Getting residency in another country is a popular concept. People who are looking for a solid Plan B are looking for ways to get their hands on a second residency that they can use in future scenarios.
If you’re looking to get a second residency in a South American country that can lead to citizenship, Paraguay can be an ideal option for you.
In this article, we’ll guide you through the process of getting residency in Paraguay, how to make use of tax benefits, and how you can be a naturalized citizen of the country in three years.
What will you find in this article:
- Why Get Paraguay Permanent Residency and Citizenship
- How to Get Paraguay Permanent Residency
- Requirements of Getting Paraguay Residency
- How to Get Paraguay Citizenship
- Dual Citizenship in Paraguay
- Taxation in Paraguay
Why Get Paraguay Permanent Residency and Citizenship
Paraguay is a landlocked country in South America that shares borders with Argentina, Brazil, and Bolivia. It’s known as the “Heart of South America” because of its central location on the continent.
Here are some benefits of making an investment in Paraguay residency:
- With your residency, you can live, work, and study in Paraguay.
- You don’t need to live in the country to maintain your status. Staying in Paraguay only for one day every three days suffices to keep your residency.
- Paraguay is famous for its tax benefits. If you’re ready to move your tax residence to a new country, you can consider investing in Paraguay.
- The investment amounts are relatively low.
- Paraguay is a stable South American country and a Mercado Común del Sur (MERCOSUR) member with one of the greatest GDP growth rates in the world.
How to Get Paraguay Permanent Residency
Getting a Paraguay permanent residency is a simple and straightforward process with several alternatives, such as making an investment or applying as a retiree.
Routes to Get Paraguay Permanent Residency
There are a few routes you can take to become a resident of Paraguay. You can choose the best suitable option for you, depending on your nationality, needs, motivations, or financial capabilities.
Paraguay Residency by Investment Program
If a visa is demanded from your country of nationality for you to be able to enter Paraguay, one of the best routes to obtaining Paraguay permanent residency is through the investment program. The program offers permanent residence in return for an investment of at least $70,000, which you’re not required to expend at once but provide a business plan that demonstrates your company will spend such an amount in 10 years. The valid activities the said amount can be spent on as pursuant to the requirements of the investment program include real estate purchase, offering services, and engagement in commerce or agricultural land.
Retirement in Paraguay
If you have a monthly retirement income of at least $1,022, you are eligible for retirement in Paraguay as a route to permanent residency without any limitations as to your age.
Bank Deposit
If entering Paraguay requires a visa upon arrival or none at all for your home country, you can opt for depositing at least $4,500 in a Paraguay bank in order to get Paraguay residency.
Steps to Get Paraguay Permanent Residency
- Determine eligibility: Check if you meet the requirements for permanent residencies, such as being 18 years or older, having no criminal record, and having sufficient financial means to support yourself in Paraguay.
- Choose a residency program: Paraguay offers several programs for obtaining permanent residency, including investment, retirement, and work programs. Choose the one that best suits your needs and financial situation.
- Gather required documents: You will need to provide several documents, such as a passport, birth certificate, police clearance certificate, and proof of financial means, to support your residency application.
- Apply for residency: You can apply for residency through the Paraguayan embassy or consulate in your country of origin or through a local immigration lawyer in Paraguay.
- Wait for approval: Once your application is submitted, you will need to wait for a decision on your residency. Processing times may vary.
- Move to Paraguay: If your residency is approved, you can proceed to move to Paraguay. You will need to register with the local authorities and obtain a residency card.
- Maintain residency: To maintain your permanent residency, you will need to comply with the conditions of your residency program, such as maintaining a minimum level of income, living in Paraguay for a certain number of days per year, and renewing your residency card every two years.
Requirements of Getting Paraguay Residency
Although getting a Paraguay residency permit is a relatively very brief, effortless, and low-cost process, there are specific criteria and requirements you must meet to be a valid applicant. This section of the article deals with the details regarding the progression of the process and required documentation.
Required Documents for Paraguay Permanent Residence Permit
- A valid passport
- A clean criminal record
- Birth certificate
- Certificate of marriage or divorce (if applicable)
- Medical certificate that has been issued in Paraguay
- Affidavit that has been issued in Paraguay
- Document issued by the National Police, Identifications Department of Paraguay
- Six passport-style photos
- Proof of residence in Paraguay which you need to hold throughout residency
All required documents that you bring from your home country should be officially translated into Spanish, apostilled, and notarized.
Time Frame To Get Permanent Residency in Paraguay
The procedure of acquiring a Paraguay Permanent Residence Permit can take up to 90 days from the time of application.
Within six months of receiving the permanent residence permit, you’ll need to visit Paraguay and must apply for an ID card.
Validity of Paraguay Permanent Residence Card
Your Paraguay permanent residence card will be valid for five years.
How to Get Paraguay Citizenship
You may become eligible to apply for Paraguay citizenship at the end of a 3-year residency. However, to do so, you need to fulfill some requirements and follow certain procedures.
Eligibility Criteria for Acquiring Paraguay Citizenship
To be an eligible applicant for obtaining Paraguay citizenship by investment, you’re required to meet the following criteria:
- Being 18 or older
- Having a valid passport
- Holding a permanent residency permit
- Demonstrating police certificates from both your home country and the national police of Paraguay
- Demonstrating a medical certificate
- Holding a Paraguay identity card
- Having a translated and authorized birth certificate
- Demonstrating a certificate of employment (if applicable)
- Showing authenticated certificates if you own a registered property
- Delivering a signed affidavit issued by the Supreme court of justice
Steps You Need to Follow to Get Paraguay Citizenship
- Acquire a permanent residence permit
- Spend 183 days in Paraguay per year
- Pay taxes and social security
- Learn Spanish (Castellano)
- Have a grasp of Paraguay’s history
- Hold on to your permanent residence by meeting all other requirements for at least 3 years
Although you become an eligible applicant at the end of three years if you fulfill these requirements as a permanent resident, the process of naturalization can take up a few more years.
