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IMPACT – MEDIUM
What is the change? Brazil has expanded eligibility for the Temporary Visa for Retirees.
What does the change mean? Beneficiaries of deceased pensioners are now eligible to apply for a Temporary Visa for Retirees. Additionally, foreign nationals can now use other sources of income to reach the required minimum monthly income of $2,000.
Previously, foreign nationals were only able to claim their retirement fund income to reach the monthly amount of $2,000 required to be eligible for the visa. Now, foreign nationals can use other sources of income to reach the monthly minimum. While the government has not released a list of approved sources, applicants may be able to use real estate and financial investments, as well as social security benefits, to reach the required income amount.
Analysis & Comments: The change is expected to attract more foreign investment to Brazil by expanding eligibility to more retirees. Beneficiaries of deceased pensioners are newly eligible to apply for a two-year temporary visa. Additionally, retirees who receive less than $2,000 in retirement fund income may now be eligible for a temporary visa based on other sources of income.
Source: Deloitte. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities. DTTL (also referred to as “Deloitte Global”) and each of its member firms are legally separate and independent entities. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more. Deloitte Legal means the legal practices of Deloitte Touche Tohmatsu Limited member firms or their affiliates that provide legal services. For legal, regulatory and other reasons, not all member firms provide legal services. This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms or their related entities (collectively, the “Deloitte network”) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte network shall be responsible for any loss whatsoever sustained by any person who relies on this communication. © 2019. For information, contact Deloitte Touche Tohmatsu Limited.
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