Brazil has launched its own Golden Visa residency scheme to enable overseas property investors in Brazilian real estate to secure Brazilian residency.
Following the success of the Portuguese Golden Visa residency scheme, which many Brazilians that share the Portuguese language have taken advantage of, Brazil has launched its own residency scheme.
On the back of the new Migration Law which came into force at the end of 2017, the Ministry of Labour has instated a new residence visa route for foreigners. Overseas property investors investing at least BRL 1 million (approximately USD 260,000) in Brazilian real estate will be given the right to reside in the country.
An even lower qualification spend level of BRL 700,000 will be available for properties in the North and Northeast of Brazil.
The investment will only apply to urban and not rural property, and upon making the investment the foreign investor must live in Brazil for 30 days and then will be granted a two-year provisional residency visa.
If by the end of this period the property is still owned by the foreign investor and is in a good state of conservation, the visa becomes permanent.
Once the foreign investor has spent four years as a resident, they will then become eligible for naturalization and can obtain a Brazilian passport.
The measure is an attempt to both attract more foreign investment and stimulate Brazil’s property market, and while not identical to Portugal’s Golden Visa program, it is certainly heavily influenced by it.
The new visa option comes as a result of Brazil’s new Migration Law, which was signed into effect in 2017 by President Michel Temer. The legislation replaced the Foreigner’s Statute and was praised for its advance in human rights and rectification of provisions which were criticised in the old law, enacted during the military dictatorship.
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