Search
Contact
Login
Share this article
IMPACT – HIGH
What is the change? The Brazilian Ministry of Labour has published a resolution that increases the required investment for obtaining a Permanent Visa for Foreign Investors.
What does the change mean? Foreign investors interested in applying for a permanent visa must invest 500,000 Brazilian reals (about US$130,000) to be eligible for the visa. The ministry will accept smaller investments (150,000 reals) in some instances when the investments are for tech companies participating in the government’s incentives program for start-ups.
Background: Normative Resolution No. 118 took effect today, revoking NR No. 84, which regulated foreign investors’ visas. Under the old resolution, the minimum investment threshold was 150,000 reals. Under both the old and new resolutions, applicants are also required to develop a business plan demonstrating how their investment will help a Brazilian company expand its business to benefit the local economy and the Brazilian workforce.
BAL Analysis: Since Brazil’s currency has lost significant value compared to the U.S. dollar, Brazilian authorities determined that investment thresholds for foreign investors should be reviewed. In addition to increasing the required size of the investment, Brazilian authorities will evaluate applicants’ business plans to determine how they will help expand services, create jobs and boost the local economy.
This alert has been provided by the BAL Global Practice group in Brazil. For additional information, please contact brazil@bal.com.
Copyright © 2016 Berry Appleman & Leiden LLP. All rights reserved. Reprinting or digital redistribution to the public is permitted only with the express written permission of Berry Appleman & Leiden LLP. For inquiries please contact copyright@bal.com.
The U.S. Department of Labor has posted updated processing times for permanent labor certification (PERM) applications. PERM Processing: As…
Immigrant visa issuance continued to climb in fiscal year 2023, surpassing pre-pandemic totals, according to recently published State…
EU member states’ ambassadors have agreed on a draft regulation that would let the EU suspend visa-free travel for countries…
U.S. Citizenship and Immigration Services announced this week that it will implement a streamlined process to provide Employment…