HOW CAN A FOREIGN PERSON BUY A PROPERTY IN BRAZIL?
All foreign people can buy a property in Brazil, living abroad or in the national territory, even without a fixed address.
There is no price ceiling, not even a limit on the amount of properties you want to buy. So, it is allowed for a foreign person to purchase a property to live or to invest.
You can find bellow the procedure that allows the purchase and sale of property in Brazil.
Necessary documentation for a foreign person to purchase a property in Brazil.
The documentation below is necessary, and consider that, if the acquirer is married, the spouse’s documents should be presented as well.
CPF- Brazilian Individual Taxpayer Registry
CPF is mandatory for a foreign person to acquire a property in Brazil. It is issued by the Ministry of Finance, and if the person interested in the purchase does not have it already, it is possible to apply for one by accessing the website of the Federal Revenue Service and making a registration of the CPF for foreigners resident or non-resident in Brazil.
In addition to the Proof of Registration and CPF Registration Status, it must be regular.
Identity Document
It can be used as an identity document a valid passport or RNE (National Register of Foreigners), that is, a document like the Registro Geral (RG) of Brazilian citizens, giving them the permanent visa.
Birth Certificate
It is necessary to present an original birth certificate translated into Portuguese and authentified by the Brazilian Consulate.
Power of Attorney
Power of Attorney to a person in Brazil, that can act on behalf of the foreign purchaser with full powers to deal with any matter concerning the property (buy and/or sell, sign deeds and contracts) and represent the purchaser for competent authorities (Registry Offices, Banks, Federal Revenue).
The Power of Attorney must be validated in the Brazilian Consulate of the foreigner’s country of origin and if the foreigner is in national territory, in the Registry Office in Brazil.
What kind of property cannot be bought by a foreign person?
What a foreigner cannot buy: Rural properties; International border areas; navy lands; Commercial companies that broadcast news by audio or images.
It is possible for a foreign person to buy a rural property if he/she follows a specific legislation and if he/she is naturalized or has a permanent visa in Brazil.
Considering the navy land or plot of land, it will be permitted for any foreign person to purchase a stand-alone unit if the unit is located in a condominium.
The foreign person who wants to participate in a news company must respect the control of Direction and the whole capital- 70%, to native or naturalized Brazilians.
The payment of purchase and sale in Brazil by a foreign person
It is permitted for a foreign person to have a bank account if the foreigner has a permanent visa (RNE) or temporary for one year; and is living in Brazil for work reasons. It is possible to have a real estate financing for naturalized foreigners or RNE bearer.
To transfer values to Brazil, the Central Bank resolution must be respected. Pay attention to the conditions and transaction limits, to buy a property there are basically two situations:
1. Foreign person that has a bank account in Brazil
Request the transfer from the source bank to the destination bank.
2. Foreign person that does not have a bank account in Brazil
A third person account can be used, but the Central Bank requires stating the reason for the transaction, otherwise the funds may not be released. You can use a third person account, following the legal requirements of proof of income and the reason to move the funds in order for the Central Bank to release the value.
It is important to point out that acquiring a property does not give you a visa automatically. But you can request a residence permit.
Finally, a foreign person should pay attention to the Public Deed and the Real Estate Registry. They are the ones who legally formalize the purchase.
To learn more, it is better to consult a Real Estate Lawyer.
Oliveira & Dansiguer is a Legal office located in Pinheiros and it is specialized in many legal areas.
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