Brazilian immigration law provides for a specific residence authorization for foreign nationals who invest their own funds from abroad in a company established in Brazil. The category is governed by Regulatory Resolution (RN) No. 13/2017 of the National Immigration Council (CNIg) and is often referred to, in simplified terms, as an “investor visa.”
That expression can, however, cause confusion. Forming a Brazilian company, acquiring membership interests (quotas) or shares, and obtaining residence are legally distinct acts. RN No. 13 does not grant residence simply because a foreign national becomes an owner of a company: it requires an actual investment of foreign funds in a legal entity in Brazil, supported by a project with the potential to create jobs or generate income in the country.
The structure should therefore be planned before funds are transferred. The amount invested, the way the capital enters Brazil, payment of the capital contribution, the business plan and the immigration application must all be consistent. A valid corporate transaction may be insufficient for immigration purposes if it is not structured in accordance with RN No. 13.
Who can use residence through business investment
RN No. 13 is intended for individual investors. The foreign national seeking residence authorization must personally invest their own funds from abroad in a Brazilian legal entity. The recipient company may be newly incorporated or already established, provided it actually receives the investment.
This distinguishes the category from other immigration arrangements. Where a foreign legal entity makes the investment and an executive is designated to manage the Brazilian company, eligibility should generally be assessed under RN No. 11/2017, which covers statutory company managers (administradores), other managers, directors and executives with management powers. Where the legal basis is the individual’s own purchase of urban real estate, the applicable rule is RN No. 36/2018.
Under RN No. 13, the analysis therefore centers on the relationship between the individual investor, the capital originating abroad and the Brazilian company receiving the investment. The foreign national does not have to be an employee of the company to use this category, nor does authorization depend on an employment contract.
The minimum investment amount
The general rule requires an investment in foreign currency equivalent to at least R$500,000.00 (Brazilian reais). This amount must actually be invested in the recipient Brazilian legal entity and documented in the immigration proceedings.
Ancillary transaction costs do not count toward the minimum investment. Professional fees, government fees, banking charges, company formation costs and other expenses needed to implement the project do not replace the contribution that must reach the Brazilian legal entity as an investment.
The amount stated as share capital in the company’s articles of association must also be distinguished from the investment actually being made. For immigration purposes, the corporate and financial transaction must demonstrate that the funds have entered Brazil and been allocated consistently with the application.
The reduced R$150,000 threshold is not a general alternative
RN No. 13 permits investment below R$500,000.00, provided it is no less than R$150,000.00, for enterprises engaged in innovation or basic or applied scientific or technological research.
This reduction does not simply allow investors to choose between two amounts. The enterprise must demonstrate that it meets the specific eligibility criteria. Among other factors, the regulations consider government support for innovation, location in a technology park, participation in or graduation from a business incubator, participation in public startup support programs or a relationship with an accelerator in Brazil. The originality, scope and relevance of the product, process or service constituting the company’s principal activity may also be assessed.
In practice, an ordinary business project should not be artificially presented as innovative solely to reduce the investment amount. The category for investment between R$150,000.00 and R$500,000.00 requires its own technical justification and supporting documents and is subject to a more qualitative assessment of the enterprise.
Investing in the company is different from buying another owner’s equity interest
RN No. 13 concerns investment made in a legal entity in Brazil and applies to a newly incorporated or existing company that receives foreign investment. This wording matters in acquisitions of ownership interests.
If a foreign national simply buys another owner’s membership interests or shares and pays the price to the seller, the amount should not be assumed to have been invested in the recipient company for the purposes of RN No. 13. The transaction may produce a perfectly valid change in ownership, but the flow of funds differs from a capital contribution or another arrangement through which funds actually enter the legal entity.
Where acquiring an ownership interest and obtaining residence are part of the same project, the structure should therefore be assessed in advance. Depending on the circumstances, it may be necessary to combine the acquisition with an actual contribution to the company, a capital increase or another transaction compatible with corporate, foreign exchange and immigration regulations.
Funds originating abroad and foreign exchange arrangements
The regulation requires the investor’s own funds originating abroad. The flow of funds is therefore part of the legal basis for residence, not merely a banking step in the investment process.
The investor’s ownership of the funds, the international transfer, the transaction’s classification for foreign exchange purposes, payment of the capital contribution to the company and the documents submitted through MigranteWeb, the online immigration application system, must be consistent. Payments by third parties, transfers designated for an incompatible purpose or discrepancies between the investor named in the application and the person actually sending the funds may undermine proof of the investment.
