Brazil’s National Immigration Council (“NIC”) issued Resolution 60/04 on October 6, 2004, which supersedes Resolution 28 of November 25, 1998, with respect to the issuance of permanent visas to alien investors in Brazil.

Under this new Resolution, a permanent visa allows a foreigner to live and work in Brazil with the purpose of investing his or her own foreign funds in productive activities or investing in existing activities in Brazil.

Under the new rules provided for by the 2004 Resolution, a permanent visa can be obtained by a foreigner when the following conditions are met:

• a minimum investment of $ 50,000, from individual resources in productive activities;

• the investment can be made in a new company or in an already existing business;

• on an exceptional basis, the NIC may issue the permanent visa if the foreigner proves that his or her investment will create at least 10 new jobs in Brazil over five years, in cases where the investment is lower than the $ 50,000.

Another important point is that the new Resolution has increased the term of the visa from a two-year period to a five-year period.

This new Resolution will facilitate investment in Brazil for small entrepreneurs.

Please click here to see the text of Resolution 60 (In Portuguese).