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IMMIGRATION BRAZIL: Residence Permit for Executives in Statutory Position

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By Aline Moreira

In this article, we will analyze Normative Resolution No. 11/17, which oversees the granting of residence permits to immigrants who come to Brazil to assume the position of administrator, manager, director or executive with management powers, in order to represent a civil or commercial society, economic group or conglomerate.

To obtain this authorization, it is mandatory that the foreign company, being from the same group or economic conglomerate, invests in the Brazilian company in which the immigrant will assume the statutory position.

In view of the above, the main requirement for obtaining this authorization is specifically the proof of the foreign direct investment, through the presentation of an exchange contract related to the operation, issued by the Bank receiving the investment, and the “Corporate Framework Screen” of the System of the Central Bank of Brazil, showing the payment of the investment in the Brazilian company.

The amount required by law is R $ 600,000.00 (six hundred thousand reais) per immigrant. Smaller investments are allowed, but never less than R $ 150,000.00 (one hundred and fifty thousand reais), provided that the Brazilian company commits itself to generate, at least, 10 (ten) new jobs within 2 (two) years after the residence permit.

In addition to the financial contribution, the Brazilian company must show the indication of the immigrant to the statutory position in an applicable corporate document, conditioning his / her possession to the approval of the residence permit.

Depending on the type of company involved in the process, such as financial institutions or insurance companies, additional documents may be requested.

If the immigrant wishes to hold statutory positions concurrently in companies in the same group as the calling company, it will be necessary to obtain specific authorization from the immigration authority.

Although the legislation considers the term of residence as indeterminate, as a general rule it is granted, initially, for a period of up to 9 (nine) years.

Want to learn more?  Get in touch with use by email amoreira@drummondadvisros.com for more information!

Attention: In the “Imminews” editions, we will answer questions about immigration, emigration, expatriation, visas for Brazil, Brazilian citizenship and changes (practical and theoretical) in immigration legislation. Feel free to send your question to amoreira@drummondadvisors.com, which will be answered in complete secrecy and anonymity. Furthermore, with the author’s authorization, the question will be published and answered in the column!