New category of resident’s permit related to property investment in Brazil23/11/2018
On November 21, 2018, Normative Resolution nr. 36, dated October 9, 2018 (‘RN 36/2018), was published in the Official Gazette of the Federal Executive. The Resolution establishes procedures for the obtaining of a resident’s permit for any individual who intends to use his/her own overseas-based financial resources to invest in Brazilian property which has the potential to generate employment or revenue for the country.
Establishing a new category within the Brazilian immigration system, RN 36/2018 determines that the granting of a resident’s permit for property investment is to be conditional upon the acquisition of real estate, be it constructed or under construction, located in an urban area, that is valued at a sum equal to or greater than R$ 1,000,000.00 (one million reais) (US$271,000.00). For properties located in the North or Northeast regions of Brazil, the minimum sum for the investment may be R$ 700.000,00 (seven hundred thousand reais) (US$190,000).
The proof of investment can be made through the acquisition, by the interested party, of more than one property, provided that the sum of the values of all the properties is equal to or greater than R$ 1,000,000.00 (one million reais) or 700.000,00 (seven hundred thousand reais) for real estate located in the North or Northeast. The sum of a real-estate investment that exceeds the amounts defined in the RN 36/2018 may be the object of a loan.
According to the provisions of the Resolution, a co-ownership arrangement is acceptable provided that each co-owner has invested the sum of R$ 1,000,000.00 (one million reais), or 700,000.00 (seven hundred thousand reais) for real estate located in the North and Northeast.
The period of residence for this category of permit is two (2) years, but this length of time can be altered to an indeterminate period upon proof of maintenance of the property.
Felsberg Advogados’ Immigration Department is entirely available for any further clarifications you may require.
This article is intended solely to provide information and does not contain any form of opinion, recommendation or legal advice from Felsberg Advogados in relation to the issues addressed.