For dozens of years, investment immigration has been dominated by Europe and North America. Only Caribbean and Turkish citizenship-by-investment programs have competed. But as tensions in the world rise, wealthy people tend to seek golden passport programs elsewhere. In this context, Latin America often catches their eye
Paraguay, a South American country with no coast, boasts a rich culture, one-of-a-kind natural beauty, and low living costs. On the plus side, the jurisdiction comes with a relatively easy and quick way to get permanent residence, which can become citizenship after 3 years. But getting legal permanent residence in Paraguay is no joke. It comes with its challenges and hurdles, which may change based on the applicant’s nationality, background, and preferences.
Challenge 1: Gathering and legalizing the required documents
Ok, here’s where your journey starts. One of the main challenges in obtaining permanent residence in Paraguay in 2024 is gathering and legalizing the required documents:
- valid passport
- birth certificate
- police clearance certificate
- health certificate
- proof of income or financial solvency
- proof of address or accommodation in Paraguay
- proof of payment of the application fee.
These documents must be original, recent, and translated into Spanish by a certified translator. Another requirement is to have them legalized by the Paraguayan consulate in the applicant’s country of origin, or by the Ministry of Foreign Affairs in Paraguay, if the applicant is already in the country.
What can you do to overcome this challenge? Here are some possible solutions:
- Start gathering and legalizing the documents as early as possible, as it can take several weeks or months, depending on the availability and efficiency of the authorities and the translators.
- Hire a reputable and experienced immigration lawyer or agent to assist with the document preparation and submission.
- Check the validity and accuracy of the documents before submitting them, as any errors and inconsistencies cause delays and rejections.
Challenge 2: Traveling to and staying in Paraguay
Another issue you may face along the way is traveling to and staying in Paraguay in 2024. Consider the costs, risks, and inconveniences involved and you’ll see why we think it to be a hurdle:
- airfare and transportation expenses
- visa and entry requirements
- accommodation and living expenses
- safety and security issues
- language and cultural barriers
- bureaucracy and corruption.
Here’s a viable strategy to address these issues:
- Plan and budget the trip carefully, taking into account the duration, frequency, and purpose of the visit, as well as the exchange rate and the cost of living in Paraguay.
- Research and comply with the visa and entry requirements, which may vary depending on the applicant’s nationality, background, and preferences.
- Find a suitable and affordable accommodation and living arrangement that may include renting an apartment, staying in a hotel or a hostel, or couch-surfing with a local host.
- Take precautions and follow the local laws and customs.
- Learn some basic Spanish and familiarize yourself with the local culture and etiquette, it always helps.
- Be patient and flexible, and expect some delays and difficulties due to the bureaucracy and corruption that may affect the application process.
Challenge 3: Meeting the residency requirements
A final obstacle to overcome when obtaining permanent residence in Paraguay in 2024 is meeting the residency requirements. This is what you shall do to qualify:
- Deposit at least USD 5,000 with a Paraguayan bank, which serves as proof of financial solvency and a guarantee of the applicant’s intention to reside in Paraguay.
- Obtain a temporary residence permit valid for one year that can be renewed for another year before you apply for the permanent one.
- Spend at least 183 days per year in Paraguay. This is the minimum requirement to maintain your temporary and permanent residence status.
- Apply for your permanent residence permit. For this purpose, you will have to submit the required documents, pay the application fee, and attend an interview with the immigration authorities.
Investing in a happy life: Great Rewards of Residency in Paraguay
The process of getting a residence permit or permanent residence in Paraguay is not exactly a bed of roses. The efforts you invest may indeed appear significant but the rewards are even greater.
You might already know that Paraguay has a low cost of living, which makes housing, groceries, transportation, and entertainment cheaper than in many countries. With no financial stress, residents can enjoy life and live comfortably.
In 2024, Paraguay’s economy is growing, offering investment opportunities in agriculture, manufacturing, and technology. Its business-friendly environment and strategic location make it a great place for entrepreneurs. Considering a stable political climate in the jurisdiction, both residents and investors have reasons to feel secure in Paraguay. The nation’s democratic principles create an environment where individuals and businesses can succeed with confidence.
Paraguay’s landscapes, from forests to rivers and the famous Iguazu Falls, offer natural beauty for future residents. Outdoor activities like hiking, bird-watching, and exploring history and markets, enhance the experience. As a nation, Paraguayans are warm and hospitable, which means you will live in a welcoming community that values connection and diversity. Most probably, you’ll seamlessly integrate into Paraguayan culture and make lasting friendships, with a sense of belonging.
Paraguay boasts quality education, with schools and universities offering diverse programs for growth. In this environment, both you and your children will thrive, benefiting from education opportunities that contribute to a well-rounded life.
In terms of healthcare, Paraguay has made strides in improving its system, with a range of medical facilities and services available. Residents have access to quality healthcare, and the cost of medical services is generally more affordable compared to many Western countries.
Due to Paraguay’s central location in South America, you can get to neighboring countries without any issues, which promotes travel and business in the region. This geographical advantage enhances the appeal of choosing Paraguay as a future home. With all these selling points in mind, it is hardly surprising that for those ready to start a new chapter in their life, Paraguay is a place well worth moving to.
If you have any questions or concerns about getting legal and tax residence and/or citizenship in Paraguay in 2024, contact International Wealth about it with no hesitation and expect a prompt reply!