If you have Brazilian CPF number (usually held by Brazilian citizens or Brazilian Permanent Residents) you can open an account at a Brazilian Broker (Corretora). As far as options for those without a CPF, I did ask Interactive Brokers if they have plans to add Bovespa stocks and the Brazilian Real currency to their offerings. They said they have plans to add them but didn't have an estimated date of when they would be added. Brazil's government has some isolationist policies, restrictions on transferring money, etc, so I wouldn't hold my breath waiting for IB to add them.
It's no big deal to buy Petrobras in Madrid for example, but as far as I understand, that implies the same currency risk as in ADRs. For a simple buy and hold, I'd like to have a way to hedge this other than a full globex future.