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| Investor Visa
In 2004 it was minimum US$200,000 or equivalent that had to be invested, then it was reduced to minimum US$50,000, but from February 2009 the new level is R$150,000 (Brazilian Reais). The investor must invest in a company that is or will be involved in a “productive economical activity”, that will effectively create employment, make profits and pay any taxes. Brazil is keen to attract genuine investors, and this is the preferred route for many foreigners to achieve residential status, but there is no guarantee how long this level of investment will remain in force.
The visa is granted to the applicant and can now qualify for dependents, however adult dependents will need to 'prove' this dependency. Any separate family reunion visas will be subject to the successful grant of the investor's visa, and the continuation of the visa holder's status. Unmarried couples used to have to make separate investments (albeit into the same company) to qualify, but this rule was eased in February 2008. However most couples, if finances allow, will benefit from making an investment each, as this will allow parallel visa applications and save money. Although the Brazilian Consulate General usually grants these visas for an 'indeterminate' period, in practise the Federal Police normally allow residency for an initial period of 5 years, renewable once these goals have been proven. Furthermore it is necessary for the investor to identify a Brazilian 'administrator' - effecively a local Brazilian manager/partner to represent you. New rules introduced in February 2009 mean that all investors will now have to satisfy qualifying measures after 3 years, rather than the previous 2 years. Job creation has become an important qualifying requirement, although investments below R$150,000 may qualify dependent on potential employment, and location of investment, as well as the actual amount invested. A couple of investments have now been specifically excluded - interest earning bank accounts and real estate for personal use. Any new or existing business can technically qualify an investor for this visa, so long as the minimum financial investment requirement is met, even rental properties, although an existing business will be more difficult and expensive. A resident investor has nearly all the rights of a Brazilian citizen - except the ability to vote or stand for political office. Investors should be aware that there is a law in Brazil whereby a new owner of an existing business, who carries on the same trade from the same address as the previous owner, is responsible, legally and financially, for the actions of the previous owner. Onerous as this might seem, it was designed to stop the practise of business owners 'selling' to other members of their family and writing off the previous debts, etc. In practise a few simple precautions can allay any fears. Step by Step Process for Investor Visa 1/ At the very outset appoint a suitable consultant and attorney - they will be involved from start to finish, and will do a lot of the running (and waiting) around and paperwork that Brazilian bureauracy demands! Their fees will not include any additional Consulate costs in your own country but you should negotiate a price to include ABSOLUTELY everything else, and you will need to sign a power of attorney, and decide a timeframe 2/ Identify type of business opportunity in which you wish to invest, and the approximate size of your investment (in Brazil). See 14/ below (in UK or own country) 3/ Identify Brazilian administrator. This will involve trust, as at certain stages he/she will be the only signatory on your bank account, and do far more work than you! 4/ Set up and incorporate company (Limitada). Your business attorney can complete this process, and your company's documents will describe the business area in which it can trade; agree a business plan 5/ Receive, approve and notarise your company's Social Contract - this document is vital for future use in all sorts of business dealings, although this will only be the first version 6/ Obtain CNPJ for your company's Social Contract - register your company for tax purposes 7/ Register your company with the Central Bank of Brazil for the receipt of foreign exchange 8/ Open a business bank account with a local bank (you cannot be a signatory as you are not yet a resident). 9/ Negotiate preferential rates for the receipt of funds, and appoint Central Bank of Brasil Operator to manage your ROF account, set up passwords, and (ultimately) pass control to yourself 10/ Transfer the funds into the business bank account (MUST BE DIRECTLY FROM THE APPLICANT'S OWN BANK ACCOUNT IN DOLLARS OR EUROS, not through a 3rd party - it will be exchanged into Reais locally). You should also request a bank reference, and supply documentation to prove the legitimate source of your funds 11/ Upon receipt of funds, rewrite all the company's documentation, social contract, etc, to reflect the increased share capital, and resubmit everything again, get it all notarised, registered, approved, etc 12/ Submit the whole package to the Ministry of Labour and Employment for approval, and then the National Immigration Council in Brasilia. It is possible to do these steps by post, but postal applications have been known to take a couple of years or more. Best ask your attorney to do this in person, by hand, so he can put yours on top of the pile, answer any questions, make changes, etc, and return to await written approval 13/ Approval - nearly there! The ministry will advise the Consulate in the country of your choice who will endorse your passport 14/ You will need to have obtained a Certificate of Prosecution/Conviction History (Section 21, Data Protection Act 1998, Subject Access, Person Record) for all primary visa applicants. This document is available from the UK Police, but may take at least 6 weeks to be processed - forward planning is advisable to avoid delays (see 2/ above) 15/ Take your Police Certificate, passports, forms, photos, etc and the required fees to the Brazilian Consulate that you stipulated 16/ Return not earlier than 5 working days later to collect your passports with visas endorsed in them! 17/ You must arrive in Brazil within a 90 day period, and present yourself to the Policia Federal within 30 days 18/ Now you can plan family reunion visas (which can already have been started, but count as separate applications) 19/ Obtain RNE (Brazilian ID), initially temporary number then permanent, open personal bank account etc, etc, and away you go... 20/ To keep your investor visa vaild, you must spend at least a couple of days every 2 years in Brazil. | |
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