There are various reasons why one would immigrate to a foreign country, including voluntary and involuntary circumstances. Historically, the United States has attracted the highest percentage of immigrants searching for employment and better living conditions. Today, more and more Americans are crossing borders to live as expatriates for work, school, family, relationships, adventure, investment and pleasure. The financial considerations of immigration are dependent upon the nation of destination. There are many factors that contribute to how much money you need in order to move to Brazil.
Reasons For Moving
Circumstances surrounding an immigration to Brazil directly affect the amount of money needed to immigrate. For immigrants with retirement intentions, the use of retirement funds should be viewed as they would be for retirement in the United States, though the cost of living in Brazil is significantly lower. The exchange rate between the U.S. dollar and the Brazilian real favors the dollar by a rate that fluctuates near 1 to 2.
Immigrants intending to earn a living in Brazil require much less money on initial entrance, though they must be wary of the exchange rate to dollars when earning in Brazilian real. Initial financial concerns include funds for property, rent and initial living expenses prior to the first paycheck earned.
Expenditures in Brazil
The cost of living in Brazil is significantly lower than in the United States when the currency exchange rate is considered. For foreigners seeking permanent residency and citizenship, the cost of health care drastically lessens compared to that in the United States. On the other hand, taxes on Brazilian citizens are higher in nearly all sectors than in the United States.
The real estate market in Brazil is severely underpriced, thus favoring foreigners. The average cost in dollars for an apartment in São Paulo is about one-fifth the cost of a similar apartment in London.
Moving to Brazil requires various legal actions and visas depending on the nature of the immigration. Those moving to Brazil without intentions of employment must meet a minimum requirement in savings. A permanent retirement visa requires that the applicant (above the age of 50) provide proof of a monthly transfer of $2,000. Residency visas for foreign investors require a minimum of $50,000 in investment in a Brazilian business.
Other immigrant visas based on marriage, family and work are subject to individual circumstances and do not have the same financial requirements.
The Brazilian economy is rapidly rising, with an annual GDP growth of 6 percent. Goldman Sachs has predicted Brazil will have the world's fifth-largest economy by 2050. Brazil is a beautiful and diverse country, and if one can overcome the linguistic barrier and cultural differences, then immigration is an economically sound option for foreign investors and for those moving with a plan. Unfortunately, there is no single price tag on living there, and circumstances vary for each individual.