I've looked at the current offers in the German store. If you set the store to Brazil, you save a lot of money when buying a game.
Is this allowed and is it possible to purchase without further ado?
Just convert it yourself, then you can see what you could really save.
Link:
The purchase would only be allowed if you have a residence in Brazil and no, that is not possible without further ado, but there's a back door
You need an account with an address from Brazil and a Brazilian PSN top-up card
However, I do not accept any liability for this information…