Analysis
Four routes, eighteen attributes, one table
The differences that matter are rarely the headline thresholds. They are the ongoing obligations, the rejection risk and how much of the capital you can ever get back.
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| Attribute | Technology & InnovationR$150,000 | Business InvestmentR$500,000 | Executive / DirectorR$600,000 | Real EstateR$1,000,000 |
|---|---|---|---|---|
| Minimum qualifying capitalCapital | R$150,000 | R$500,000 | R$600,000 per executive, or R$150,000 with a job commitment | R$1,000,000 — R$700,000 in the North and Northeast |
| Legal basisCapital | Resolução Normativa CNIg nº 13/2017, art. 3 | Resolução Normativa CNIg nº 13/2017 | Resolução Normativa CNIg nº 11/2017 | Resolução Normativa CNIg nº 36/2018 |
| Form the capital takesCapital | Paid-in capital plus an innovation plan | Paid-in capital of a Brazilian LTDA | Paid-in capital of the Brazilian entity that appoints you | Registered urban property in your name |
| Is the investment recoverableCapital | Partly — recoverable only through the business | Partly — recoverable only through the business | Partly — through the entity, not personally | Yes — an asset that can be sold, subject to capital gains |
| Capital maintenance periodObligations | Two to three years | Two to three years | For the duration of the appointment | No fixed period, but disposal before naturalisation invites review |
| Aggregation of multiple assetsCapital | Single entity | Single entity | Single entity | Permitted across several registered properties |
| Typical total timelineProcess | 11–14 months | 10–13 months | 9–12 months | 8–11 months |
| Business plan requiredProcess | Yes, an innovation plan assessed closely | Yes, assessed on substance | Yes, where the R$150,000 job-commitment variant is used | No |
| Job creation expectationObligations | Not fixed; substance of the venture governs | Approximately ten roles, applied flexibly | Ten roles within two years on the R$150,000 variant | None |
| Ongoing accounting burdenObligations | High — plus reporting against the innovation plan | High — payroll, monthly filings, annual accounts | High — corporate filings and payroll for the entity | Low — IPTU, condominium, annual declaration |
| Physical presence required to qualifyProcess | Biometrics in person, plus credible active management | Biometrics in person; director acts may require attendance | Genuine and exercised presence in the role | Biometrics in person; the rest can proceed by power of attorney |
| Family inclusionProcess | Spouse and dependants included | Spouse and dependants included | Spouse and dependants included | Spouse and dependants included on the principal application |
| Rejection riskRisk | Highest of the four routes | Moderate — plan substance is the usual failure point | Moderate — the appointment must be genuine | Low, where title and funds are clean |
| Most common failure modeRisk | No demonstrable innovation, or absentee management | A plan that reads as a residency vehicle rather than a business | A nominal appointment with no exercised authority | Registration not completed, or a defective matrícula |
| Sensitivity to source-of-funds scrutinyRisk | High — smaller sums attract closer questioning, not less | High — capital registration is examined | High — corporate and personal chains must both hold | High — the notary and the registry both examine the chain |
| Suits the applicant whoProcess | Is building a genuine technology venture at low cost | Intends to trade in Brazil and employ people | Is being posted or appointed by an existing group | Wants an asset, not an operation |
| Path to naturalisationObligations | Four years of permanent residency | Four years of permanent residency | Four years of permanent residency | Four years of permanent residency |
| Language requirement to enterProcess | None to enter; Portuguese required at naturalisation | None to enter; Portuguese required at naturalisation | None to enter; Portuguese required at naturalisation | None to enter; Portuguese required at naturalisation |