Paraguay: Why permanent residency in Latin America could be the best choice for you
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. In today’s article, we will be outlining how to obtain residency in Paraguay, as well as the required documents and costs involved in such a process.
With regards to residency by investment, 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 SUACE and the cost of the investment is USD70,000 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. Though, if you are able to travel to Paraguay visa-free already, do not panic, as you have an even simpler option, we will outline the key stages here:
1. Deposit USD$5,000 into a bank account in Paraguay.
2. Offices fees.
It really is that simple and cost effective, coupled with the benefit of only having to be a resident for three years before applying for citizenship, which is comparatively short when looked at alongside similar schemes. In addition to these steps, there are other necessary paperwork elements to complete, but we will get into that later in more detail.
Below you will find a list of the documents you will have to present during your application. It is important to understand these as they are of equal importance and forgetting one could be to the detriment of your entire application, making a prior understanding all the more critical!
1. Copy of passport
2. Criminal records
3. Birth/Marriage/Divorce certificates where applicable
4. Medical certificate issued from within Paraguay
5. Certificate ‘life and residence permit’ (you will be given this in Paraguay)
6. Affidavit (issued in Paraguay)
7. Document from the National Police in Paraguay
It is evident that the majority of these documents are either sorted out by Paraguayan officials or are easy for you to sort out at home, making the process rather simple and stress-free, something which is always a benefit when undertaking a process such as this! In terms of obtaining the residency itself, if you are approved it can all be sorted within three months, which is rather fast when compared with other schemes across the globe and allows you to have peace of mind that while your application is being handled carefully and respectfully, it is also going to be quick and will not leave you hanging in the balance.
Some other benefits associated with the permanent residency pathway in Paraguay include:
· Competitive price, citizenship/residency by investment is usually very expensive with a large deposit
· You have free control of where you invest, this is to say, as long as it is approved by the appropriate authorities
· Free movement to LATAM nations
So, if you are interested in finding out more, get in touch with us today! At Creimerman, we are a team of global citizens, working with each client and providing a tailor-made service in order to help make their cross-border ventures a success, and we would love you to be the next.