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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.
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.
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