Advantages of Paraguay Citizenship by Investment
- A Paraguayan passport allows you to travel to over 146 different countries visa-free or visa-on-arrival. These include the EU, Russia, and the UK.
- As a citizen of Paraguay, you can easily get an employment visa in the US.
- Once you become a citizen of Paraguay, you can settle in any MERCOSUR country (Brazil, Argentina, or Uruguay).
Dual Citizenship in Paraguay
Paraguay’s constitution advises that dual citizenship is allowed only on a reciprocity basis, which means that unless Paraguay and your country have a bilateral agreement, you will not be allowed to keep your original nationality. Speaking to immigration lawyers before you make a decision will be helpful.
Taxation in Paraguay
In the MERCOSUR, Paraguay stands out with its tax benefits. The foreigners who live in Paraguay only pay personal income tax on income earned in the country. The majority of the citizens and residents do not have to pay income tax because their annual income does not exceed the tax-friendly minimal threshold. Residents begin paying income tax when they earn at least $22,500 in Paraguay.
The income you generate in foreign countries as a Paraguay permanent resident is not taxable if you do not live in Paraguay.
Even though you will not be required to pay tax on foreign-sourced income, you will be required to pay tax on onshore income earned in Paraguay.
Conclusion
Obtaining residency and becoming a permanent resident in Paraguay can be a great option if you’re looking for a Plan B in South America. With its central location on the continent, Paraguay offers various opportunities for entrepreneurs who want to expand their businesses and relations.
Paraguay Permanent Residence Permit Program Questionnaire
Please fill out the form below to check your eligibility for Paraguay permanent residency. Our team members will get back to you shortly for further information.
Frequently Asked Questions on Paraguay Permanent Residency and Citizenship in Paraguay
How can I move to Paraguay?
Moving to Paraguay is straightforward. If you meet the basic requirements for establishing residency, you must wait three years before applying for citizenship.
How can I get permanent residency in Paraguay?
If you’re from a country that doesn’t require a visa to enter Paraguay, depositing the required amount into the national bank would suffice.
If you’re from a country that requires a visa to enter Paraguay, you can make an investment in the country and get a residence permit in the country.
How do I become a citizen of Paraguay?
If you’re a foreigner who has the right to enter Paraguay without a visa, you can benefit from the National bank deposit option.
If not, you can make use of the investment program and get Paraguay permanent residency by investing in the country. You can opt to purchase land, or property, or open up a business.
How long does it take to get citizenship in Paraguay?
In general, it takes three years to get citizenship. But overall, the naturalization period might take two more years.
What country is the easiest to get citizenship in?
There are countries that offer citizenship for between three to six months, such as Caribbean countries.
Malta also offers citizenship between 12 and 36 months. However, the financial requirements are higher when compared to Paraguay.
How strong is the Paraguay passport?
Paraguay passport allows visa-free or visa-on-arrival travel to over 146 countries, including the EU and the UK.
How long does it take to get permanent residency in Paraguay?
If you meet the all requirements, you can expect to get your residency in around three months.
Can foreigners buy property in Paraguay?
Yes, they can. Property acquisition is available to foreigners and it’s cheaper when compared to other countries.
Is Paraguay a good place to live?
Because of its temperature, friendly people, and relaxed pace of life, Paraguay is frequently referred to as the best country in Latin America to live in.
If you prefer a tranquil lifestyle and a constantly bright atmosphere, you’ll feel right at home in Paraguay, and it will change your life.
Do I have to become a tax resident in Paraguay if I get residency?
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.
Does Paraguay allow dual citizenship?
Yes, it does. Paraguay allows dual citizenship which means that you don’t have to give up on your current citizenship.
What does getting citizenship/nationality of Paraguay mean?
Paraguay nationality refers to the status of being a citizen of Paraguay and enjoying the rights and privileges associated with it, including the right to vote, work, and live in the country.
What should I consider when moving to Paraguay?
Prior to your immigration to Paraguay, you should consider factors such as the cost of living, language, cultural differences, and availability of medical services. It’s also crucial to research and understands the process for obtaining residency or citizenship.
How can I obtain Paraguay Residency by Investment?
Paraguay residency by investment is a route of obtaining residency by making a significant investment in the country’s economy. There are a few options to get Paraguay residency by investment, including real estate purchases, investment in a local business, or other approved forms of investment.
How can I obtain Paraguay Citizenship by Investment?
Upon getting Paraguay residency by investment and holding on to your residency permit for three years by spending at least 183 days per year in the country, you become eligible to apply for Paraguay citizenship.
How can I immigrate to Paraguay?
- Determine eligibility: Check if you meet the requirements for a Paraguayan visa or residency.
- Choose a visa type: Paraguay offers various types of visas, including tourist, business, student, and work visas. Choose the one that best suits your purpose of migration.
- Gather required documents: You will need to provide several documents, such as a passport, birth certificate, and police clearance certificate, to support your visa application.
- Apply for a visa: You can apply for a visa through the Paraguayan embassy or consulate in your country of origin.
- Wait for approval: Once your application is submitted, you will need to wait for a decision on your visa. Processing times may vary.
- Move to Paraguay: If your visa is approved, you can proceed to move to Paraguay. You will need to register with the local authorities and obtain a residency card.
