On October 18, 2022 Paraguay passed a new migration law (Law No. 6984/2022). This law presented a number of changes to the requirements for obtaining their residency through investment.
Fortunately this law also brought new benefits and kept some of the previous ones. However, there were various changes to the program, though nothing that cannot be resolved. Today we are going to explain this new law and how it will impact you.
Paraguay has experienced a remarkable economic boom in the last decade, positioning itself as one of the largest and rapidly growing economies around the globe. Being a free and peaceful country, Paraguay encourages people of all nationalities to relocate there, in particular foreign investors and entrepreneurs, inviting them to obtain a second permanent residence in Paraguay.
This new law brought changes to the application process so let's see what we deal with in more depth.
How can I apply?
Any entrepreneur can apply to obtain their temporary residency through this program by submitting the following documents. Our team will be by your side throughout this process to make things easier, we are here to help you.
Valid passport or identity card
Paraguayan identity card
Temporary residence card
Documents that prove any change in marital status, profession, occupation, occupation, names or surnames.
Certificate of antecedents issued by the department of identifications of the informatics of the national police, from fourteen years of age onwards
Certificate of judicial antecedents from fourteen years of age onwards
Certificate of antecedents issued by interpol
Payment of the corresponding fee
The other requirements established by the present law and its regulations.
For permanent residency, the documents to upload are broadly similar but the changes that have been made regarding the previous law means that the possibility of qualifying for immediate permanent residency by depositing 5000 USD has been removed, but now you can apply for a temporary residency valid for 4 years without making an investment in the county, thus saving you a lot of money.
Fortunately, article 46 remains the same. Paraguay has the scheme open to people who are unable to travel there without first obtaining a visa for entry. The program is known as the SAUCE and the cost of the investment is 70,000 USD, with the purpose of bringing potential for bringing development to the nation, for example, a project, which after the initial investment must be funded by you.
You will be required to hold temporary residency before obtaining permanent residency, and will therefore still be able to obtain permanent residency immediately upon approval.
What are the main advantages of this new law?
No need to make an investment to obtain residency
Applicants who can demonstrate economic self-sufficiency to the satisfaction of the Paraguayan authorities no longer need to make a deposit with the national bank. This means that thanks to the change of law it is no longer necessary to make a deposit of 5000 dollars.
Extension of the period of stay for temporary residents
Temporary residents will obtain a term of up to 2 years of legal stay through the new legislation (in the previous law a term of up to 1 year was granted). Also this can be renowned for 2 years more.
Tax residency
Tax residency makes all income from outside Paraguay remain untaxed.
Visa free access
With a Paraguayan passport, you can access the European Union (EU), the United Kingdom (UK), and Ireland, so it’s certainly a pretty attractive passport. It’s also a part of the Mercosur trading bloc in South America, so you can also go anywhere in South America without a Paraguay visa; just an identification card will do.
Access to the Paraguayan cédula
One of the main advantages introduced by this law is that temporary residents will now be able to obtain a Paraguayan identity card, with a duration equal to that of their residence card. We recall that, under the previous law, only permanent residents could have access to such an identity card. This will allow temporary residents to carry out procedures and access to public services that require, without fail, the presentation of the Paraguayan identity card.
Addition of a new residence sub-category
Spontaneous or occasional residence is the new sub-category incorporated for those foreigners who enter the country with the intention of carrying out occasional lawful activities in a short period of time. The term of stay granted under this sub-category is up to 90 days, extendable for the same period of time.
We are aware that this was an abrupt change which generates uncertainty but it also brings many opportunities for you. From creimerman we are here to help you in any doubt you may have. So if you want you can contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.