- Permanent Residence in Paraguay: the benefits that it brings
- Residence in Paraguay: a platform for your business operations in South America
- Residence in Paraguay: ease of purchasing real estate in the country
- Residence in Paraguay: a reason to resume your studies of Spanish
- Residence in Paraguay: efficient tax planning opportunities
- Residence in Paraguay: a route to Paraguayan passport
- Residence in Paraguay: citizens of some countries are not eligible to apply
- Financial requirements for obtaining legal residence in Paraguay
- Acquiring residence of Paraguay: Stage 1, Step 1 – collecting the application documents
- Acquiring residence of Paraguay: Stage 1, Step 2 – legalizing application documents at the Paraguayan embassy in your home country
- Acquiring residence of Paraguay: Stage 1, Step 3 – preparing additional application documents before visiting Paraguay
- Acquiring residence of Paraguay – possible changes and additional consultations
Would you like to relocate to Paraguay and acquire a legal permanent residence permit there? If so, you have come to the right place! Below we are going to talk about acquiring legal permanent residence in Paraguay. A Paraguayan residence can be turned into a passport of the country after a few short years. We will discuss the financial requirements that you should meet if you would like to become a legal permanent resident of Paraguay. We will also show the main benefits of relocation to Paraguay with a Permanent Residence Permit.
What expat communities can be found in Paraguay? How can you open a company there? How should you go about relocating to Paraguay? How much does it cost to purchase a ranch or farmland in Paraguay? What are the main benefits of acquiring legal permanent residence in Paraguay? When can you apply for citizenship of the country? How many visa-free destinations are available with the passport of Paraguay? How can you buy residential accommodations there? And, the latest trend – how to mine crypto in Paraguay, one of the countries of the world with the cheapest and greenest electricity?
In this, the first of a mini-series of three articles, we are going to answer these and other similar questions and describe the procedure of acquiring Paraguayan permanent residence step by step.
Permanent Residence in Paraguay: the benefits that it brings
Before we get down to the procedure of acquiring a Permanent Resident card, we would like to show you what benefits relocation to Paraguay can bring. The main benefits include the following ones:
Paraguay: A Fast Track to a Tax-Free Residence
If you would like to become eligible for Paraguayan residence by making a bank deposit in the country (this is the opportunity that we discuss in this article), you can expect that your application will be processed in a timely manner.
High-speed residence acquisition is important for those who value their time. Some unlucky people have to wait for months and years while their applications for legal residence are processed in such countries as the USA or the UK, for example.
As far as Paraguay is concerned, you just need to dedicate about a week to the process, then you can sit back, relax and wait for Paraguayan immigration authorities to process everything at their leisure. You will receive formal approval from the immigration authorities within five to six months, but while your application is pending you can start living life just as if you had already been approved.
If your application for residence is approved, you will first be issued with your Paraguayan Permanent Residence card. Paraguay is one of the few countries where Permanent Residence or PR status is granted from day one. There’s no need to go through a series of temporary residence visa renewals first.
Straight after yor Permanent Residence is approved, you will receive your local ID card called ‘cédula’ in Spanish and you can use that to cross borders within the Mercosur Common Market.
Residence in Paraguay: a platform for your business operations in South America
When you establish legal residence in Paraguay, you will thus acquire an opportunity to engage in business operations in one of the freest economies in Latin America. You will find that the bureaucratic barriers that business people have to overcome in Paraguay are very few. The country’s government supports business initiatives wholeheartedly.
You can get especially strong support from the local Government if you engage in agribusiness. Agriculture is one of the pillars of Paraguayan economy and many incentives are given to this sector. The mining industry also receives serious support from the Paraguayan Government.
We have to note at this point that a foreign national who does not hold a Paraguayan residence card cannot register a company in the country. Of course, the legal right to do business is not enough to make the business in a foreign country successful because the mentality of the local people can be different from your own mentality. But when you spend a few months in Paraguay on your residence card, you will begin to feel at home in the country.
Residence in Paraguay: ease of purchasing real estate in the country
Theoretically, foreign nationals are allowed to purchase real property, such as farmland, in Paraguay but they have to face some serious restrictions and go through complicated legal procedures. On the other hand, a legal foreign resident in the country can avoid many formalities when purchasing real estate in Paraguay. The same is true for purchasing Paraguayan securities. Yes, Paraguay has its own stock exchange.
