Buying Property in Brazil
Brazil offers something sure to fancy any style. Visit during the famous Carnival festival if you're a culture buff. True adventurers will love zip-lining over the rainforest canopy or the jaw-dropping climb of Corcovado mountain ending at Christ the Redeemer. While yogis and sun-bathers are sure to tap into their inner tranquility on a sandy stretch like Ipanema. Spend your evenings in a local boteco over good food, conversation and a football match. This only names a few of the endless attractions. Brazil is on the rise in many ways, particularly as a top tourism and relocation destination, can you see why?
Brazil is an inviting place for foreigners to set roots through the purchase of property, whether full time or for a vacation home, options are plentiful in this friendly paradise. Take a visit or two if you can to embrace the vibes and confirm whether or not you envision yourself living in this former Portuguese colony. If yes, in which area? Here we have gathered some information to guide your journey towards permanency in Terra do Brasil.
The Brazilian Property Buying Process
Buying real estate in urban Brazil is a relatively secure investment. Brazil has a safe and organized property registration system and a well-developed real estate market.
Many investors choose Brazil for potential capital growth rather than rental yield. Brazil welcomes some 1 million tourists per year, a thriving industry since the Ministry of Tourism was created in 2005 to promote the country.
Are you looking to build new, or buy an existing property? This decision in Brazil really comes down to location. If you want a home in the city, a resale property makes more sense because the good plots were all snapped up ages ago. Serviced apartments have become popular in urban areas since buyers and their tenants can enjoy hotel services within the privacy of their own home. If you buy in city, confirm the property location is in a safe area. New homes are more common on the coast where two-thirds of Brazilians live. Up-to-date housing developments balance out the existing hotels and local amenities, making them an attractive option for short-term rentals. Willing to look further inland? You may find building your own home a good option, as both land and labor come with reasonable price tags.
Compared to prices in other markets, the affordability of Brazilian real estate may come as a surprise. Your budget will take your farther than it would in Europe or North America. All markets, even desirable housing markets with top addresses in Sao Paolo, Rio de Janeiro are open to foreign purchase and investment.
Who Can Buy Property in Brazil
Foreign individuals and nonresidents may invest in both urban and rural properties in Brazil, either through direct ownership from abroad, or through resident companies or partnerships. A tax registration number from the Cadastro de Pessoa Fisica (CPF) is required to purchase.
Key restrictions apply to purchases of rural property. Foreign nationals may purchase rural properties directly from abroad only if they emigrate to Brazil within three years from the date of purchase. Rural properties purchased by foreign companies must be used for the implementation of agricultural, industrial, or housing projects. These activities must be integral to the purpose and mission of the company.
Brazilian Architecture is becoming more ubiquitous throughout the Country