However, they were all returned to leasing companies less than two years after being put into operation, due to the "Samba Effect", a financial crisis that affected Brazil in 1999 and resulted in a strong devaluation of the real, the national currency.

[8] On April 4, 2002, due to financial difficulties, Passaredo announced the suspension of all its flights with immediate effect for an indefinite period, grounding its fleet made up solely of the two Embraer aircraft acquired in 1997.

In 2008, Passaredo revealed its new visual identity and an ambitious route and fleet expansion plan,[11] announcing the acquisition of five Embraer ERJ-145, with a capacity for 50 seats.

[12] In 2009, Passaredo opened new routes to Rio de Janeiro, São Paulo, Porto Alegre, Palmas, Bauru, Marília, Barreiras, Presidente Prudente, Goiânia[13] and Recife.

On April 29, 2011, it retired the last three EMB-120 turboprops,[15] but stopped flying to Marília, Bauru and Presidente Prudente, claiming that the ERJ-145s were too large for the demand on these routes.

After filed for bankruptcy protection, the airline decided to begin the retirement of its fleet of Embraer regional jets due to the high cost of operation and maintenance, standardizing its fleet with ATR 72 turboprops, which in addition to being more economical, have a greater seating capacity and are suitable for operations at airports with limited infrastructure.

[27] In June 2019, GOL Linhas Aéreas and Passaredo expanded their commercial relationship through a Capacity Purchase Agreement (CPA), with the airline operating regional flights on behalf of GOL, initially connecting the hub at Brasília International Airport with São José do Rio Preto, Araguaína and Barreiras.

[39] On September 20, 2023, tour operator CVC announced an exclusive partnership with VOEPASS Linhas Aéreas to launch exclusive flights from Belo Horizonte/Confins, Uberlândia, Rio de Janeiro/Santos Dumont, São José do Rio Preto, Bauru, Vitória and Brasília, mainly heading to destinations in the Northeast region, such as Porto Seguro, Ilhéus and Ilha de Comandatuba, in addition to Caldas Novas, the largest hydro-thermal resort in the world.

[40] On February 21, 2024, it announced the launch of six new destinations from March 31, namely Cascavel, Caxias do Sul, Florianópolis, Maringá, Presidente Prudente and Rio Verde.

The acquisition announcement, according to the newspaper, would be made by the two airlines during a Brazilian government event to launch a regional aviation incentive program.

[43][44] Details about the operation later emerged; according to the documents sent to CADE, VOEPASS Linhas Aéreas will exchange ten pairs of airport slot (landing and takeoff times) at Congonhas Airport, in São Paulo, during peak hours, for ten pairs of LATAM Airlines slots at the same terminal, however, at less busy times.

As a result, it began a restructuring process throughout its operational structure, from the reformulation of the flight network and the suspension of destinations, to the change of executives.

[48] On November 7, 2024, VOEPASS suspended the sale of tickets to its own destinations through its website, launching a new route network that only includes destinations sold exclusively by LATAM Airlines through a Capacity Purchase Agreement (CPA), in addition to its contract for the transportation of employees of the state-owned company Petrobras in the state of Amazonas.