On November 21st., 2018, the National Immigration Council published the Normative Resolution No 36 (“NR 36”) that discipline the granting of residence to foreigners investing in Brazilian property.
Through referred Resolution the Labor Department shall be entitled to grant residence authorization for individuals that, by means of their own resources from overseas, invest in real estate located in Brazil.
In such context, the immigrant must purchase a real estate (either constructed or under construction) located on an urban area (i) on the South, Southeast and/or Center-West Regions of Brazil for an amount equal to or higher than R$ 1,000,000.00 (one million Reais) or, (ii) on North and Northeast Regions of Brazil for an amount equal to or higher than R$ 700,000.00 (seven hundred thousand Reais).
In addition to the documents usually required in the context of a visa issuance procedure, the visa request based on the NR 36 must also be accompanied with the relevant General Registry of Property (the so called Certidão de Matrícula do Cartório de Registro de Imóveis) or the Promise to enter into a Purchase And Sale Agreement (the so called Promessa de Compra e Venda), the Construction Permit (the so called Alvará de Contratução) and even the likewise incorporation memorandum (the so called Memorial de Incorporação) duly registered.
The Guarnera Advogados’s immigration team is available for further refinement on the subject.
