,181.80 net per year.
An estimated net yield of 1.82%.

If the company repeated the TTM distribution, the net monthly equivalent could approach US$4,461.28. Still, investors cannot assume that extraordinary payments will return.

Main risks

Wheat prices, cooking oil costs, exchange rates, competition, sales volume, and operating margins affect earnings.

Furthermore, MDIA3 lost 42.6% over five years. The capital decline exceeded several years of monthly dividend income.

JHSF: Twelve Dividend Installments Approved for 2026

Annual payment schedule

JHSF approved twelve installments for 2026. The first three payments reached R$0.0685438793 per share. April increased to R$0.0686979398, while later installments remained near R$0.0691563395.

The complete 2026 schedule totals:

R$0.8275802938 per share.
Approximately US$0.163141 per share.

Its average gross monthly amount equals R$0.068965, or about US$0.013595.

Investors can find the events on the official JHSF dividends and JCP page.

US$1 million income estimate

The investment would purchase approximately 471,002 JHSF3 shares.

After the 10% foreign dividend withholding, the annual schedule would produce:

R$350,812.78 net per year.
US$69,157.02 net per year.
R$29,234.40 as a monthly average.
US$5,763.09 as a monthly average.
A net dividend yield of 6.92%.

Calendar limitations

The approved schedule does not create a permanent obligation. Management can change the amount, frequency, or distribution policy in later years.

Additionally, an investor who buys after previous record dates does not receive the earlier 2026 installments retroactively.

Main risks

JHSF operates real estate and luxury-oriented businesses. Therefore, interest rates, economic cycles, project execution, asset sales, and leverage influence its results.

Although JHSF3 more than doubled over one year, the stock fell 18.8% during the final three months of the sample. Monthly income still comes with substantial price volatility.

ALLOS: The Highest Monthly Income but Only Guidance

Management’s 2026 guidance

ALLOS announced its intention to distribute between R$0.28 and R$0.30 per share each month during 2026. The company can use dividends, JCP, or a combination.

The material fact filed with the CVM links the proposal to a target of maintaining net debt near two times EBITDA.

Nevertheless, guidance represents management’s expectation rather than a legally guaranteed payment.

Per-share dollar equivalents

At the reference exchange rate:

R$0.28 equals approximately US$0.055197 gross.
R$0.30 equals approximately US$0.059140 gross.

After Brazilian withholding:

R$0.28 distributed entirely as JCP would leave R$0.231 or US$0.045538.
R$0.30 distributed entirely as dividends would leave R$0.27 or US$0.053226.

US$1 million income estimate

The investment would purchase approximately 179,691 ALOS3 shares.

Gross monthly income would range from:

R$50,313.48 to R$53,907.30.
US$9,918.48 to US$10,626.95.

After estimated Brazilian withholding, net monthly income would range from:

R$41,508.62 to R$48,516.57.
US$8,182.75 to US$9,564.25.

Consequently, estimated annual net income would reach US$98,192.98 to US$114,771.01. The net yield would range from 9.82% to 11.48%.

Main risks

Tenant sales, occupancy, delinquency, property values, and interest rates affect shopping center operators.

At the same time, acquisitions, property sales, and share repurchases influence ALLOS’s financial structure. Investors should verify whether the company maintains its leverage target while completing the distributions.

Other Stocks Commonly Described as Monthly Payers

Mitre Realty, MTRE3

Mitre made payments during several months of 2025. However, its 2026 sequence does not cover every month, and the company lacks an uninterrupted annual calendar comparable to JHSF’s schedule.

For that reason, MTRE3 fits better as a frequent or occasional payer. The official Mitre dividend page shows the irregular pattern.

CPFL Energia, CPFE3

CPFL can divide an approved dividend into multiple payment dates. Nevertheless, all installments may depend on one record date.

In other words, receiving deposits during several months differs from the company declaring a new monthly distribution. The CPFL dividend calendar illustrates the distinction.

Itaúsa, Taesa, and Banco do Brasil

These companies may distribute shareholder compensation several times per year. Still, they did not meet this article’s twelve-month recurring payment criterion on the cutoff date.

Their exclusion does not imply that they represent inferior investments. They simply follow different payment schedules.

Brazilian real estate funds are not stocks

Many Brazilian real estate investment funds, known as FIIs, distribute monthly income. However, they represent a different asset class with separate risks, taxes, and valuation metrics.

Therefore, this article does not combine them with corporate shares.

Brazilian Taxes for Foreign Investors

JCP withholding

The general 2026 rate used for JCP equals 17.5%. The paying company withholds the tax before crediting the shareholder.

However, investors using special legal structures or residing in favored-tax jurisdictions may face a different treatment. Professional advice remains important.

