The National Imigration Council recently published new rules for the granting of permanent/work visas to foreign administrators, managers, directors or other executives of Brazilian civil or commercial companies sent to Brazil by a foreign investor.
According to the new Normative Resolution of the Council, for each foreign administrator for whom a foreign company wishes to obtain a permanent visa, the foreign investors must prove either:
1.- a foreign currency investment in the Brazilian company equal to or greater than the Brazilian
Real equivalent of R$150.000, provided that they must also generate at least 10 new jobs during the two year period following the incorporation of the company or the entry of the foreigner into Brazil with a permanent visa; or
2.- R$600,000, but without the obligation to generate new jobs.
The foreign investment must the evidenced by the presentation of copies of the SISBACEN screen, “Eletronic Declaratory Registration of Direct Foreign Investment in Brazil (RDE-IED)”.
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