Provisional Measure No. 1,137 of September 21, 2022 was published, which expanded the range of investments with zero income tax rate for non-residents in Brazil. 

Thus, as of January 1, 2023, foreigners who intend to invest in Brazil will now be exempt from paying IR on:

(i) income earned by quota holders from investments in infrastructure private equity funds and in intensive economic production in research, development and innovation;
(ii)  sovereign wealth funds, even if they are resident or domiciled in tax-favored countries;
(iii)  bonds or securities subject to public distribution, issued by private legal entities not classified as financial institutions; and
(iv)  credit rights investment funds, regulated by the Securities and Exchange Commission, whose originator or assignor of the credit rights portfolio is not a financial institution.