Residence in Paraguay: a reason to resume your studies of Spanish
English is not so popular in South America even though well-educated Paraguayans will speak the English language. However, Spanish is spoken in the streets and you will have to master the language to a certain degree to be able to find your way around in Paraguay.
Residence in Paraguay: efficient tax planning opportunities
You are going to love becoming a tax resident of Paraguay. The taxes in the country are lower than in any other Latin American state. Your worldwide income is not taxed in Paraguay at all and your local income will be taxed at 10%.
Residence in Paraguay: a route to Paraguayan passport
If you follow the steps described in this series of articles and acquire a residence permit in Paraguay, you will pave the way to the Paraguayan passport. Citizenship and a passport of Paraguay will open many doors to you including visa-free travel destinations, access to international banking services, and a large number of investment opportunities.
Residence in Paraguay: citizens of some countries are not eligible to apply
Depending on where you come from, please consult us about the possibility of acquiring residency in Paraguay in your personal case. Whilst no-one is excluded in Paraguay, residence will be much harder to obtain for citizens of certain Asian, Arabic, and African countries. Americans (including all Latin Americans) and Europeans are especially welcome. Russians are considered Europeans and there is a large expat Russian community in Paraguay.
However, if these restrictions do not apply to you and you are an honest and law-abiding person, welcome to Paraguay! If you can demonstrate that your investment capital comes from a legal source, the immigration authorities of the country will be happy to let you in. Understandably, Paraguay seeks foreign direct investments just like almost any other country of the world.
Financial requirements for obtaining legal residence in Paraguay
When you apply for legal residence in Paraguay by investment, you have to bring 28 million Paraguayan Guarani, which is equivalent to around US$ 5,000, depending on the daily rate. If you apply with your family, each adult family member has to bring this amount. This requirement does not apply to married couples though. 28 million Guarani will suffice for both husband and wife.
Please mind that you it’s best to bring cash as traveller’s cheques are hard to cash and ATMs have withdrawal limits in the country. You can bring up to US$ 10,000 cash in with you, without any obligation to declare it.
You will have to put the money on a fixed deposit account (i.e. you will not be able to withdraw money from it) until you get the residence card. The account needs to be opened with a parastatal bank called «Banco de Fomento». This is by far the easiest way for acquiring Paraguayan residence. Once you have your residence card, you can withdraw the money.
The investment sum is miniscule by international standards, and the legal fees are almost as low. The local lawyers will typically charge around US$ 5,000. This amount will cover all legal work associated with acquiring legal residence in Paraguay, though you might need to spend a few hundred dollars on state duties, translation services, notary services, and so on.
Also factor in buying lunch, washed down with a bottle of wine, for the legal team who will help you through the process. The good thing is Paraguay has some of the best beef in the world, at the lowest cost!
The overall process of Paraguayan residence acquisition is divided in three stages and the payment shall be made in three instalments, correspondingly:
- An advanced payment to be made a week prior to your visit to the country.
- Next stage to be paid in Asuncion (the capital of Paraguay) before the application documents are filed to the immigration department.
- Final payment when the procedure is successfully completed.
Acquiring residence of Paraguay: Stage 1, Step 1 – collecting the application documents
First, you need to collect a package of application documents if you would like to acquire a legal permanent residence permit in Paraguay. Below we provide a list of required documents – but please bear in mind that the exact document package will depend on your nationality (you may require a visa to Paraguay or not), on whether you are applying alone or with your family, and on some other factors. Please rest assured that Offshore Pro Group’s lawyers will gladly provide consultations regarding your particular circumstances.
We have to emphasize that acquiring a Paraguayan legal residence permit remotely (without visiting the country) is impossible. At the same time, citizens of many countries (though not all) do not have to obtain visas to enter Paraguay. Please consult us to find out if you need a visa or not. If you do, you will have to contact the Paraguayan embassy or consulate in your home country and apply for a visa.
Before going to Paraguay, you should collect the following application documents:
1. Birth Certificate.
The birth certificate should be ong form – ie it must show the names of both parents.
