Paraguay: a place to free yourself from taxes and obtain citizenship without living there
Updated: Feb 2
We constantly receive inquiries about people interested in obtaining dual citizenship due to the recognized benefits that this entails, but the question is always in which country offers the greatest tax advantages and a better quality of life in general.
We recognize that obtaining dual citizenship can make people have to pay taxes in both countries, but with the appropriate advice you will be able to learn about the territorial options with the least tax burden and the greatest opportunity for personal growth that you can take advantage of.
The case of Paraguay deserves to be highlighted, as we emphasize in the following article https://www.creimermanlaw.com/post/be-tax-free-through-permanent-residence-in-paraguay does not require income taxes to be brought into the country and whose source -dividends, investments, pensions, salaries, etc- has a foreign origin.
We dedicate two special articles to this country, for the agility, efficiency and low cost that characterize obtaining citizenship or permanent residence.
To assess the magnificence of these documents we will highlight that with a Paraguayan passport you can access the EU, Russia, the United Kingdom and Ireland. At the same time, Paraguay is part of the Mercosur trade bloc in South America, so you can also go anywhere in South America without a visa; only with an identity card.
Among the attractions of obtaining citizenship, you can appreciate the possibility of becoming a naturalized citizen of Paraguay after three years of Permanent Residence, and during this time you do not need to live there, you only have to visit the country one day a year!
Specifically, you don't need to move to the country to maintain residency and eventually obtain dual citizenship to take advantage of the laissez-faire attitude, and with it, the multiple tax benefits to be able to expand your business and grow economically.