Rules for Temporary Visa for Retirees Relaxed

The situation

The Ministry of Justice has published a Normative Resolution concerning the Temporary Visa for Retirees which expands eligibility for the visa and relaxes income requirements.

A closer look

Details of the new Normative Resolution include the following:

• Eligibility expanded. Beneficiaries of deceased pensioners can now obtain a Temporary Visa for Retirees. Previously, only retirees were eligible for this visa.

• Income requirements relaxed. Foreign nationals can now use other sources of income (such as financial investments, property rentals and social security benefits, among others) to reach the required minimum monthly income of USD 2,000 (or the equivalent in other currencies) which they can transfer into Brazil. Previously, foreign nationals were only able to use monetary income from a retirement fund to reach the minimum BRL 6000 (approximately USD 1,400).

• Dependents. It is unclear if the new normative resolution changes previous rules for sponsoring dependents under this visa. Fragomen will provide an update as soon as this information is available from the Ministry.  

 

Impact

The new rule will increase the number of foreign nationals eligible to apply for a Temporary Visa for Retirees.

Background

• Retirement visas. Retirement visas allow individuals to purchase real estate and reside long-term in a foreign country. The Brazilian Temporary Visa for Retirees is available to eligible retired foreign nationals and beneficiaries of deceased pensioners, is initially granted for two years and can be renewed. Details on renewing the visa under the new Normative Resolution remain uncertain until further regulations are published. 
• Rationale for new rule. According to the Ministry of Justice, the change is intended to attract foreign investment to Brazil and grow the real estate market.

 

Looking ahead

Brazil has been relaxing many of its policies in order to attract foreign nationals to the country, whether for business, investment, retirement or travel. For example,  visa waivers were recently implemented for Australian, Canadian, Japanese, Qatari and U.S. nationals and forthcoming visa waivers have been announced for Indian and Chinese nationals. Additionally, a Real Estate Investment Visa was introduced in November 2018, aimed at increasing foreign investment in the country.

This alert is for informational purposes only. If you have any questions, please contact the global immigration professional with whom you work at Fragomen or send an email to [email protected]. Fragomen in Brazil is Fragomen Brasil Serviços de Imigração Ltda., operating exclusively as an immigration consultancy and not as a law firm in Brazil.