Paraguay is a small country in the heart of Latin America. Paraguay has a tropical climate, wonderful nature, a rich cultural heritage, and resorts.  Paraguay was once a powerful state, but after the wars and devastation have not recovered so far. The economy is weak, and the standard of living is low. However, the economic, social, and political situation is gaining momentum. Foreign investors are increasingly interested in Paraguay, because of its cheap and fertile land, and unfilled niches in the economic market. This country can be a great start for young professionals and businessmen. 

The government of Paraguay has a liberal immigration policy. It is fairly easy to get a residence permit and citizenship. You do not even need to live in Paraguay to get a permanent residence permit - just a couple of visits are enough.

Pros and cons of living in Paraguay

Paraguay can be a great place for businessmen due to its low taxes and small initial capital requirements. Also, this country is suitable for those who dream of living in Latin America but do not have a lot of funds. 

Here are the pros of living in Paraguay:

• warm climate;
• beautiful nature;
• it is possible to open a business with little capital;
• a cosmopolitan society that makes foreigners feel welcome;
• friendly and open-minded local population;
• low prices;
• Spanish is one of the official languages;
• high life expectancy.

Some disadvantages:

• the low standard of living;
• high crime rate;
• low wages and difficulty finding a job;
• the country suffered from the war and has not yet recovered;
• filthy streets;
• bad roads.

Ways to obtain a residence permit

There are several ways to emigrate to Paraguay. Labor migration involves submitting an invitation to work and an employer's review (resume). A special commission considers your request and issues a residence permit.

But the most profitable and simple way is an investment. It can be an investment in one of the spheres of the economy or the purchase of real estate. If investments should be 5 thousand dollars, the acquired real estate can be of any value.

To get a right away Permanent Residence Permit, it is sufficient to invest $ 5,000 in the Development Bank of Paraguay or to provide a diploma of higher education, provide a certificate of criminal record, and a birth certificate. The card itself Permanent Residence Permit and internal passport (cedula) are issued in 4-5 months. A permanent residence permit has no time limit and does not need to be extended. But it can be lost if you do not visit the country.

After three years, you have the right to apply for Paraguayan citizenship. Paraguayan citizenship gives you visa-free entry to Schengen, Canada, and the UK, and also allows you to get a visa to the US for 10 years.

Tax residency in Paraguay allows all residents registered on its territory not to pay taxes on world income, but only on sources on the territory of Paraguay.

What documents are needed for the registration of residence permit and citizenship

The package of required documents for registration of a residence permit in Paraguay includes the:

• birth certificate;
• marriage certificate;
• certificate of absence of criminal record;
• proof of income;
• 2 photographs;
• children's birth and education certificates.

In contrast to a residence permit, it is not necessary to continue a permanent residence permit. The only requirement for maintaining a permanent residence permit in Paraguay is the length of stay in the country, namely 1 month in 3 years to live in Paraguay. After three years, the applicant can apply for citizenship.

As for the rules for obtaining citizenship, they are as follows:

it is necessary to spend at least one month in Paraguay for 3 years;

pass a test of minimum knowledge of the Spanish language and history/culture of the country;

the package of documents is similar to that for obtaining a permanent residence permit.

After naturalization and obtaining a passport, the residency requirements remain the same, at least once every three years to spend in Paraguay.

The advantage of Paraguayan citizenship is that there is no need to give up the original homeland, so you can easily have two passports.