Effective as from 2nd December 2015, foreign individuals seeking to obtain a permanent work permit and visa based on their investment in local productive activities (usually materializing as investments made in Brazilian companies) will now have to produce evidence of an investment of BRL500,000.00 (currently equivalent to approx. USD 135,000.00) to succeed in their application.
Normative Resolution No. 118/2015, which revokes Normative Resolution No. 84/2009 (which contemplated a much lower investment of BRL 150,000.00 for obtaining such work permit/visa), was published in the Official Gazette on 2nd December 2015 and is a clear move by the Brazilian Government to attract enhanced foreign direct investments amidst the serious economic crisis currently experienced by Brazil and which has devalued the Brazilian real by more than 50% in the last 12 months.
Foreign individual investors should note that the new investment threshold applicable to them is still significantly lower than that required by European and North American countries.
In addition, the minimum investment threshold required by foreign corporate entities to obtain permanent work permits/visas for their executives to occupy managerial positions in their Brazilian subsidiaries and affiliates has remained unaltered at BRL 600,000.00 since 2011.
Neil Montgomery
Normative Resolution No. 118/2015, which revokes Normative Resolution No. 84/2009 (which contemplated a much lower investment of BRL 150,000.00 for obtaining such work permit/visa), was published in the Official Gazette on 2nd December 2015 and is a clear move by the Brazilian Government to attract enhanced foreign direct investments amidst the serious economic crisis currently experienced by Brazil and which has devalued the Brazilian real by more than 50% in the last 12 months.
Foreign individual investors should note that the new investment threshold applicable to them is still significantly lower than that required by European and North American countries.
In addition, the minimum investment threshold required by foreign corporate entities to obtain permanent work permits/visas for their executives to occupy managerial positions in their Brazilian subsidiaries and affiliates has remained unaltered at BRL 600,000.00 since 2011.
Neil Montgomery
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