Eligibility for Temporary Visa for Retirees expanded

IMPACT – MEDIUM

What is the change? Brazil has expanded eligibility for the Temporary Visa for Retirees.

What does the change mean? Beneficiaries of deceased pensioners are now eligible to apply for a Temporary Visa for Retirees. Additionally, foreign nationals can now use other sources of income to reach the required minimum monthly income of $2,000.

• Implementation time frame: Nov. 27, 2019.
• Visas/permits affected: Temporary Visa for Retirees.
• Who is affected: Retirees and beneficiaries of deceased pensioners applying for temporary visas.
• Additional information: The Temporary Visa for Retirees allows permit holders an initial stay period of two years and is renewable.

Previously, foreign nationals were only able to claim their retirement fund income to reach the monthly amount of $2,000 required to be eligible for the visa. Now, foreign nationals can use other sources of income to reach the monthly minimum. While the government has not released a list of approved sources, applicants may be able to use real estate and financial investments, as well as social security benefits, to reach the required income amount.

Analysis & Comments: The change is expected to attract more foreign investment to Brazil by expanding eligibility to more retirees. Beneficiaries of deceased pensioners are newly eligible to apply for a two-year temporary visa. Additionally, retirees who receive less than $2,000 in retirement fund income may now be eligible for a temporary visa based on other sources of income.

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