2. Police clearance
Every applicant for Paraguayan residence above the age of 14 shall supply a police clearance. It has to be issued not earlier than ten weeks prior to submission. Citizens of the USA have to bring an FBI clearance. If you do not know how to obtain a police clearance, please contact us and we will be able to guide you.
3. Marriage Certificate (for married applicants)
Also, if you are divorced, you have to supply a divorce certificate.
4. Birth and education certificates for children
If you are applying for Paraguayan residence with children below the age of 18, you will have to supply their birth and education certificates.
5. Naturalization certificates from countries other than your home country
If you have dual citizenship or if you hold a long-term residence permit in a country other than the country of your birth, you have to supply the corresponding confirmation documents.
6. A document confirming legality of the source(s) of income
It’s important to demonstrate that the money that you are investing in legal residence in the country has been obtained in a legal way. There are almost as many ways to document this, as there are ways to earn money. Please contact us and we will be able to guide you.
The document will go to the bank, not to the Paraguayan immigration authorities, hence it doesn’t need to be apostilled. If you wish, you can consult our lawyers about drawing up such a document.
Finally, you will have to bring the cash to deposit the money in the bank.
7. A valid visa to Paraguay
Please note that citizens of EU countries, many Latin American countries, Russia, South Africa, USA and Canada as well citizens of around thirty other states do not need visas to enter Paraguay. Citizens of New Zealand, Australia, Oman, and Qatar can obtain visas on arrival. Holders of diplomatic passports issued in a dozen more countries are also eligible to enter Paraguay without visas.
If you do need a visa to enter Paraguay, don’t worry – it’s quite easy. Please obtain one ten days prior to your visit to the country. You have to plan the dates of your visit with your Paraguayan lawyers. Let us remind you that you will have to plan on spending around one week in Asuncion to file an application for legal residence in Paraguay.
Acquiring residence of Paraguay: Stage 1, Step 2 – legalizing application documents at the Paraguayan embassy in your home country
Before you travel to Paraguay, you should have your application documents legalized at the Paraguayan embassy in your home country. Alternatively, you can have them apostilled. The following documents need to be legalized:
- Birth certificate:
- Birth certificate original;
- Translation of the birth certificate into Spanish if necessary.
- Police clearance.
- Marriage/ Divorce certificate if applicable.
- Children’s birth certificates (for all children below 18, if applicable).
- Foreign naturalization certificates, if applicable.
Acquiring residence of Paraguay: Stage 1, Step 3 – preparing additional application documents before visiting Paraguay
When the application documents have been legalized, please send their scanned copies to our consultants. If you require a visa to enter Paraguay, please attach a copy to the message too. In addition to the documents on the lists above, please supply the following documents to us and we will them send the whole package to Asuncion:
- A clear photograph of the applicant’s face against a white background. You can make a scan of your passport photo.
- Scans of the following pages of your passport: the first page, the page on which the Paraguayan visa is stamped (if applicable), and page where your marriage status is indicated (if available).
We will send the scans to Asuncion for Paraguayan lawyers’ inspection. The first stage of the application process will be completed when you make the first payment (see above) and supply all the required application documents. The lawyers in Asuncion will then launch the application process on your behalf.
Acquiring residence of Paraguay – possible changes and additional consultations
It is important to note that the procedures described in the texts can change. The fact of the matter is that the Paraguayan authorities amend the regulations on a regular basis. Regrettably, the compliance procedures involved in acquiring legal residence in Paraguay are becoming more burdensome with the pasing of time. You will certainly appreciate our assistance with paperwork.
Besides, each case has to be treated individually. We would like to stress that some additional documents may be requested by the Paraguayan immigration authorities after the application document package has been submitted. It may even happen that you will have to make an additional trip to Paraguay to clear up certain details. Please be ready for that. If you have to go through some trouble while applying for residence in Paraguay, please rest assured that this is normal. This is happening because the authorities of the country are prone to changing administrative decisions at short notice, reacting to circumstances.
If you are interested in the opportunity to acquire a permanent residence permit in Paraguay, please write us a brief email at email@example.com. Please clearly state the reason(s) for your interest in this opportunity so that we can advise you best.
We look forward to meeting you very soon in Asuncion!