Foreign direct investment is also subject to reporting requirements before the Central Bank of Brazil. Since 2024, the system used for foreign direct investment events has been SCE-IED, the Central Bank’s foreign direct investment reporting system. Whether each transfer or transaction must be reported depends on the rules and thresholds in force at the time: currently, certain transfers and transactions of US$100,000 or more are subject to reporting. Periodic declarations also apply to certain recipient companies.
It is therefore inadvisable to arrange the foreign exchange transaction first and attempt to adapt the immigration procedure afterward. Where obtaining residence is one of the investment’s objectives, the corporate transaction, transfer and regulatory documentation should be coordinated from the outset.
The Investment or Business Plan is a central part of the application
RN No. 13 requires an Investment or Business Plan both under the ordinary R$500,000.00 category and under the qualifying category for investment between R$150,000.00 and R$500,000.00.
The plan has a three-year implementation period and must explain how the capital will be used and the economic results the enterprise intends to achieve. The regulations require information about the business, its location and activity, the purpose of the enterprise, the technology and services involved, the target market, the development strategy, job creation or income generation, and the allocation of the invested funds.
The Investment Plan should therefore not be prepared as a document included merely to satisfy a filing formality. It must be consistent with the articles of association (contrato social), the capital actually paid in, the company’s activity and the economic reality of the project.
This consistency remains important after approval. The prescribed form used in labor immigration applications expressly states that the individual investor’s continued residence is conditional on evidence that the Investment or Business Plan has been implemented. Recent Ministry of Justice publications continue to record RN No. 13 authorizations as residence for an indefinite term, conditional on proof of implementation of the plan.
New companies, existing companies and businesses that merely hold assets
The recipient company does not have to be established solely for the immigration procedure. RN No. 13 allows investment in either a newly incorporated or an existing company.
The key point is that there must be a business project consistent with the regulation’s purpose. The rules prioritize the potential to create jobs or generate income in Brazil and require the Investment Plan to describe the activity to be carried out, the use of the capital and the intended results.
For that reason, structures used purely to hold assets, or companies without genuine economic activity, should be assessed carefully. The fact that a company owns assets or has substantial share capital does not, by itself, establish that the project serves the productive purpose required by RN No. 13.
How the residence application works
Applications are assessed by the General Coordination Office for Labor Immigration within the Ministry of Justice and Public Security and submitted electronically through MigranteWeb.
If the investor is abroad, the Brazilian company or institution interested in their arrival submits an application for prior residence authorization. Once approved, that authorization provides the basis for issuing a temporary visa at the competent Brazilian consular post. After entering Brazil, the immigrant must complete immigration registration with the Federal Police (PF).
If the applicant is already in Brazilian territory, RN No. 13 itself allows an application for residence authorization within the country. In this case, either the Brazilian company or the visitor/immigrant may act as the applicant, according to current Ministry of Justice guidance.
Under either route, the corporate documents, proof of investment, Investment or Business Plan and general documents required by labor immigration regulations form part of the assessment.
Residence is granted for an indefinite term, but the investment remains relevant
Current Ministry of Justice guidance provides for residence for an indefinite term under RN No. 13. This is an important difference from categories that begin with authorization for a fixed period. An indefinite term does not, however, mean that the investment and the Investment or Business Plan cease to matter after approval.
RN No. 13 itself makes continued residence conditional on submission to the Ministry of Justice and Public Security of documents proving implementation of the Investment or Business Plan. The prescribed form used in labor immigration applications also includes an express acknowledgment of this obligation.
This obligation should be considered when preparing the initial application. Although residence authorization under RN No. 13 is granted for an indefinite term, the National Immigration Registration Card (CRNM) has its own validity period. The general rule for residence for an indefinite term gives the card a nine-year validity period, but in practice the initial immigration document may have a shorter term depending on how the individual case is processed. The decisive point is that, when continued residence is reviewed and the CRNM needs to be replaced, the investor must be able to demonstrate that the Investment or Business Plan has actually been implemented.
The Investment Plan should therefore not be drafted solely to secure initial approval. Overly optimistic targets, targets disconnected from the company’s circumstances or targets that are difficult to substantiate may create a later problem precisely when the investor needs to demonstrate that the conditions supporting residence continue to be met. From the outset, the plan should be realistic, capable of implementation and capable of being evidenced.
Substantial changes to the project, closure of the business, withdrawal of the investment or corporate reorganizations that undermine the basis of the application should be assessed before implementation. The general framework of the Migration Law and Decree No. 9,199/2017 also provides for loss of authorization when the grounds on which it was granted cease to exist.
