BRAZIL | Work Permit for foreign investor

A migrant that invests foreign currency in Brazil may apply for a residency authorization. For an investment from abroad to be accepted within Brazil for this purpose, the investor in question must contribute to the economy with a minimum amount established by law. The investment capital must be equal to or greater than R$500,000.00 (five thousand reais). Nevertheless, in specific cases the minimum investment required is reduced to R$150,000.00 (one hundred and fifty thousand Reais), provided it meets the established requirements regarding the type of business and the degree of impact of the activities.

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Applicable Permit

Brazil has a specific residence permit for investors.

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Applicable legislation

Normative resolution no 13, from the Brazilian Nacional Immigration Council, of December 1st, 2017, disciplines the granting of this residence authorization for migrants that invest in Brazilian company.

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Main Requirements

The main requirements are:

i.????????????????Proof of foreign investment in a Brazilian Company of at least:

(a)?R$500.000,00 (five hundred thousand reais), or

(b)?R$150.000,00 (one hundred thousand reais) when for the specific purpose of investing in an innovation activity, basic or applied research, scientific or technological, in addition to other specific conditions;

ii.???????????????Business Plan with execution period of 3 (three) years and that includes the following topics: (i) business definition; (ii) venture purpose and (iii) job or income generation.

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Peculiarities

The Ministry of Justice may, whenever it deems appropriate, verify the physical existence of the company and the activities it has been carrying out, as well as request additional documentation that it deems necessary to prove the requirements set out in the Business Plan.

For the maintenance of the residency authorization the Ministry of Justice will analyze the proof of execution of the Business Plan.

The barrier of a residence permit for investor will become a tax resident in Brazil and subject to all Brazilian tax obligation as soon as this migrant enters the country with such permit or obtains the work permit if he is already in the country.

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Timeframe – Issuance and Validity

Issuance

It takes around 30 days for the residence permit to be approved, counting from the date the process is filled.

Validity

This residency authorization for investors will be valid for an indefinite period. The continuity and validity of the residence authorization is conditioned to the fulfillment and execution of the business plan.?