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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.
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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