Non Resident Investors (INRs) are individuals or legal entities, including funds or other collective investment entities, residing, headquartered or domiciled abroad and investing in Brazil.

CMN Resolution No. 4,373/14 governs the application of INRs in Brazil in the country's financial and capital markets. Still, according to art. 4 of the same regulation, such investors are subject to prior registration with the CVM.

Accordingly, ICVM 560/17 is the standard that deals with the registration of these investors with the municipality, and its article 10 provides that the representative of a non-resident investor must be a financial institution or an institution authorized to operate by the Central Bank.