Paraguay
The world is full of investment migration programs to choose from, but one destination with the simplest and most affordable program is usually unrepresented in the media, and that is none other than Paraguay.
Paraguay has two different active investment residency programs that are extremely easy to qualify for, have very quick processing times, and boast a simplistic route toward permanent residency and citizenship.
The simplicity of the Paraguayan programs is complimented by the nation’s allure, making it a perfect destination for investors to consider when looking to safeguard themselves, their families, and their wealth.
Why Paraguay?
Amidst the verdant landscapes and vibrant culture of South America lies Paraguay, a nation that beckons investors and adventurers alike with its untapped potential and unparalleled opportunities. While its allure might not be as widely known as some of its Latin American counterparts, those in the know recognize the astounding assets that make it a captivating residency destination for various reasons, among them:
A Land of Abundance
The nation’s fertile lands and favorable climate have nurtured a thriving agricultural sector, making Paraguay the world’s 5th largest exporter of beef. It plays a vital role in ensuring food security and contributing to the global food supply chain. Moreover, Paraguay’s agribusiness sector is experiencing steady growth, attracting investors looking to capitalize on the rising global demand for agricultural products
Economic Stability and Investor-Friendly Environment
Paraguay’s economy stands on solid ground, marked by stability and favorable conditions for investors. It operates without exchange or currency controls, providing a seamless environment for international trade and investments. With a low corporate tax rate of 10% and no tax on worldwide income, Paraguay’s tax system lures savvy investors seeking financial freedom and growth opportunities.
Mercosur Membership
As a member of the Southern Common Market (Mercosur), Paraguay enjoys enhanced regional trade opportunities. Mercosur, a regional economic bloc, facilitates free trade among its member states, which include Argentina, Brazil, Uruguay, and Paraguay. This membership opens doors to a vast market of over 290 million people, providing investors with access to a thriving consumer base.
Investment in Infrastructure
Paraguay is strategically investing in its infrastructure to support economic growth and attract foreign investors. From modernizing its transportation networks to expanding its telecommunication capabilities, the country is positioning itself for sustained development and prosperity.
Low Cost Of Living
Paraguay offers a significant advantage with its remarkably low cost of living, making it an attractive destination for expatriates and investors seeking affordability and a high standard of living. Compared to major cities in Europe and North America, Paraguay’s cost of living index is about 76% lower, allowing residents to enjoy more affordable housing, transportation, groceries, and dining experiences. The country’s real estate prices are also notably attractive, creating favorable investment opportunities. Moreover, Paraguay’s warm and welcoming culture, strategic location within the Mercosur trade bloc, pleasant climate, stable political system, and well-established infrastructure make it an appealing choice for those looking for a secure and prosperous future.
Mercantile and Financial Privacy
Paraguay offers a discreet financial environment, with no Common Reporting Standard (CRS) reporting on bank or brokerage deposits. This commitment to financial privacy makes it an appealing destination for those seeking to protect their assets and investments.
Progressive GDP Growth
Paraguay’s economy has been experiencing steady growth, with its GDP expanding at an average annual rate of 4.5% in recent years. This robust economic performance reflects the nation’s resilience and commitment to progress, making it a promising investment hub in South America.
Investing in Education and Healthcare
Paraguay places a strong emphasis on education and healthcare, bolstering its human capital for a brighter future. The government has been investing in improving its education system, ensuring its citizens have access to quality education, and fostering a skilled workforce. Additionally, the country is continually working to enhance its healthcare services, promoting better living standards and well-being.
Resilient Infrastructure
Paraguay’s infrastructure development has been a cornerstone of its economic growth. The nation is actively modernizing its roads, bridges, and ports to facilitate smoother transportation and trade. Moreover, Paraguay’s ambitious efforts in information technology and telecommunications are creating an environment conducive to business expansion and innovation.
Blessed by Nature's Bounty
The pleasant climate of Paraguay provides a year-round advantage, welcoming residents and investors with its temperate weather. The nation’s abundant freshwater reserves and fertile soil contribute to its status as a major food producer, ensuring self-sufficiency and contributing to global food security.
Cultural Richness
Beyond its economic prowess, Paraguay boasts a cultural tapestry woven from diverse influences. Its heritage is a fusion of indigenous traditions, Spanish colonial influences, and vibrant modernity. The country’s celebrations, arts, and music are a reflection of its unique identity, offering residents a rich cultural experience.
How To Get a Residency In Paraguay?
There are two routes to obtaining residency in Portugal:
Temporary Residence That Leads To Permanent Residence (Traditional Route)
The most common path to securing residency in Paraguay involves a two-year temporary residency, followed by the possibility of obtaining permanent residency.
This route comes with a minimal investment requirement, making it accessible to individuals and families seeking to make Paraguay their home.
To initiate the process, aspiring residents can visit Paraguay and apply for residence by signing a declaration. This declaration should demonstrate their intention to either pursue a profession, start a business, or possess sufficient financial resources to sustain themselves in the country without engaging in formal work.
There is no set minimum investment requirement for a business, as the investor must only state their intention and can invest as much money as they see fit. This flexibility is what makes this route so popular. Investors must set up their business or practice during their residency period to ensure that they can qualify for permanent residency once their temporary one expires.
