Real Estate Investment Visa Introduced
The Ministry of Labor published a Normative Resolution introducing a new real estate investment visa which is effective immediately.
A closer look
Details of the new real estate investment visa are as follows:
Qualifying real estate investments. In order to qualify for the visa, real estate investments must meet the following criteria:
The real estate must be in an urban area, must be worth BRL 1 million and can be a fully built property or one that is under construction;
If the real estate is located in the north or northeast region of Brazil, the minimum required property value is BRL 700,000 and can be a fully built property or one that is under construction;
The value of the real estate investment can be spread across multiple properties in different Brazilian states if the total investment is at least BRL 1 million (or BRL 700,000 in the north or northeast region);
Co-ownership is allowed but each applicant must separately meet the minimum investment requirements; and
Applicants can obtain bank financing for but only for the amount that exceeds BRL 1 million or BRL 700,00 in the north or northeast region.
Validity. The real estate investment visa is valid for an initial period of two years and can be renewed indefinitely.
Application process. The application process is the same as other work permit categories which are subject to the analysis and approval of the Ministry of Labor in Brazil; proof of the acquired real estate investment must be presented when filing the application. Foreign nationals already in Brazil are also allowed to apply for the real estate investment visa while they are in-country. All applicants must remain in Brazil for at least 30 days after registering with the Federal Police.
Impact on foreign nationals
The real estate investment visa will open a new pathway for foreign nationals to be able to live and work in Brazil and it is intended to increase monetary investments to the country.
The Brazilian government has been publishing normative resolutions which expand upon and clarify the November 2017 Migration Law.