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Exhibit 8.1

Subsidiaries of Azul S.A.

The following chart lists each of our subsidiaries which we owned, directly or indirectly, as of December 31, 2020:

Entities						Country of incorporation
Azul Linhas Aéreas Brasileiras S.A. (ALAB)						Brazil
TwoTaxi Aéreo Ltda. (Azul Conecta) (a)						Brazil
ATS Viagens e Turismo Ltda.						Brazil
Cruzeiro Participações S.A						Brazil
Azul Investments LLP						USA
Azul SOL LLC						USA
Azul Finance LLC						USA
Azul Finance 2 LLC						USA
Blue Sabiá LLC						USA
Canela Investments LLC (Canela)						USA
Canela Turbo Three LLC						USA
Azul Saíra LLC (b)						USA
TudoAzul S.A.						Brazil

(a)Subsidiary acquired on May 14, 2020.

(b)Subsidiary incorporated on December 7, 2020.