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. Pay for the permanent residency permit (USD$3,480)
2. Additional fees (USD$400)
3. Deposit USD$5,000 into a bank account in Paraguay
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 u