Investors to receive permanent residence when converting status

IMPACT – MEDIUM

What is the change? Brazil has made it easier for investors to apply for permanent residence.

What does the change mean? Investors converting their status in-country can now obtain a resident permit for an indefinite period. Previously, these applicants were granted residence for an initial period of three years before they could apply for permanent residence.

• Effective date: Oct. 3.
• Visas/permits impacted: Residence Visa for Foreign Investors (NR 13).
• Who is affected: Foreign nationals converting their status in-country from a visit, courtesy, diplomatic or official visa to a resident permit.

Background: Foreign investors in Brazil are eligible to apply for an NR 13 if they invest at least 500,000 Brazilian reals in funds raised outside of Brazil. Previously, in-country applicants initially received a residence visa valid for up to three years after which they were able to convert the visa to an Indefinite-Term Residence Visa.

Analysis & Comments: The change is good news for foreign investors interested in permanent residence in Brazil because they will not have to wait three years to be eligible. Foreign nationals applying for the visa should review eligibility requirements with their immigration provider.

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