On 22nd November 2018, the National Immigration Council, an agency linked to the Ministry of Labour, published Normative Resolution No. 36 regulating the issuance of a residence permit as a result of the purchase of real estate in Brazil.
Such residence permit will be granted to immigrants of any nationality who acquire real estate in Brazil, located in urban areas, built or under construction, with the use of such immigrant’s own resources.
This norm requires that the funds used to purchase the property(ies) be transferred from abroad, and that the sum of the purchase amounts of all properties acquired be equal to or greater than BRL1,000,000.00 (one million reais) if located in the South, Southeast and Midwest regions or BRL700,000.00 (seven hundred thousand reais) for real estate located in the North and Northeast regions.
The investment may be in more than one property, provided that the total investment in all properties meets the required minimum threshold. Co-ownership will also be admitted provided the minimum amount of investment per immigrant has been observed.
Moreover, such residence permit will be granted for 2 years initially, and if the immigrant continues to own the property(ies) at the end of such two-year period, it can be renewed for an indefinite period of time.
This is a great breakthrough for the national immigration policy, thereby contributing to the development of new business in Brazil.