I have a question. I was going to do the Student Visa which would basically give me a little more time than a Tourist Visa. I have determined that a Permanent Visa may be in my best interest at this time. My question is this. It's my understanding that I must have a monthly minimum of $2,000.00 USD with the ability to transfer this money to a Brazilian bank. This is not a pension. I am a contractor that does some per diem work for companies here in the US. every month. Does the money have to be transferred every month to a Brazilian bank? Or do they just want to know that I have access to my US funds while I'm in Brazil? I'm supposed to provide confirmation from my financial institution that these funds can be transferred. Also, does this money have to be in the form of a pension? I don't get a pension but I am 61 years old and eligible in that sense based on my age. I have 2 dependents that I'm bringing with me, so it would be an additional $1,000.00 USD for each one of them every month. I have researched this information and could find only one article that states the funds do not have to be in the form of a pension only. I'm wondering if you have the answer to this.
Retirement Permanent Visa
Hello Mickey34,
Actually the rules for Permanência Definitiva com base em aposentadoria were changed somewhat by Resolução Normativa 95 (Aug. 10, 2011)
A retired individual WITH UP TO TWO DEPENDENTS may apply for permanency when they can prove the ability to transfer funds equal or superior to R$6000 in foreign currency to an existing account or one that will be set up in Brazil. At today's exchange rate this would be USD $1916.83.
The additional R$2000 (USD $638.94) per month actually only applies for each dependent IN EXCESS OF the initial 2 allowed.
So yes, the money must be transferred to a Brazilian bank each month, and as far as I can tell from reading the applicable resolutions there is a requirement that it actually be in the form of a pension because the wording of what I can find on the subject states that you must provide a Certificate of Retirement or a Declaration from the paying agency of the amount that can be transferred monthly, provided of course that your bank also confirms the ability to transfer that amount monthly. You would NOT be entitled to earn a Brazilian income with this kind of visa since it's based on RETIREMENT.
By dependents the legislation means spouse (who is financially dependent), unmarried children under the age of 21 years (who are financially dependent) or over 21 years (who are unable to provide for their own support). It is quite likely too that with this type of visa your dependents would also be unable to work and gain any kind of income in Brazil. They would need to convert their dependent status into their own VITEM-V Work Visa in this event.
Hope this helps you with your decision, despite the fact that it's probably not exactly the news you were hoping for.
Cheers,
James Expat-blog Experts Team
One thought, that comes to mind... if you actually have that kind of money presently in the bank, it's my guess that you could arrange some kind of SINGLE PAY ANNUITY either through the bank or an insurance company that would satisfy the requirement of "paying agency" in the legislation. Just a thought, something you could discuss with your bank manager or insurance broker.
Cheers,
James
Hi James,
That is very helpful and I thank you for your speedy response. However, you were correct regarding all the bureaucratic nonsense that exists in Brazil. It is amazing how the cards are really stacked against foreigners traveling to Brazil. In the US everyone is welcome (although similar type sanctions were imposed after 9/11) They come from all over the world and hundreds of thousands of them run straight to the Social Services offices and get the state to support them at the expense of the taxpayers here. Here I am trying to contribute to the Brazilian economy and they're putting up all sorts of roadblocks. I may just do a Tourist visa and stay 6 months there and 6 months here. I may decide not to travel there at all. It's a big world...and perhaps my money can be appreciated somewhere else where I don't feel so unwelcome. P.S. You can come from any country in the world and take a job away from an American citizen and it's just another day at the office.
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