Dividend withholding

Law No. 15,270/2025 generally introduced a 10% withholding tax on dividends sent to shareholders residing abroad.

Some distributions approved before December 31, 2025, may qualify for transitional treatment. Moreover, the law provides potential credit mechanisms in specific circumstances involving the company’s total tax burden.

Home-country taxation

Paying Brazilian withholding tax does not necessarily eliminate tax obligations in the investor’s country of residence.

The home country may:

Tax foreign dividend income.
Allow a foreign tax credit.
Require foreign asset reporting.
Tax capital gains.
Use its own official exchange rate for reporting.
Apply special rules to controlled entities or offshore accounts.

Therefore, the final after-tax return may fall below the amounts shown in this article.

ADR depositary fees

When an investor uses an ADR, the depositary receives the Brazilian payment, processes it, and converts the amount into dollars.

The depositary may also deduct an ADR fee. Consequently, the amount credited for ITUB, BBD, or BBDO can differ from a direct mathematical conversion of the Brazilian distribution.

How to Evaluate Dividend Sustainability

Compare profits, cash flow, and distributions

A company needs enough operating cash flow to support shareholder payments. If it distributes more than it generates for an extended period, it must consume cash, sell assets, or increase debt.

Therefore, an unusually high yield may represent an opportunity, a warning sign, or both.

Examine the payout ratio

The payout ratio measures the portion of earnings distributed to shareholders.

A high percentage does not automatically indicate a problem, particularly for a mature business. However, companies that require substantial investment must retain enough capital to maintain operations and growth.

Review debt and regulatory capital

Banks must meet regulatory capital requirements. Meanwhile, industrial, real estate, and shopping center companies need to manage debt, investments, and maturities.

Consequently, sustainable shareholder compensation must fit within cash flow after essential business obligations.

Separate recurring and extraordinary payments

A property sale, tax benefit, or temporary excess capital position can create a special dividend.

Although shareholders genuinely receive the cash, the underlying event may not repeat. Thus, prudent projections separate the regular monthly installment from extraordinary distributions.

Consider market liquidity

Liquidity determines how easily an investor can buy or sell without changing the price.

This issue becomes especially relevant for BEES3 and BEES4. A US$1 million order could represent a meaningful amount compared with their regular trading volume.

Calculate total return in dollars

For a foreign investor, total return includes:

Share price changes in reais.
Dividends and JCP.
Brazilian taxes.
Home-country taxes.
Transaction costs.
Changes in the USD/BRL exchange rate.

Accordingly, monthly deposits alone provide an incomplete picture.

Common Mistakes When Seeking Monthly Dividend Income

Buying only the highest-yielding stock

Dividend yield increases when the distribution rises or the share price falls.

Frequently, the price declines because investors expect lower future earnings. Therefore, an exceptionally high yield may precede a dividend reduction.

Treating guidance as a guarantee

ALLOS published 2026 guidance, while JHSF approved an annual schedule.

Both announcements provide valuable information. Nevertheless, neither forces the companies to repeat the payments forever.

Confusing gross and net income

JCP generally faces 17.5% withholding. Meanwhile, dividends remitted abroad generally face 10% withholding.

The investor’s home country may impose additional taxes. Consequently, gross income does not necessarily equal spendable income.

Ignoring currency movements

R$30,000 per month can convert into different dollar amounts throughout the year.

Therefore, a dollar-based budget should not depend on a permanently fixed exchange rate. Investors need scenarios for both Brazilian currency appreciation and depreciation.

Ignoring the ex-dividend date

Someone who buys after the record date does not receive the announced payment. Likewise, buying immediately before that date does not guarantee a profit because the share price may adjust.

Dividend capture does not eliminate market risk.

Assuming extraordinary dividends will continue

Itaú, Bradesco, and M. Dias Branco show TTM yields that exceed their recurring base yields because they paid additional amounts.

However, future profits may not support the same extras. A conservative income plan relies on the more predictable component and treats complementary payments as variable.

Forgetting capital losses

MDIA3 demonstrates that monthly distributions cannot prevent a major share price decline. Bradesco also recorded five-year price losses.

As a result, recurring income does not automatically compensate for permanent capital destruction.

Steps to Consider Before Investing US$1 Million in Brazil

Define the objective

Investors should determine whether they want immediate income, capital growth, or both.

Afterward, they can establish an investment horizon and maintain an emergency reserve outside the stock market. Equities may fluctuate too much for short-term spending needs.

Confirm operational access

Before transferring funds, verify whether the financial institution:

Accepts nonresident investors from your country.
Offers the desired B3 securities.
Handles custody and tax documentation.
Clearly explains every fee.
Supports capital repatriation.
Correctly processes Brazilian withholding.

