CRI (Real Estate Receivable Certificate)

A CRI (Certificado de Recebíveis Imobiliários) is issued by securitization companies backed by a pool of real estate receivables (CCIs, long-term lease contracts). An investor who buys a CRI is indirectly lending to the real estate market and receives the resulting payment streams — adjusted by the IPCA, the CDI rate, or a fixed rate, depending on the security.

Unlike an LCI, a CRI may be issued with or without FGC deposit insurance coverage. It is exempt from income tax for individual investors, which boosts net returns compared to CDBs and government treasury bonds. Liquidity is lower: many CRIs lack a robust secondary market, so they should be bought with the intention of holding to maturity.