Get second residency and citizenship in Paraguay
Paraguay is one of the world’s easiest countries to get second citizenship, and the process can take as little as three years. As a free, peaceful country, Paraguay welcomes people from all nationalities to obtain second residency and become citizens. You can even get started with Paraguay residency with a small bank deposit.
Why get second residency in Paraguay?
- You can apply for Paraguay citizenship after three years
- The process is inexpensive and straightforward
- There are no restrictions on your nationality
- Paraguay requires only a $5,000 bank deposit, and no minimum income
- You do not need to relocate to Paraguay to maintain residency
- Dual citizenship is allowed
- Paraguay speaks Spanish, an easy language to learn
HOW IT WORKS
Time to Citizenship: 3 years
Economic Citizenship: No
Minimum Investment: US$5,000
Physical Presence for Residency: Minimal
Physical Presence for Citizenship: 183+ days/year
Nationalities Allowed: All
TAXES AND COSTS
Cost of living: $1,000+
Income Tax Rate: 8-10%
Taxes Foreign Income: No
THE PARAGUAY PASSPORT
Visa Free Countries: 123
Passport Ranking: 29th
Can Visit Europe: Yes
Can Visit the US: No
Why Paraguay citizenship?
Paraguay is a beautiful South American country known for high levels of personal freedom, low taxes, and minimal regulation. Retirees from European nations such as Germany have been relocating to Paraguay for years. Simply put, Paraguay is a place where you can live your life as you see fit.
Once you obtain permanent residence in Paraguay, you have the right to live and work there for life. You will also enjoy other benefits within South America’s Mercosur region.
How to get second citizenship in Paraguay
You must first obtain permanent residence by depositing $5,000 in a Paraguay bank OR purchasing local real estate. After three years as a permanent resident, you and your family may apply for naturalization.
Paraguay immigration allows dual citizenship, so you do not need to renounce your current citizenship to become a Paraguay citizen. Paraguay’s policy of jus soli – or “right of the soil” – means that children you give birth to while in Paraguay will obtain Paraguay citizenship at birth.
Paraguay is a land-locked country in South America, situated between Argentina, Brazil, and Bolivia. Nearly seven million people live in Paraguay, with more than two million living in the capital city of Asuncion. Other large cities include Ciudad del Este, San Lorenzo, and Luque.
Although it has a history as one of South America’s poorest countries, Paraguay has experienced amazing economic growth in the last ten years, ranking as one of the fastest growing economies in the world. Paraguay also has a large informal economy.
Taxes and cost of living in Paraguay
Paraguay has a territorial tax system which means that only income and capital gains earned in Paraguay are taxed, and only at a flat rate of 10%. Paraguay has no inheritance or estate tax, no net worth tax, no capital duty, no stamp duty, and no capital acquisitions tax.
It is not required to live in Paraguay in order to maintain your second residency or work toward your second passport. Nevertheless, it is possible to live for as little as $1,000 to $1,500 per month. Local food is cheap and plentiful, and transportation is affordable.
Why Nomad Capitalist?
Our team is made up of entrepreneurs and investors just like you. We know why you’re going offshore and we know what you need. Because we speak your language, we will make sure you get the best advice possible before going offshore.
Nomad Capitalist offers unbiased advice on second residencies both on our website and in offline consulting calls. We don’t represent one particular country or peddle only one option. Instead, we listen to your needs and determine the best residency and passport solution based on your budget, current citizenship, and future goals.
Are you ready to get a second residency and passport? Click the button below to apply for a consultation so we can help you cut through the clutter and get the expert advice you need.