Changes to Investment Visa Law By Jose Santiago
February 24, 2009
The Law Number 60/2004 of the National Immigration Council which garanteed foreign individuals the right to legal residency throughout an investment of at least USD$50,000.00 was revoked.
The new law is the
Law Number 84 published on February 13, 2009 which brings many changes to the investment visa requirements, here are the most relevant:
(i) the amount of investment has changed to R$150,000.00 (Brazilian Reais);
(ii) the Immigration Council have emphasies that the application bears in mind the social effects and creation of jobs, therefore a business plan will have to be provided by the applicant.
(iii) if the investment is less than R$150,000.00 the Council will at their discretion analyze the application and decide whether to grant a visa, based upon the creation of jobs, amount of investment, region of investment, etc.
(iv) at the discretion of the Council, the Ministry of Labor may be sent to the corporation receiving the investment to verify the existence of such corporation and the facts described in the business plan.
(vi) the visa will be valid for a 3 year period.
(vii) to renew the visa it will be necessary to demonstrate that the corporation is in good standing, jobs were created, etc.
Should you need additional information related to this matter, please feel free to contact me.
Jose C. Santiago
Attorney at Law
DISCLOSURE: All information herein given is merely for elucidative purposes. It reflects current Legislation, which can be modified in the future. In case of questions regarding a particular case/issue, always consult with your own attorney.