Residency by investment programs are becoming popular options to get a second residency in another country. Paraguay Golden Visa is among them, and it can even allow citizenship in the future.
You can find more details about the Paraguay residency by investment program below. Also, you’ll be informed about the benefits and the ways to get one.
Let’s start with the benefits of the program.
Advantages of Paraguay Permanent Residency
Paraguay is a country located in South America. It’s also called the “Heart of South America” because of its location. Paraguay has borders with Brazil, Argentina, and Bolivia.
Paraguay residency by investment offers several benefits for foreigners who plan to get a second residency. For example:
- The program allows you to live, work, and study in Paraguay.
- It doesn’t require you to stay in the country to keep your resident status.
- There are some tax benefits available for foreigners. You can find the details in the sections below.
- The required investment amounts are not high.
- Paraguay has one of the most significant GDP growth rates in the world. It’s also a member of Mercado Común del Sur (MERCOSUR).
- It doesn’t take long to get a Paraguay residency. It takes up to 90 days to get one, starting from the time of application.
Let’s now look at Paraguay permanent residency requirements.
How to Get Paraguay Golden Visa
It’s a straightforward process to get Paraguay permanent residency. Also, the program offers a few alternative investment routes.
Let’s look at the ways to get residency in Paraguay one by one.
One of the options is to apply through the Paraguay residency by investment program. You can invest at least $70,000, and become a resident. You can make your investment in the following areas:
- Real estate purchase
- Engagement with commerce, agricultural land, and other activities, and
- Offering services.
Another way to get a Golden Visa Paraguay is by retiring in the country. You can be eligible for this if your pension is at least Gs8,434,000. It makes around $1,000. No age restrictions apply for this path.
Find the necessary documents for the process of Paraguay citizenship by investment below:
- A passport
- Birth certificate
- Clean police record
- Medical certificate. It must be issued in Paraguay.
- If applicable, a certificate of marriage or divorce
- A written legal declaration that has been issued in Paraguay
- Proof of residence in Paraguay. You’ll need this throughout your residency, and
- A document issued by the National Police, Identifications Department of Paraguay.
Note that the documents coming from abroad must be translated into Spanish, officially. Also, they need to be apostilled and notarized.
Paraguay Citizenship Requirements
There are differences between Paraguay citizenship requirements and permanent residency. If you get a permanent residency, you don’t need to live in Paraguay to keep your resident status. Yet, getting citizenship means meeting other requirements.
There’s no direct Paraguay citizenship by investment program. However, you can become a citizen if you follow certain requirements. For instance, you need to spend at least 183 days in Paraguay, every year. Also, you need to pay social security and taxes. In addition, you must learn Spanish, and some history of Paraguay. You can be eligible for citizenship application at the end of three years. Still, the naturalization process may take more time.
Once you get Paraguay citizenship by investment, you can travel to more than 130 countries visa-free/visa-on-arrival with your Paraguayan passport. You can also get an employment visa in the US after you get citizenship. You can also settle in any MERCOSUR country after you become a citizen of Paraguay. The MERCOSUR countries include Brazil, Argentina, and Uruguay.
Taxation in Paraguay
As a foreigner living in Paraguay, you only pay personal income tax on income that you earn earned in Paraguay.
Also, many residents and citizens don’t need to pay income taxes in the country. The reason is that their annual income doesn’t exceed the minimum threshold. So, you pay income taxes only when your annual income is at least $22,500 in Paraguay.
If you don’t live in Paraguay, your income from other countries is not taxable in Paraguay.
So, if these opportunities in Paraguay interest you, don’t wait longer and apply for Paraguay residency today!