GF,
You are correct. No foreigners can work flying a brazilian tail number due to brazilian laws and regulations. We had cases here that several brazilian owners had N tail airplanes, but even in those cases, they hired brazilians to fly it.
General aviation is very, very active and it's the second helicopter fleet in the world, switching positions in this second place with Mexico, once in a while. The local manufacturer, Embraer, sold more than 130 Phenoms 100, 300 and Legacys 600 and 650s here. Salaries are even better than USA, but the cost of living is higher as well. Cessna, Bombardier and Gulstream also have a good market here.
The only way to bite this cake is to be brazilian or naturalized.
All the best,
Sydy