Reports out this morning from the Associated Press say that David Neeleman, founder of JetBlue, is planning start a new Brazilian airline and is in negotiations with Brazil’s Embraer plane maker to buy 36 mid-range jets.

The report originated with the O Estado de S. Paulo newspaper.

According to the publication, Neeleman has already lined up $200 million for the venture.

The newspaper, citing sources close to the deal, said Neeleman has already bought a small Brazilian airline named Cheta with government authorization to operate in Latin America’s largest nation.

And folks, here’s the kicker to the story.

Because Neeleman holds both American and Brazilian citizenship, he would be able to overcome a major hurdle: A requirement that only 20% of Brazilian airlines can be owned by foreigners or foreign companies.

Interesting, eh?