By Aline Moreira
In this article we will look at a new legal development. Normative Resolution n.º 36/18 brings a possibility that did not exist before the entry into force of the New Migration Law, specifically, residence based on the acquisition of real estate in Brazil.
To this end, the interested individual must invest in real estate in the country with their own resources of external origin. The minimum value of the property, which must be located in an urban area, is R $ 1,000,000.00 (one million reais). However, the legislation authorizes investment in value up to 30% lower if the property is acquired in the North or Northeast regions of Brazil.
Below are some rules relating to the acquisition of the real estate:
- You can buy a property already built or a property still under construction, and the documentation required for the residence application will vary according to the case;
- It is possible for the interested party to acquire more than one property, whose combined value reaches the minimum required by law;
- Co-ownership agreement of the property is allowed, provided that each co-owner invests the minimum amount mentioned;
- The value of the investment can be financed, but only in the part that exceeds the amount of R $ 1,000,000.00 (one million reais).
Regarding the documentation, proof of purchase of the property must be made by submitting the General Property Registry, Promissory Purchase and Sale Agreement or Construction Permit, among others.
Finally, the law states that the investor remain in the national territory for at least 30 days, counted from the immigrant’s registration with the Federal Police.
The term of said residency is up to 02 (two) years, which can be changed to undetermined later.
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