Investment visa introduced

IMPACT – MEDIUM

What is the change? Brazil has introduced a new investment visa making foreign nationals eligible for Brazilian residency on the basis of real estate property investment, according to a normative resolution issued by the Ministry of Labor on Nov. 21.

What does the change mean? An individual is eligible if he or she owns real estate worth 1 million Brazilian reals (approximately US $263,000) in an urban area or 700,000 reals (approximately US $184,000) in the north or northeast region of Brazil. The visa will be granted initially for two years and may be converted to an indeterminate residency visa.

• Implementation time frame: Immediate.
• Visas/permits affected: Real estate investment visas.
• Business impact: The real estate investment visa will open a new pathway for foreign nationals to be able to live and work in Brazil, with the aim of increasing foreign direct investments in the country.
• Next steps: Applications are submitted to the Ministry of Labor in Brazil. Proof of the acquired real estate investment must be presented when filing the application. Foreign nationals already in Brazil are also allowed to apply for the real estate investment visa in-country. All applicants must remain in Brazil for at least 30 days after registering with the Federal Police in order to comply with the legislation requirements.

Analysis & Comments: It is worth noting that before now, Brazil did not have an investment visa. The introduction of this visa is significant, as it shows that Brazil’s immigration policy is evolving to adapt to the global economy under the New Migration Law passed last year.

Source: Deloitte LLP. Deloitte LLP is a limited liability partnership registered in England and Wales with registered number OC303675 and its registered office at 1 New Street Square, London EC4A 3HQ, United Kingdom.