Immigrant that buys property in Brazil will have their residence authorized
The National Immigration Council, a body linked to the Ministry of Labor, published a resolution last Thursday authorizing indefinite residence for immigrants who invest in real estate in the country.
Under the new rule, the ministry may authorize residence for immigrants who intend to buy real estate, either ready or under construction, with their own resources. The properties must be located in urban areas.
In order to be entitled to residence, the investment must be equal to or greater than R$ 1 million in the South, Southeast and Midwest regions and from R$ 700k in the North and Northeast regions of Brazil. Properties can be already built units or off-plan, if down payment exceeds the amounts above.
Through their press office, the Minister of Labor, Caio Vieira de Mello, evaluated that the measure will bring recourse and employment to Brazil and that migration is necessary, bringing wealth and technology.
The unprecedented rule is the result of the new Migration Law, which came into force a year ago. To define the conditions of the resolution, the National Immigration Council made a series of studies to adapt experiences of other countries to the Brazilian reality.
The resolution does not cut by nationality, being valid for all foreigners interested in investing in Brazil. Under the rule, the authorization will have the initial term of two years and, if the maintenance of the property is proven, it can be renewed for an indefinite period.
If you have any question or would like assistance in you migration process, please get in touch with Botinha & Cabral International Law Assistance, with its lawyers in Brazil assisting foreigners in the country since 1999.
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