Foreign capital may freely enter Brazil and is not subject to prior approval by the government and there are no conditions in respect of the total amount of investment that can be made in Brazil, with a small number of exceptions:
Prohibitions:
Activities involving nuclear energy;
Healthcare services (unless an exception is expressly provided for by law);
Mail and telegraph services; and »» Aerospace (launch and deployment of satellites, vehicles, aircraft or the commercialization of these goods, but the prohibition does not apply to manufacturing or trading these goods).
Restrictions - in the following sectors, foreign capital may be subject to limitations or may require preauthorization from public authorities:
Acquisition or rental of rural property (may require authorization from the National Institute for Colonization and Agrarian Reform - INCRA4 or, in the case of large purchases, the National Congress);
Financial institutions;
Air transportation companies (the operation of passenger air transportation services is subject to concession – under current legislation a concession contract can only be awarded to Brazilian-registered companies in which at least 80% of the voting capital is in the hands of Brazilians – entry of foreign capital is capped at 20% of ordinary shares in the company);
Media, including television networks, magazines, newspapers and radio broadcasting stations (the government prevents foreign investment in the ownership and administration of media – legislation stipulates that at least 70% of the total capital of media companies must be owned directly or indirectly by Brazilians born in Brazil or naturalized for more than ten years); and
Mining sector.
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