Brazilian wealthy may be leaving

The current corruption scandal and contracting economy is making wealthy Brazilians think about leaving for good.

Latin America's biggest country, Brazil, is suffering from a social, economic and political crisis which is making its wealthy people think about leaving their home for good.

“There's a growing anxiety, pessimism and even despair amongst Brazilians now, and it's magnified by this idea that it's not clear when this crisis will end,” said to Quartz Robert Muggah, a research director at Instituto Igarape.

Brazilian president Dilma Rousseff is facing impeachment for corruption in her government. She is being accused of breaking budgetary laws before her re-election to cover budget shortfalls by allegedly using state banks funds.

The corruption scandal is topped with increasing violence. Brazil is one of the most murderous countries, according to the UNODC and  1 out of every 10 people killed are Brazilian.

But more worrying is the shrinking economy. According to Bloomberg, Brazil economy is estimated to contract 2.95% this year, following last year's 3,71% shrink. Also, the Real is 3.6 to 4 against US dollar, which is an improvement form last September 2.7 to 4 ratio.

This factors are making Brazil's wealthy think about leaving the country, although there are not official figures yet, real state agents, analysts and immigration experts say Brazilians are emigrating to the US Canada and even Israel.

The real state market in Miami, has changed from vacation houses to relocating properties for Brazilians which is the top foreign nation searching online for real estate in South Florida in the last year and a half.

Upper-middle classes according to the Miami Association of Realtors are the ones moving to Florida and they're spending an average of $587,700, despite the Real devaluation.

Genilde Guerra, an immigration attorney in Miami told Quartz she has seen an increase of around 30% in her Brazilian clients and that she believes "People who had no interest in the past are coming now, they don’t trust the government and they want safety and comfort for their children."

LatinAmerican Post

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