Considering permanent residence in Paraguay? Explore the advantages, financial requirements, and process details for obtaining permanent residence in this South American destination.
Would you like to have a second home? Most people who look at the number of current hot spots on the world map start looking for safe destinations where they can easily acquire a passport to relocate in case of need, and Paraguay is one of these. You will have no difficulty obtaining a residence permit here, and you will be able to exchange it for a local passport in just a few years. You will only have to meet certain financial requirements that we will discuss below – and you will have an opportunity to move to a new country legally (not as a hostage or in any other status).
For more information, please visit our portal where you will be able to read a more detailed article on Paraguay permanent residence and find other articles on this country and other popular destinations that offer residence- and citizenship-by-investment programs. Get in touch with our expert for a free session to discuss your situation and get professional advice. You may have your doubts about Paraguay, and we will help you discover how grounded they are. And if you need assistance, we will help you obtain a residence permit in Paraguay without much hassle at a competitive fee. Click on the link to talk to us!
Permanent Residence in Paraguay: Advantages
Let’s look at the main takeaways of obtaining permanent residence in Paraguay:
- Quick permanent residence. If you make a deposit with a local bank, your application will be considered quite quickly. First of all, you will have to spend about a week on administrative procedures, and then you can relax and wait. The local immigration authorities will consider your application and respond within five to six months. The good news is that you can live in the country during this time without any restrictions! As soon as the approval is in the bag, you will receive a Permanent Residence card. Paraguay is one of the few countries that does not bother with any temporary residence permits and provides the right to permanent residence straight away.
- Business in South America. Paraguay is a very business-friendly country, and you will be happy to discover that there are very few administrative barriers here. The industry that receives the most support and incentives is agriculture, one of the pillars of the local economy, with the mining industry coming second. Mind that non-residents cannot start a business in Paraguay.
- Ease of real estate acquisition. If you want to purchase local real estate (including farmland), it will be much easier to do so if you have the right to permanent residence as foreign nationals have a lot more administrative barriers to overcome before they do so.
- Tax optimization. The tax rates in Paraguay are lower than in other Latin American states: tax residents are not taxed on their global income, while the local income comes at 10%.
- Obtaining a local passport. As we have mentioned above, you will acquire a Paraguayan passport in a matter of several years, and it will give you the right to travel to many countries without a visa, use international banking services, and invest in profitable projects.
Restrictions on Countries
Please get in touch with our experts to make sure you are eligible. There are no official restrictions, but you may have more difficulty obtaining the right to residence if you come from certain African, Arabic, or Asian countries.
The Paraguayan residence by investment costs 28 million Guarani (about 5,000 US dollars depending on the daily rate). If you are a married couple, you will only have to contribute this amount. Otherwise, each family member is liable for 5,000 US dollars to qualify.
We recommend bringing cash (there are no restrictions if the amount does not exceed 10,000 US dollars) as ATMs have withdrawal limits and traveler’s checks are not that easy to cash.
The amount is credited to a fixed deposit account, and you will not be able to withdraw the amount until you get the residence card. The account is required to be opened with Banco de Fomento, and this is the easiest way to obtain the local residence permit.
You will need a local lawyer to handle your case, and the fee payable is about 5,000 US dollars. Be prepared to spend a few hundred dollars more on things like translation and notarization of documents, state duties, and so on.
There are three stages in the process of Paraguayan residence acquisition, and you can make your payment in three installments:
- You will need to make an advanced payment one week before you visit the country,
- The next amount is payable in Asuncion, the capital of Paraguay, before you submit the application documents to the immigration authorities.
- As soon as the procedure seems to be successfully completed, you will need to make the final payment.
Let’s look at the documents you will need to file with the local immigration office. Mind that the precise list may differ depending on your nationality and the dependents you include in the application, so it is better to contact our specialist to clarify the details. You will need to visit the country as there is no way of obtaining a Paraguayan residence permit remotely. The following documents will be required:
- Birth Certificate (containing the names of both parents).
- No conviction certificate (for all applicants above 14, issued ten weeks before submission at the most).
- Marriage (Divorce) Certificate (if this applies to you).
- Birth/Education certificates for children under 18.
- Naturalization certificates if you have dual citizenship.
- Proof of the legal source of income. There are many forms in which this document may be obtained, and you can contact our lawyer if you need advice.
- An entry visa (if applicable). There are many countries whose citizens do not need a visa to Paraguay or can get a visa upon arrival. You can find out yourself or seek our help if you are not sure. And if you need a visa, please be sure to get it ten days before you travel to Asuncion. You will also have to plan the dates of your arrival with the local lawyers.
Interested in relocation to Paraguay? Please get in touch with us to make sure this is the right choice in your case and obtain all the advice you need – or simply click on the link to read more!