Intrinsic to the concept of nation branding is its ability to contribute to a country’s prosperity, since its benefits include the possibility of attracting investment and the opportunity to leverage its participation in the international market through a solid country brand. In this context, nation branding stands out in Latin American countries seeking to diversify their economies in a scenario of regional and global competitiveness in the areas of exports, governance, tourism, culture, heritage and people. Through a literature review of the concepts of nation branding and country branding, combined with documentary research into contemporary practices, international place-brand rankings and brand programmes adopted by Latin American states, the aim of this paper is to discuss the challenges of managing and positioning the Brazil Brand, presenting results that explore initiatives capable of contributing to the country’s image and reputation, as well as recovering its brand value, which has deteriorated over the years.