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November 30, 2018

Foreign investor in real estate in Brazil may obtain residency permit

Immigration / Real Estate

The National Immigration Council issued on November 22, 2018, its Normative Resolution No. 36, approved on October 09, 2018, which regulates the granting of residency permit to foreigners that purchase urban real estate in Brazil.

Following similar initiatives of other nations, Brazil will allow citizens of any country to become resident through the purchase of real estate in urban areas, built or under construction, in the amount equal to or greater than one million Brazilian reais (BRL 1,000,000.00). Such minimum investment must be made with the use of own funds transferred from abroad. The amount of the investment may be of seven hundred thousand Brazilian reais (BRL 700,000.00) when the real estate is purchased in the North or Northeast regions of the country.

The foreigner may meet the requirement of the investment through the purchase of more than one property, provided that total investment is equal to or greater than BRL 1 million, or through co-ownership, provided that each co-owner invests the minimum amount. In such cases will also be applied the reduction for investments in the North and Northeast regions.

The residency will initially be granted for up to two (2) years and may be renewed or converted for an indefinite period of time, provided that the ownership of real estate is maintained and subject to conditions of the specific regulation. The foreigner will be required to stay in the Brazilian territory after the residency permit is granted for at least thirty (30) days, counted from his/her registration before the Brazilian Federal Police.

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