September 2022 – Brazil – Rossetti Advogados
Resolution CNIG MJSP No. 46/2021, issued by the National Immigration Council, was published in the Federal Official Gazette on August 8, 2022 (D.O.U. of 08/08/2022, Ed. No. 149, Section 1, p. 37). This resolution amends Normative Resolution36/2018 on the grant of real estate investment visa to individuals who purchase real estate in Brazil with a potential to generate jobs or income in the country.
According to the new rules, the Ministry of Justice and Law Enforcement may grant an initial residence permit for a maximum term of four (4) years (pursuant to the provisions of art. 35 of Law No. 13.445/2017, and of arts. 42 and 151, head provision, of Decree No. 9.199/2017), to individuals who wish, with their own funds of foreign origin, invest in real estate in Brazil.
Upon lapse of the term of four (4) years, the initial residence permit may be granted an indefinite term of duration, provided there is proof of maintenance of the condition that authorized the initial visa.
In the event of real estate investors who have been granted an initial residence permit for a term shorter than four (4) years, provided maintenance of the conditions that resulted in the grant, they may claim renewal thereof for the period required for it to become a permit for indefinite term.
Please note that Normative Resolution 36/2018 provides that, for grant of a real estate investment visa, the purchase price of the urban real estate, either built or under construction, shall amount to one million reais (BRL 1,000,000.00). However, if the property is located in the Northern and Northeastern regions, the minimum amount may be reduced by up to thirty percent (30%), and therefore the new total amount is seven hundred thousand reais (BRL 700,000.00).
It is also possible to purchase more than one property and obtain the permanence, provided that the minimum total amount is reached. Only the portion of the property price that exceeds the minimum amount of one million reais (BRL 1,000,000.00) may be financed.
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This article is based on publicly available information and given for informational purposes only. It is not intended as legal advice or as a comprehensive analysis of the matters referred to herein.