Main points of Normative Resolution 84 of 10 February 2009 that disciplines issuing of permanent visas for foreign investors (individuals)

Normative Resolution 60 of 2004 set a minimum value of investment at US$ 50,000. Under the Normative Resolution 84, the value has changed and is now expressed in Brazilian Reals: R$ 150,000. According to attorneys specialized in immigration and investments, this change opens up new possibilities for investors from Latin America and should be viewed as a positive development. Depending upon the type of investment made by an entrepreneur from a neighboring country, the minimum investment value may be even lower if, for example, it is targeted at projects in poor regions.

To obtain a visa, foreign investors (individuals) must fulfill a number of requirements. One of these is the social interest of the investment, characterized by generation of jobs and income in Brazil, increased productivity, and raising of funding for specific segments.

Another change: the validity of permanent visas has been reduced from five to three years. After this period, the foreign investor may apply for renewal, provided he can demonstrate that he is engaged in productive activity in Brazil that is generating jobs and income. To demonstrate this he should submit documents relating the number of employees and their earnings.

On the basis of this new resolution, foreign investors (individuals) must renew their identity cards annually with the Federal Police, at which time they should submit a copy of their latest Time of Service Guarantee Fund (FGTS) payment form and a list of their employees.