In 2022, Paraguay removed the requirement to deposit $5,000 into a bank account to qualify for this residence permit, but it is important to note that applicants will need to prove they have sufficient funds to maintain themselves within Paraguay for the duration of the visa, this amount will depend on the number of family members included in the application, however, as Paraguay has a very low cost of living the amounts are very affordable.
The processing time is also virtually instantaneous, as investors receive their first residence permit as soon as they apply. They can use this short-term residence permit to relocate to Paraguay until the temporary two-year residence permit is issued.
To apply, an investor must collect the required documents from their home country and any other country they reside in. The list of documents is fairly straightforward, including easy-to-get documents like IDs, passport copies, family books, proof of address, residency permits, birth certificates, and police clearances.
Once these documents are in hand, applicants can swiftly kickstart the residence application process through NTL Trust, who will handle the process at the Dirección Nacional de Migraciones (National Immigration Office) in Asuncion on your behalf.
Upon filing their applications, investors are issued a “Precarious Residence Card” (Carnet de Residencia Precaria). This card grants a 90-day residence permit that cannot be renewed.
It allows applicants to reside in Paraguay while their temporary residence permit applications are being processed. During this period.
During those 90 days, investors have the right to stay in Paraguay and can pursue meaningful activities such as setting up their company or practice, opening a bank account, and renting or purchasing a home.
Typically, the Paraguayan authorities grant the temporary residency permit within the 90-day period. This temporary residency is valid for two years and enables holders to apply for a Paraguay Cedula (national ID card) with the same two-year validity.
The Paraguay Cedula provides numerous advantages, including the ability to open local bank accounts and acquire a Paraguayan driver’s license, offering the same rights as Permanent Residents or Citizens, with the exception of voting rights in elections.
Temporary residency serves as a “probationary period” to ensure that applicants are law-abiding and genuine individuals who can contribute to the Paraguayan economy and society.
Shortly before the two-year temporary residence permit expires, individuals can apply for a Permanent Residence Permit. This process entails submitting additional documents to substantiate the claims made during the temporary residence application, such as certified university degrees, bank statements, and evidence of connections to Paraguay.
It grants the right to reside in Paraguay without imposing an obligation to maintain a physical presence, which is also a major attraction for this program, as investors can remain for as long as they like within Paraguay without losing their status.
However, for those intending to apply for Paraguayan Permanent Residence later, demonstrating substantial ties to the country during the two-year period can strengthen their application.
These genuine links can be attained through endeavors such as establishing a company or investing in real estate, with NTL Trust’s on-the-ground team in Asuncion ready to assist with both.
Once Permanent Residency status is granted, the holder is issued a Permanent Resident ID card that is valid for an impressive ten years. In addition, they receive a Paraguayan Cedula card with the same decade-long validity, offering stability and security in their new home.
The Expedited Permanent Residency Route
Paraguay has an expedited route to permanent residence through its SUACE program.
Those who apply under the SUACE route will skip the temporary residence phase and directly obtain a ten-year permanent residency card.
The SUACE program is equally simple, if not simpler, than the traditional route; all a person needs to do to qualify is intend to open a business on Paraguayan soil.
The business could be a new company, a branch, or a subsidiary. However, unlike the traditional route, the SUACE does have a minimum investment requirement, as investors must invest at least US$ 70,000 into their business.
But it is crucial to note that this investment requirement isn’t a one-time investment, as applicants must invest that amount within the ten-year period of their permanent residency in order to renew.
Applicants must show a business plan that includes the required investment amount, but can break down the investment into phases as the business grows, making the SUACE one of the simplest and most affordable business investment residency programs in the world.
Successful applicants and their family members will obtain a permanent residence that gives them all of the rights of Paraguayan citizens except political rights like voting or running for office.
The Process
The process of obtaining a Paraguay residency through either program is very simple, especially if you work with NTL Trust to handle your application.
The steps are:
- Sign a contract with NTL Trust to represent you
- Collect and send the required documentation to NTL Trust’s Paraguay office so they can prepare the application file
- Travel to Paraguay to apply for a residence permit and collect your short-term permit
- Collect your residence permit once it is issued, if you applied for a temporary residence permit you’ll have to collect your permanent residence after two years
Road To Citizenship
Paraguay has one of the world’s simplest naturalization processes, and it is very fast compared to most other nations.
A person can apply for citizenship after living in Paraguay for three years on a permanent residency permit. For SUACE applicants, this means they can apply three years after obtaining their permanent residency, while those who apply for a temporary residence can apply for citizenship after five years (two years on temporary residency and three on permanent residency status).
To qualify for citizenship, a person must meet the following:
- Having held a permanent residence for the past three years
- Have a clean criminal record
- Have genuine links to the country
- Have knowledge of the political situation and framework in Paraguay
- Be fluent in either Spanish or Guarani
Paraguay only has a dual citizenship agreement with Spain, but it does not require anyone to renounce their orignal citizenship when they are naturalized, so while not stipulated anywhere, a person can obtain dual citizenship in Paraguay.
How Do I Start?
The process is very simple and it starts with one simple step; contacting NTL Trust to book a comprehensive consultation to examine your situation and how Paraguay’s residency by investment program can help benefit you and your family.
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