While Paraguay doesn’t offer the beaches and coastlines that other Latin American countries can offer, it makes up for it with a steady, slow-paced lifestyle, great people, and a gorgeous climate. It also leaves nothing to be desired in the world of business, education, and financial freedom. The amount the economy has continued to grow over the last ten years has made residency in Paraguay an appealing option for anyone looking for a new start in a new kind of paradise. That’s why more and more people are beginning to ask, “How can I gain residency in Paraguay?”
How to Obtain Residency in Paraguay
Residency in Paraguay is one of the easiest residencies to get. Since the country encourages and welcomes immigration, policies are simple and straightforward. You can apply for permanent residency as long as you have a clean criminal record, and there aren’t any country restrictions. Paraguay is looking to continue its economy boost by encouraging skilled immigrants and investors to relocate within its borders, which is part of the reason its policies make immigration so quick and painless.
The cost of a permanent residency permit for a single applicant starts from $3,480 USD, which covers legal and agency fees. Other fees, including tax, affidavit and medical fees cap out at about $400 USD. Outside of these fees, the applicant need only deposit about $5,000 USD into a Paraguayan bank account, which can be used however he/she wishes after the immigration process is complete. Additional family members cost about $1,700 USD extra in fees.
In order to apply for this residency, be sure to have these documents ready:
- Police record showing clean history
- Birth certificate
- Marriage (or divorce) certificate, as it applies
- Medical certificate that has been issued by Paraguay
- Certificate of life and residence permit, also provided by Paraguay
- Affidavit, issued by Paraguay
- Document issued by National Police, Identifications Department of Paraguay
Your documentation must be officially translated to Spanish (this will, of course, not apply to those issued by the country), copied, notarized and apostilled.
The overall process of obtaining permanent residency in Paraguay should take a maximum of 90 days, and the applicant then has up to six months to apply for the Paraguayan ID card – meaning permanent residency can be obtained in as little as three months. Oftentimes, Paraguay will finish the application process and grant residency even sooner, averaging 70 days rather than ninety.
Paraguay’s Residency by Investment Program
The most affordable residency by investment program in South America, Paraguay’s program requires a necessary investment amount of $70,000 USD. The applicant must then finance his/her project after arriving in the country.
The residency by investment program is available only to those who don’t already have visa-free travel to Paraguay. The EU, USA, and Canada are exempt from this program, and the process for people applying from these countries remains much easier, as stated above.
Applying for Citizenship
The naturalization process in Paraguay, or “nationalization,” begins in the Supreme Court. Once a permanent resident has retained that status for at least three years, he/she can apply for naturalization. The process from application to approval takes approximately six months but can take longer.
During the three-year time period of permanent residency, you must live at least 183 days in Paraguay. That is, you must be physically residing within the country for that amount of time per year. Anyone with permanent residency can work in Paraguay and must do so in some form during this three-year period in order to obtain citizenship. Aside from these requisites, applicants only need to be adults and have clean police records.
You can lose your citizenship if you remain outside the country for three consecutive years, but you can also have a dual citizenship, so you don’t have to renounce any citizenship in exchange for a Paraguayan passport.
Some benefits to having either permanent residency or citizenship in Paraguay include tax breaks and affordable education, healthcare and cost of living. It doesn’t even take much to start a business in this country, with no specific permissions from the government required. You only have to let the government know about your venture, and then go ahead and move forward with it.
This passport ranks 29th in the world’s best passports in the category of travel freedom, thanks to its ability for visa-free travel or visa-upon-arrival access to 143 countries. These include all of Latin America and many European and African countries.