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By Jose Santiago
September 13, 2011
The new Normative Resolution number 95 amends the Investment Visa Rules as follows: Resolution number 95 of 10th of August 2011, changes the rules for concession and renewal of certain investment visa types.
Below are the most important changes:
Kind of visa: Permanent visa for administrators
Minimum investment required: R$600,000
Person or entity that must make the investment: foreign company, shareholder of the Brazilian company
Other requirements: (a) indicated the candidate to be the future general manager of the Brazilian company and (b) the candidate must be paid locally
Restrictions: the foreigner has to remain as administrator of the Brazilian company for at least five years other wise the RNE and permanent visa are not renewed, as well as the investment cannot be repatriated
Kind of visa: Permanent visa for administrators
Minimum investment required: R$150,000
Person or entity that must make the investment: foreign company, shareholder of the Brazilian company
Other requirements: (a) indicated the candidate to be the future general manager of the Brazilian company (b) the candidate must be paid locally (c) present a list of the functions of the 10 Brazilian employees that the company commits itself to hire within two years
Restrictions: (a) the RNE will be valid for two years and before it expires we must apply for its renewal, attesting that the foreigner has remained as a general manager of the Brazilian company and the Brazilian company has more 10 employees than it had when the visa application was lodged and the investment was not repatriated (b) the foreigner has to remain as administrator of the Brazilian company for at least another three years, otherwise the RNE and permanent visa are not renewed for the second time, as well as the investment was not repatriated.
Kind of visa: Permanent visa for individual investors, natural person
Minimum investment required: R$150,000
Person or entity that must make the investment: foreign natural person (individual), shareholder of the Brazilian company
Other requirements: present an investment plan detailing how the investment will be spent
Restrictions: the RNE will have three years validity and before the three years expire you must ask for its renewal attesting that the Brazilian company is still open, the investment was not repatriated, and that the business plan was accomplished
These changes do not apply to applications filed before the publication of this Resolution, 08/10/11.
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.
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