When you buy property in Brazil, under certain circumstances you are also eligible to receive an investor visa. That can be an attractive draw for investors looking to enter Latin America and the Caribbean, given the ease with which it facilitates doing business in Brazil outside of the real estate market, as well as the strong future prospects for the Brazilian economy.
Brazil is by far Latin America’s largest economy, as well as the 8th-largest in the world, with a gross domestic product (GDP) of $1.84 trillion (all figures in USD unless otherwise stated) in 2019. Commonly known as ‘the Giant of South America’, the country recorded a gross national income (GNI) of $9,130 per capita in 2019 — a figure that places it as an upper-middle-income nation according to the World Bank standards. With a population of over 211 million people and a rapidly growing middle class, the South American nation has a highly developed professional services sector.
Brazil is a major destination for foreign direct investment (FDI) in the region, and reported positive FDI inflows of $75 billion in 2019 — the fourth-highest figure on the globe. The country shares borders with every other nation in South America other than Chile and Ecuador and is a founder member of the Southern Common Market (Mercosur), an economic and political association that also includes Argentina, Paraguay, and Uruguay.
Brazil has also built up strong commercial relations with top global economies such as China, the United States, and the European Union. Some of the country’s main exports include ores and slag, soybeans, timber, coffee, and sugarcane. Its main export destinations include Argentina, Chile, China, the Netherlands, and the United States.
If you are seeking to buy property in Brazil and interested in obtaining an investor visa in the process, read on to learn about the main requirements and key considerations, or go ahead and reach out to us now to discuss your business options.
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Buying property in Brazil to get an investor visa: main requirements
Getting an investor visa in Brazil will allow you to live and work in the South American country, and is a popular option among foreigners developing a long-term business strategy. However, if you are looking to obtain an investor visa through property purchase in Brazil, the deal will need to meet the following requirements:
- The property must be located in an urban area
- The property price must be equal to or greater than 1 million BRL (approximately $175,000 at time of publication). You can buy more than one property to reach this amount. If the purchase is being made in certain northern or northeastern regions of Brazil, this figure can be lower.
- The property must be already built or under construction
As long as the aforementioned requirements have been met, when you buy property in Brazil, you must also present one of the following documents before the Brazilian immigration authorities:
- If your property is already built, you must present the title deed to the Brazilian authorities, proving not only that you are the owner of the property, but also that it is free from liens or restrictions
- If your property is under construction, you must present to the Brazilian authorities the contract of sale, a copy of the construction permit, and a copy of the duly registered memorial
Note that in both cases you must present a copy of the receipt certifying that the investment amount was transferred to a Brazilian bank. In addition, you must also present a copy of your passport, birth certificate and criminal record apostilled in your country of origin and duly translated into Portuguese by an official translator.
If your investor visa application is approved by the immigration authorities, your visa will allow you to live and invest in the country for a period of two years. During this time, you must stay in the country for at least 30 days. This visa can be renewed for an additional period of two years. If after this time you choose to renew your visa again, you will be granted an investor visa for an indefinite period of time.
Key considerations when you buy property in Brazil
The process involved in buying a property in Brazil can be more complex than in other Latin American countries. Therefore, it is strongly recommended to work with an experienced legal services provider to avoid financial losses or any other risk that could put your commercial operations at risk.
Some of the documents that should be carefully reviewed when you buy property in Brazil include:
- Certificates of settlement of tax and labor debts
- Certificates of distribution of civil, tax, and labor lawsuits
- Certificates of regularity of ownership
Finally, you must also verify that the property is correctly registered in the respective notarial entity of the municipality where it is located.
Buy property in Brazil with the help of Biz Latin Hub
At Biz Latin Hub, our experienced team has broad experience offering corporate legal services to help foreign investors buy property in Brazil, and is equipped to represent you in the acquisition process. With our full suite of accounting and tax advisory, as well as visa processing services, we can be your single point of contact to invest in the real estate market in Brazil, or any of the other 15 countries across Latin America and the Caribbean where we operate.
Contact us now to find out more about how we can assist you in buying a property in Brazil to get an investor visa.
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