Investor residence, company management and family reunification
Authorization under RN No. 13 should not be confused with residence granted to a foreign statutory company manager under RN No. 11. Under RN No. 13, the beneficiary is the individual who invests their own funds in the Brazilian company. Under RN No. 11, the investment belongs to the legal entity or corporate group that designates the statutory manager, other manager, director or executive to work in Brazil.
This distinction should be considered where the investor also intends to hold a formal management position. Depending on the ownership structure and the role to be performed, the corporate documents must be arranged so that the investment and management powers are legally compatible.
The investor’s residence may also provide the basis for family reunification applications by a spouse, a partner in a legally recognized unmarried partnership, children and other family members covered by the regulations. Family members follow a separate procedure, although it can be planned together with the investor’s arrangements.
Immigration residence and tax residence must be assessed separately
Residence authorization under RN No. 13 is an immigration decision. It should not, on its own, be treated as resolving all of the investor’s tax questions.
On relocating their life to Brazil, a foreign national may become a tax resident and need to consider income, ownership interests in companies, investments and assets held in other countries, in addition to the Brazilian company. The timing and effects of that change depend on the tax rules applicable to the particular circumstances.
For investors with international assets, the tax assessment should therefore take place before the move whenever possible, rather than only after the CRNM is issued or when preparing the first income tax return.
Frequently asked questions about residence for individual investors
How much must I invest?
The general rule is an investment of at least R$500,000.00. RN No. 13 allows investment starting at R$150,000.00 in qualifying innovation or scientific or technological research projects, provided the specific requirements for that category are met.
Does forming a company with R$500,000 in capital guarantee residence?
No. Applicants must prove that the foreign investment has actually been made and submit a project with the potential to create jobs or generate income. The nominal amount of share capital alone does not replace evidence of the contribution and the Investment Plan.
Can I invest in an existing company?
Yes. RN No. 13 applies both to newly incorporated companies and to existing companies receiving foreign investment, provided the transaction and the project meet the requirements of the category.
Is buying another owner’s membership interests enough?
That should not be assumed. When payment is made to the selling owner, the funds do not necessarily enter the recipient company. If obtaining residence is part of the transaction, the acquisition must be structured so that an actual investment is made in the Brazilian legal entity as required by RN No. 13.
Must the investor be appointed as a company manager?
RN No. 13 does not require an employment contract; its basis is the individual’s investment. Any management role should be assessed in light of the corporate structure. Where a foreign legal entity makes the investment and the residence beneficiary is the executive designated to manage the Brazilian company, a different category applies, generally RN No. 11.
Is residence granted for a fixed term?
No. Current Ministry of Justice guidance provides for residence for an indefinite term under RN No. 13. The CRNM, however, has its own validity period and may in practice be valid for less than the general nine-year period. If replacing it requires a fresh assessment of continued residence, the investor must be able to prove that the Investment or Business Plan has been implemented, because retention of the authorization remains tied to fulfillment of the project on which the application was based.
Can my family obtain residence?
In many circumstances, yes. A resident investor may act as the sponsoring family member, known as the chamante, in family reunification applications, subject to the family relationships and requirements specified in the applicable regulations.
Conclusion
Residence through business investment is not an authorization based solely on wealth or the formal existence of a company. RN No. 13 requires an actual investment of foreign funds in a Brazilian legal entity as part of a business project that can demonstrate the potential to create jobs or generate income.
The minimum amount is only one part of the structure. Share capital, the international transfer, foreign exchange documentation, the business plan, the company’s activity and the immigration procedure must be aligned from the outset. This is particularly important where the foreign national is acquiring an interest in an existing company, using the reduced threshold for innovation or intending to combine investment with management of the company and the family’s move to Brazil.
For foreign investors, the relevant question is therefore not simply how to “form a company to obtain residence.” It is how to structure a real business investment in a way that is legally compatible with the immigration authorization sought.
How SCCM assists with business investments for immigration purposes
SCCM Advogados advises foreign investors on coordinating the structure of their business investment and residence authorization. This includes assessing eligibility under RN No. 13, the corporate structure, evidence of the capital contribution, foreign exchange arrangements, the Investment or Business Plan and monitoring the proceedings through MigranteWeb.
Where the project also involves appointing a foreign statutory company manager, acquiring an ownership interest, real estate investment, family reunification or future tax residence in Brazil, these matters can be assessed together before the transaction is implemented.