Compare direct access and ADRs

ITUB and Bradesco ADRs may simplify investing for someone with a U.S. brokerage account. However, ADRs do not cover every company in the article.

Direct B3 access provides a wider selection. Still, it may require additional documentation, currency conversion, and administrative expenses.

Plan the execution

A large order should account for available market liquidity. This precaution becomes particularly important for Banestes.

Dividing the purchase into limit orders may reduce market impact, although the share price can change while the investor builds the position.

Build multiple scenarios

A practical analysis can include:

A conservative case based on recurring payments.
A middle case based on normalized earnings.
An optimistic case that includes complementary distributions.

Next, each scenario should incorporate taxes, expenses, and different exchange rates.

Review official documents

Dividend policies, board minutes, material facts, and quarterly results help investors evaluate sustainability.

Additionally, shareholders should confirm record dates and payment dates through the company, the B3, or the CVM.

Frequently Asked Questions

Which Brazilian stocks pay monthly dividends?

The primary 2026 list includes ITUB3, ITUB4, BBDC3, BBDC4, BEES3, BEES4, MDIA3, JHSF3, and ALOS3.

However, JHSF approved a specific 2026 schedule, while ALLOS published guidance. Therefore, these stocks do not offer the same level of predictability.

How much is US$1 million in Brazilian reais?

Using the Brazilian Central Bank rate for July 15, 2026:

US$1 million equals R$5,072,699.40.

The actual investable amount may be lower after spreads and transaction costs.

How much monthly dividend income can US$1 million generate?

Under the recurring scenario, the result ranges from approximately US$329.74 net per month in ITUB3 to US$8,182.75 to US$9,564.25 in ALOS3.

The difference reflects Itaú’s small base payment and ALLOS’s much larger, but less certain, monthly guidance.

Why does Itaú show such a low recurring yield?

Itaú’s monthly payment functions as a small base installment. The bank distributes most of its annual shareholder compensation through complementary payments.

Consequently, the base yield remains below 0.5%, while its estimated foreign net TTM yield approaches 7%.

Does ITUB3 or ITUB4 pay more?

Itaú pays the same amount per share to both classes for the distributions analyzed.

Since ITUB4 traded at a lower price on the cutoff date, US$1 million purchased more ITUB4 shares. Therefore, the preferred shares produced a slightly higher yield.

Does BBDC3 or BBDC4 offer the higher return?

BBDC4 receives 10% more per share. However, BBDC3 traded at a lower market price.

Under the recurring scenario, BBDC3 generated approximately US$872 per month, compared with US$841.62 for BBDC4.

Can a foreigner open a Brazilian brokerage account?

Yes. The rules effective since 2025 simplified access for individual nonresident investors.

Nevertheless, each bank or broker sets its onboarding requirements. Investors must choose an institution that accepts their country, complete identity checks, and transfer funds through authorized channels.

Is buying an ADR easier?

An ADR may provide easier access to Itaú or Bradesco for someone with a U.S. brokerage account.

Still, ADRs may charge fees and do not cover every company on the list. The dividend also remains exposed to Brazilian taxes and currency movements.

Are Brazilian dividends tax-free for foreigners?

Generally, no. Starting in 2026, dividends remitted to foreign shareholders face a 10% Brazilian withholding tax.

JCP generally faces a 17.5% withholding rate. Furthermore, the investor’s home country may impose additional taxes.

Can someone live entirely from Brazilian dividends?

The answer depends on the portfolio size, living expenses, inflation, taxes, and currency used for spending.

Since companies can reduce distributions and the real can depreciate, a prudent plan maintains reserves, diversifies income sources, and avoids depending entirely on unconfirmed payments.

Conclusion: Monthly Dividends Do Not Eliminate Investment Risk

Brazilian stocks that pay monthly dividends can provide recurring income and exposure to businesses that international portfolios may otherwise overlook.

In 2026, Itaú, Bradesco, Banestes, and M. Dias Branco form the clearest group of monthly payers. JHSF approved twelve installments, while ALLOS presented the highest recurring distribution guidance.

At the reference exchange rate, US$1 million converts into R$5,072,699.40. Estimated net monthly income starts near US$330 from ITUB3’s base payment and can exceed US$9,500 under a favorable ALLOS scenario.

However, those figures do not tell the entire story. Foreign investors also face taxes, exchange spreads, Brazilian real volatility, custody expenses, and possible obligations in their home countries.

Ultimately, no dividend automatically compensates for weak earnings, excessive debt, low liquidity, or permanent share price losses. A stronger analysis combines dividend yield, business quality, total return, taxation, and currency diversification.