Legal Guide for Foreign Investors in Brazil - Apex-Brasil

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Legal Guide for Foreign Investors in Brazil - activities involving nuclear energy; - health services; - post office and telegraph services; and - the aerospace industry. (B) Limitations - Following the 1995 constitutional reform, Brazilian companies (even if foreign owned) may now acquire, operate and lease rural lands. However, acquisition of rural lands by foreigners residing in Brazil or by foreignbased corporate entities authorized to operate in Brazil is subject to certain conditions prescribed by law, and to congressional authorization. - Furthermore, for reasons of national security, certain limitations apply to the acquisition of properties by foreigners in border areas. Purchase of such lands is requires authorization from the General Secretariat of the National Security Council. - There are also some restrictions on the participation of foreign capital in financial institutions; however, these restrictions may be waived in the national interest. This matter is to be the subject of an enabling law Supplementary legislation that is likely to apply to insurance companies. - To operate public air transport services a concession is required. By law, such concession, are granted only to Brazilian corporate entities (meaning those incorporated and managed in Brazil), in which at least 80% of the voting capital is owned by Brazilians (this limitation which also applies in increases capital stock). Moreover, such companies must be under the management of Brazilians. Finally, foreign capital participation may not exceed the authorized limit of 20% of voting capital, and requires approval from the aeronautical authorities. - Some restrictions apply to foreign ownership and management of newspapers, magazines and other periodicals, and of radio and television networks. - Brazilian companies, even if under foreign control, may request and obtain Launching and orbital positioning of satellites, spacecraft, aircraft and related activities, not including manufacture or marketing of said items or accessories. Constitutional Amendment 36/02 of 28 May, 2002, changed provisions of article 222 of the Federal Constitution. Under the new wording, no less than 70% of total and voting capital of newspaper and radio broadcasting companies must belong, directly or indirectly, to native born Brazilians or those naturalized for over 10 years. Foreigners may hold no more than 30% of total and voting capital of such companies. Managerial and programming decisions must in the hands of native born Brazilians or those naturalized for over 10 years. 29
Legal Guide for Foreign Investors in Brazil permission to operate in the mining sector. - Law 9.074/95 states that the Concession Law (Law 8.987/95) applies to participation of private companies in the generation and transmission of electric power, and to the operation of customs posts and terminals, highways, and dams. There are no restrictions on foreign capital investments in such companies. 30
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Legal Guide for Foreign Investors in Brazil - Apex-Brasil

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