Because of the growth of the real estate sector in Brazil, many foreigners choose to invest in the country, what can be seen as positive, as it moves the economy, thus generating employment and income. However, there are rules for those who want to obtain a residence permit for real estate investors in Brazil.
Here below we will explain not only how this residence permit works: deadlines, investment values, but also the necessary documentation and place of application.
Normative Resolution No. 36 of October 9, 2018, regulates the granting of a residence permit because of real estate investment in Brazil.
This recent regulation made it possible for foreigners to grant them a residence permit because of their investments in the Brazilian real estate sector, which directly contributes to Brazilian growth in this field. Such expansion is taking place every year.
This data allows us to conclude that it is a great time to invest in this field in the country. According to the resolution of the National Immigration Council, an organ of the Ministry of Labor, there are some particularities to obtain this residence permit.
According to the legislation, the conditions for authorization are the following:
It is necessary to pay attention to some other particularities that the normative resolution brings, as in the case of the individual acquiring real estate in the north and northeast regions of the country. In this situation, the minimum investment amount is 700 thousand Reais, which is another incentive for those who want to invest in these regions.
The residency period is 2 years, which can be extended indefinitely.
After registration with the Federal Police, the individual who will invest must remain in Brazilian territory for a 30-day minimum period. The residence permit for real estate investors is extended to spouses or partners, parents and grandparents, grandchildren, children, and siblings. The article 37 of the Immigration Law defines such recommendation.
The Ministry of Justice is the body responsible for analyzing the application for a prior residence permit.
When dealing with the acquisition of built real estates, the following documents are required:
In the case of acquisition of real estate under construction, the following documents are required:
Prepared investment, correct documentation, now what? Where to apply for a real estate investor permit?
The authorization request will be analyzed by the Ministry of Justice, which will carry out — in addition to verifying the documentation — on-site diligence to prove the effective realization of the investment.
According to the resolution of the National Immigration Council, the co-ownership regime can be admitted, but all co-owners must invest the amount set forth in the legislation.
Co-ownership situations are also interesting for new investors who intend, in addition to residing in the country, to generate jobs and expand their business across the Brazilian territory.
Multinational companies with activities in Brazil that often need to bring employees from other countries to work here, can use this residence permit to continue to carry out their activities.
The advantages of becoming a foreign investor in Brazil can be seen as the result from the devaluation of the national currency and the decrease in the basic interest rate, which made the real estate market extremely attractive to foreigners.
In addition, the Association of Foreign Investors points out Brazil as the second-best option for investing in commercial real estate.
