Paraguay offers one of the world’s cheapest and easiest paths to permanent residency. Acquiring a Paraguay permanent residency is a simple process with several alternatives, such as making a bank deposit, making an investment, or applying as a retiree.
Making a bank deposit:
You must deposit an amount equivalent to 35 minimum monthly wages, which is currently a total of PYG24,554,600 (around US$4,500).
– The deposit may be in the Paraguayan Central Bank (non-interest bearing) or any Paraguayan commercial bank. Once you have been granted residency, you may withdraw the deposit in full.
Residence by investment program:
– The minimum investment needed under this category is $70,000, however, the investment can be completed in a 10-year period.
– Purchasing land for agricultural production with a minimum of 10 hectares.
– Dependents (spouse, dependent children, and parents), may be included in the application.
Retiring in the country
– If you wish to retire in Paraguay and can prove a monthly income equivalent to 100 wages, currently PYG7,015,600 ( around US$ 1,300) you will benefit from import tariff exemptions on personal effects up to certain quantities and under certain requirements.
– You will not need to renew the permit, but you must visit Paraguay at least once every three years, or your residency may be canceled.
Unified System of Opening and Closing Companies (SUACE) Method
– For foreign investors, there is a special procedure under the Unified System of Opening and Closing Companies (SUACE). This is a one-stop shop to carry out the procedures related to company registration and residence permit applications.
– Through this procedure, the permit issuance takes 20 days (through the standard procedure, it may take more than 3 months). In addition to the general requirements, investors must submit a certificate issued by the Vice Ministry of Industry and Commerce of Paraguay accrediting their qualification to SAUCE.
– To qualify an individual must justify an investment amount of PYG50,000,000 (around US$9,150). In the case of company investment, the contributed capital must be at least PYG50,000,000.
There are some requirements to be met under this option like-
Here are some benefits of investing in Paraguay residency:
Required Documents for Paraguay Permanent Residence Permit
Your documentation must be officially translated into Spanish, copied, notarized, and apostilled.
There are some other requirements for getting residency in Paraguay that need to be taken care of like:
Firstly, applicants simply need to submit the requisite documentation. Next, the applicant needs to travel to Paraguay. Thirdly, the next step would be to make a deposit in the National Bank to demonstrate solvency. Applicants must deposit US$4,500, to prove solvency. After that receiving a permanent residence permit can take up to 90 days from the time of the application. Within six months of receiving the permanent residence permit, one must apply for an ID card. Your Paraguay Permanent Residence card will be valid for five years.
Privacy World offers its services to anyone, not only looking to obtain residency and/or citizenship processes but our experts figure out legal ways to:
Privacy World can also help you with incorporating your company in Paraguay, assisting in getting you settled in the country, and coordinating with you so that this experience will be less of a hassle.
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Yes, it does. Paraguay allows dual citizenship which means that you don’t have to give up on your current citizenship.
Yes, dependents (spouse, dependent children, and parents), maybe included in the application.
Yes, a personal visit is required.
No nationality is officially restricted.
No interview is required.
After three years of being a permanent resident of Paraguay, individuals may apply for citizenship. To be approved for naturalization, the applicant must have spent at least six months each year in Paraguay during the preceding three years, speak Spanish or Guarani, and be able to write down from memory the lyrics of the national anthem.
Yes, they can. Property acquisition is available to foreigners and it’s cheaper when compared to other country.
Tax-resident is subject to personal income tax on their Paraguayan-source income. Personal income is taxed at 10%.
Non-residents are subject to personal income tax on their Paraguayan-source income.
There is no net worth/wealth tax in Paraguay.
There are no taxes on inheritance tax in Paraguay.
No, you don’t have to move your tax residency to Paraguay once you get your Paraguayan residence but it can be profitable as Paraguay is known for its tax benefits both for locals and foreign investors.