The Normative Resolution No. 118, issued on October 21 2015, brought significant changes on the granting of permanent residency visa to foreign investors in Brazil.
Indeed, the National Board of Immigration has increased significantly the amount to be invested in Brazil by the foreign candidate applying to such a visa.
Previously, the investments in foreign currency should be equal to or greater than R$150,000.00 (one hundred and fifty thousand Reais). Nevertheless, the National Immigration Council could grant such a visa in exceptional cases even if the amount stood below the aforementioned value, if a few conditions were respected¹.
Currently, accordingly to the new Normative Resolution 118/2015, the minimum amount for the granting of the investor’s visa was raised to R$ 500.00,00 (five hundred thousand Reais), and the visa request shall always contain an “investment plan”.
As the previous regulation, the new one also allows the visa application with invested capital inferior to the required amount. However, the investment shall be higher than R$150.00,00 (one hundred and fifty thousand Reais) and the General Immigration Counsel shall evaluate if the business receiving said investment satisfies at least one of the following requirements:
(a) to have received investments, funding or resources directed to supporting the innovation from a governmental institution
(b) to be located in a technological park
(c) to be an incubated business or have been previously incubated
(d) to have being a finalist on a governmental program of startup stimulation
(e) to have benefited from a Brazilian startup acceleration program.
Alternatively, the NR 118/2015 also allows the possibility of granting a visa to a foreign investor when the company, whether newly formed or pre-existing can prove:
(a) the originality of the product (novelty)
(b) the product’s capacity of penetrating the market
(c) the product’s relevance and its potential on creating value
Finally, it’s worth to mention that the RN 118/2015 expressly abrogated the former Normative Resolution 84/2009 regulating this kind of visa. Thus, it also abrogated the article giving nationals of South American countries a special consideration on their visa requests.
If you have doubts regarding visa procedures for foreign investors in Brazil, our team of specialized immigration lawyers is here to assist you.
¹For that to happen, the National Immigration Council would have to consider the investment’s social interest, the number of jobs it would generate in Brazil, the federative unit where it would be applied, and the economic sector in which there would be a contribution to increase productivity or assimilation of technology.