BRAZIL Trends and Developments Contributed by: Marcelo Mello and Bruna Toniolo, Nantes Mello Advogados
As of the second quarter of 2025, the Selic is peaking at 15% (Brazil, BCB, Focus). Higher domestic interest rates make local financing more expensive and reduce the competitiveness of Brazil-based banks in offering structured debt solutions for aviation clients. This, in turn, reinforces the need for cross-border financings involving international institutions, export credit agen - cies (ECA), and lessor-led structures – all of which must contend with Brazil’s layered tax and regulatory complexities. While financing backed by the state development bank, Banco Nacional de Desenvolvimento Econômi- co e Social (BNDES), does not match the volume of pre-pandemic levels, its strategic targeting – includ - ing lower interest rates for green or regional projects – makes it a useful instrument in the broader policy toolkit aimed at strengthening Brazil’s domestic avia - tion footprint. BNDES and government-backed support for fleet renewal BNDES has maintained its role as a strategic financier of the Brazilian aviation sector, particularly in support - ing regional connectivity and domestic fleet develop - ment. In 2024, BNDES continued to underwrite lines of credit and guarantee programmes for the acqui - sition and modernisation of aircraft, with a focus on Brazilian-made Embraer models and regional routes underserved by larger carriers which is expected to carry on into 2025 ( Agência BNDES de Notícias ). While BNDES-backed financing does not match the volume of pre-pandemic levels, its strategic targeting – including lower interest rates for green or regional projects – makes it a useful instrument in the broader policy toolkit aimed at strengthening Brazil’s domestic aviation footprint. Regulatory landscape: ANAC and international alignment ANAC modernisation and E-signature reforms ANAC has significantly advanced its digital transfor - mation strategy, streamlining regulatory processes and enhancing efficiency for stakeholders in the avia - tion and leasing sectors. Since January 2023, regis - tration in the Sistema Eletrônico de Informações (SEI) has been mandatory for submitting requests via the
agency’s civil aviation portal. In 2024, ANAC deep - ened this modernisation through key reforms, includ - ing mandatory authentication through a governmental platform, further legal recognition of electronic sig - natures, and the launch of a comprehensive Super App developed with Serpro. Initially focused on pri - vate pilots, the app will gradually expand to other civil aviation professionals in modular phases. These reforms have enabled the digital submission and authentication of critical documents – such as lease agreements, aircraft bills of sale, and powers of attorney – without the need for notarisation or physi - cal handling, streamlining operations for international lessors and airlines. Reinforcing this strategy, ANAC signed a technical co-operation agreement in 2025 to launch the start-up Gov.Br ANAC Segura, aimed at strengthening cybersecurity and accelerating the agency’s privacy and information security programme, ensuring that its expanding digital ecosystem remains resilient and secure (Brazil, ANAC). Improving local law enforcement and repossession protocols Brazil’s aircraft registry has become more user-friendly and transparent, largely due to ANAC’s embrace of digital tools. While repossession enforcement in Bra - zil remains procedurally complex, especially in the context of in-court recovery ( recuperação judicial ) proceedings, recent court decisions ( Vallair Solutions SARL v Connect Linhas Aéreas ) have demonstrated that Cape Town Convention mechanisms can be effectively invoked when paired with careful structur - ing and pre-litigation planning. Together with ANAC now recognising requests for deregistration based solely on valid IDERA submissions in accordance with Brazil’s declaration under the Cape Town Convention, this demonstrates a growing willingness to respect IDERA appointments and lessor claims, particularly where documentation is thorough and aligned with international best practices. Deregulation and digital systems In addition to digitisation, ANAC has eliminated sev - eral regulatory bottlenecks in 2024 and early 2025 (ANAC, Portaria 13.938). For instance, it has sus - pended the need for notarised translations for cer - tain routine filings, while simultaneously implementing
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