Paraguay: Obtain residency through depositing money into a bank account
Paraguay is one of the best options for second residency in the world, facilitating people from across the globe access to one of the most rapidly developing Latin American nations. It has to be said that despite the fact that there has not been as much publicity regarding the nation in terms of tourism when compared with its neighbours in recent years, there is certainly a charm which is being recognised by people the world over, and perhaps will be worth your time taking a deeper consideration as to the benefits of obtaining residency there.
To provide you with a little bit of context before getting into the main subject of today, residency is an official permission granted to someone with a different nationality, allowing them to live and work for a specified period of time, in this case, in Paraguay. Residency is either temporary or permanent, the difference between the two being that the former is a short period of time and the latter is valid permanently, meaning you are able to stay for an indefinite period for you to be able to apply for citizenship after the requisite period should you wish.
Now that we have this understood, the rest of the information should be easier to digest, and hopefully your preference of residency pathway will be clearer. In today’s article, we will be outlining how to obtain residency in Paraguay by depositing money into a bank account there, as well as the required documents and benefits to be found during such a process.
For many people, citizenship is the long-term aim, as holding a second passport can open up a range of advantageous benefits, especially if your original one has limitations imposed upon it due to political issues etc. In Paraguay, the first step to obtaining the passport is gaining permanent residency, and this can be done with a US$5,000 bank deposit. You may find yourself wondering why US$5,000? This is because the deposit has to be equal to the minimum Paraguayan wages for 35 months of work, which when converted into US Dollars ends up around the five thousand mark. You cannot just find any bank; however, you must deposit the sum into the Paraguayan Central Bank or any other commercial bank, and once done, the Immigration Directorate issues permanent residency approval around 90 days later.
Let us not skip to this approval step too quickly though, as there are other pieces to complete before we get there. Please find below the preceding steps:
1. Organise documents
2. Travel to Paraguay to open the bank account, pass medical, pass due diligence checks, swear an affidavit and submit application for permanent residency
3. Collect permit and make deposit (US$5,000)