Brazil, The Paradise of Thousands of Foreign Executives
In the first trimester of this year alone, 15,000 work visas have been issued, 40% more than in 2010.
El País: Brasil, el paraíso de miles de ejecutivos extranjeros
Juan Arias reporting from Rio de Janeiro, May 2, 2011
Lack of employment in the old developed world and the enormous shortage of specialized labor in Brazil, combined with the country’s dramatic economic development, is converting the South American nation into a mecca for thousands of important executives from foreign businesses.
In the first trimester of this year alone, 15,000 visas have been issued for high-ranking executives of rich countries who are establishing themselves in Brazil because of the crisis, with the extenuating circumstance that they can make up to 30% more money here than they would in their countries of origin for doing the same work.
Close to 70% of big Brazilian businesses complain of a shortage of specialized laborers and experienced and educated executives, hence the ease with which foreign workers can establish themselves in the country.
“I decided to come to Brazil for the challenge the change would give me, for the opportunities offered to me here, for the moment of growth that the country is living through, and for the interest I have in this culture. For the last two years, it has been more difficult to find a good job in the United States than here,” said American Lucas Kart in the newspaper O Globo; he is a consultant in North American Law at the Manhães Moreira Lawyers Association in Sâo Paulo.
In addition to receiving salaries up to 30% higher than they would in Europe or the United States, the executives that come to work here think the real is in a better position than the dollar, and they would rather be paid in Brazilian reais than their own national currencies.
In 2010, 50,006 top executives were authorized to work in Brazil. The oil and gas sectors attract the most foreign executives on account of the great possibilities to exploit and extract petroleum from the large deposits discovered in the country.
Of course, interest in foreign executives extends to other fields, as well, such as sanitation and construction of general infrastructure in a country that has a shortage of over eight million homes, that is only now starting to build high-speed trains, and where the 2014 World Cup and 2016 Olympics offer enormous possibilities for highly specialized labor. “Today’s world is global. Brazil is growing, and I don’t want to lose this opportunity,” declared the Australian Micchael Connolli, who has been contracted as a Manager of Investor Relations with Wilson Sons in Rio, a business which acts in the port and maritime sectors as well as overland logistics.