Many international entrepreneurs rely on sophisticated wealth-holding arrangements such as trusts established in fiduciary jurisdictions (Channel Islands, BVI, Bahamas, Cayman, among others) combined with offshore companies to protect assets, plan succession, or achieve tax efficiency. Although legitimate and widely accepted in global markets, these structures pose a significant challenge when the individual decides to invest in Brazil, assume management of a Brazilian company, or apply for a business-related immigration status (investor, administrator, technical, or intra-company transfer visas).
The core issue is that the Brazilian migration system operates under a logic of absolute transparency. When an applicant’s corporate or patrimonial structure is opaque, even if lawful, the immigration process effectively becomes a documentary compliance review. This mismatch between patrimonial sophistication and documentary requirements is the root cause of most requests for clarification (exigências) and visa denials.
In Brazil, this transparency requirement is reinforced by Brazilian Federal Revenue Normative Instruction No. 2,119/2022, which governs the identification of the ultimate beneficial owner for CNPJ registration. If the ownership chain includes a trust, it is common for authorities to require complete and uninterrupted documentation demonstrating how the trustee’s legal control relates to the beneficiary’s economic control, and how this translates into the intended investment. A lack of clarity can result in pending CNPJ registration, additional compliance requests, and denial of the business visa, an outcome that could usually be avoided through proper document organization.
When fiduciary structures are involved, immigration authorities tend to request more detailed documentation. The full Trust Deed is typically indispensable, as summary extracts rarely provide sufficient information regarding powers, limitations, and fiduciary duties. The Letter of Wishes, although not legally binding, helps to clarify the settlor’s original intent. Authorities may also require updated corporate certificates for the offshore company, registers of directors and shareholders, and banking documentation demonstrating the origin and movement of funds leading to the capital contribution in Brazil. In many cases, applicants must provide a complete documentary chain linking the investment to the trust structure (trust → offshore → Brazilian company), with no gaps. When this material is not ready, the process is delayed, and the investment may be put on hold.
Another frequent source of scrutiny is the difficulty in establishing who exercises “effective control” over the operation. In a trust, the beneficiary does not formally control the assets; the trustee holds legal title without economic interest; and the protector, when appointed, exercises limited oversight. This fragmentation often creates an appearance of opacity, prompting the consulate or Federal Police to question whether the visa applicant truly holds the legitimacy to manage the company, move funds, or assume operational responsibility in Brazil. This is precisely where specialized legal guidance prevents friction: by explaining the fiduciary model, organizing the required documents, and anticipating the questions that will inevitably arise.
Furthermore, offshore structures are categorized under international compliance protocols as higher-sensitivity operations. This does not imply irregularity, but it does require enhanced proof of the origin of funds, the investor’s financial capacity, and the consistency between declared income and the amount invested. When these elements are not fully clarified, authorities may raise concerns about tax evasion, asset concealment, or inconsistencies across jurisdictions, issues that invariably lead to additional requirements. For many entrepreneurs, the visa process becomes the first time their global patrimonial structure undergoes detailed external scrutiny.
Despite these challenges, the overall scenario is far from negative. With strategic preparation, thorough documentation, and a clear understanding of immigration requirements, a safe and successful process is entirely achievable. In some cases, the solution is to temporarily simplify the corporate structure for immigration purposes; in others, it is to prepare a robust evidentiary package explaining the internal logic of the fiduciary arrangement. Often, what determines approval is not the complexity itself, but the applicant’s ability to present it with clarity.
For this reason, entrepreneurs who utilize trusts or offshore companies and intend to invest in Brazil or apply for a business visa benefit greatly from specialized legal guidance, preferably before initiating the immigration process. Adjusting the business plan, preparing beneficial-ownership documentation, mapping the flow of funds, and anticipating the authorities’ requests significantly reduces delays and ensures that the investment proceeds without unforeseen obstacles.
If you or your company operate through fiduciary structures and wish to move forward with an immigration process or invest in Brazil, a preliminary assessment is highly advisable. A technical review conducted by professionals experienced in business visas and international compliance is often decisive in transforming structural complexity into legal certainty. Our firm is available to provide guidance, review your documents, and develop immigration strategies aligned with each client’s patrimonial reality, always with the clarity and predictability that international procedures demand.
André L. C. Delziovo
