Paraguay has one of the cheapest and simplest paths to permanent residency in the world. Individuals must create a corporation in Paraguay with a minimal minimum capital of US$70,000 to qualify. This amount, on the other hand, can be invested over a ten-year period. There are alternative residence alternatives that do not need a financial investment.
If you want to gain a second residency in a South American country that can lead to citizenship, Paraguay could be an excellent choice.
Routes to Permanent Residency in Paraguay
There are several paths you can take to become a Paraguayan resident. You can select the ideal solution for you based on your nationality, needs, goals, and financial capabilities.
Investment Residency Program in Paraguay
If your place of nationality requires a visa for you to enter Paraguay, one of the easiest ways to gain Paraguay permanent residency is through the investment program.
The program provides permanent residence in exchange for an investment of at least $70,000, which you are not required to spend all at once but must establish in a business plan that your company will spend that amount over a 10-year period.
The valid activities for which the said amount can be spent in accordance with the conditions of the investment program include the purchase of real estate, the provision of services, and the engagement in commerce or agricultural land.
Permanent Residence permit based on Retirement
If you have a monthly retirement income of at least $1,022, you can retire in Paraguay as a path to permanent residency without regard to your age.
Residency based on Savings Account
If entering Paraguay requires a visa upon arrival or no visa at all for your home country, you can obtain Paraguay residency by depositing at least $4,500 in a Paraguay bank.
How to Apply for Permanent Residency in Paraguay
Determine eligibility: Determine whether you meet the requirements for permanent residence, such as being 18 years old or older, having no criminal record, and having enough financial means to maintain yourself in Paraguay.
These are the next steps:
- Select a residency program: Paraguay has a variety of programs for obtaining permanent residency, including investment, retirement, and work programs. Choose the one that best meets your demands and budget.
- Gather required documents: To support your residency application, you will need to produce numerous documents, including a passport, birth certificate, police clearance certificate, and proof of financial means.
- Apply for residency: You can apply for residency through the Paraguayan embassy or consulate in your home country, or through a Paraguayan immigration lawyer.
- Wait for approval: After submitting your application, you will have to wait for a decision on your residency. Processing times may differ.
- Move to Paraguay: If your residency application is approved, you can move to Paraguay. You must register with the authorities and receive a residency card.
Maintain residence: To keep your permanent residency, you must follow the terms of your residency program, such as earning a particular amount of money, spending a specific number of days per year in Paraguay, and renewing your residency card every two years.
The Advantages of Obtaining Permanent Residency and Citizenship in Paraguay
If you are looking for second citizenship in South America, Paraguay, which is bordered by Argentina, Bolivia, and Brazil, is one of the simplest and cheapest possibilities.
It is famously known as the “Heart of South America,” due to its central location on the continent.
Because of its diversified topography and friendly climate, Paraguay is a chill country with endless tourism opportunities.
The country’s rich history and folk art that adorns the towns contribute to its enchantment, and it welcomes all nationalities, particularly foreign investors and businesspeople, to become tax residents.
Here are some of the advantages of relocating to Paraguay:
- You can live, work, and study in Paraguay with Paraguayan residency.
- You do not have to physically dwell there to keep your permanent resident status. You only need to visit the country every three years, and there is no requirement to renew your status.
- You can obtain Paraguayan citizenship with a small bank deposit, and the country does not tax income earned abroad.
- If you are a Paraguayan citizen, you can travel to the United Kingdom (UK), European Union (EU), and Ireland without a visa.
- Paraguay is a member of the Mercado Común del Sur (MERCOSUR), which allows you to travel throughout South America without a visa.
- Paraguay’s GDP growth rate is among the highest in the world.
Requirements for Permanent Residency in Paraguay
Because of its low standards, Paraguay is one of the easiest countries to obtain permanent residency in. In this article you can read more about the changes in the Paraguay residency program in the last year, how to obtain a permanent residence permit, the documents needed, the processing period, and the validity of the residency.
