Currency: Guaraní (As of May 10, 2024, 1Paraguayan Guarani = 0.00013USD)
GDP per Captial: $20,058 (2024 estimated, 84th)
Human Development Index: 0.731 (105th)
(This map is sourced from Nations Online Project)
Country Profile:
Paraguay is a landlocked country in South America, bordered by Argentina, Brazil, and Bolivia. Geographically, the entire country is divided into eastern and western parts by the Paraguay River.
Economically, Paraguay heavily relies on agriculture and hydroelectric power. The world’s second-largest hydroelectric power station, the Itaipu Dam, is located on the border between Paraguay and Brazil.
Culturally, Paraguay is deeply influenced by Guarani and Spanish cultures. Music, dance, and various crafts are symbols of Paraguayan culture.
Visa and Immigration System:
Permanent Residency By Investment Program:
Paraguay once had a very famous residency by deposit program: you could obtain permanent residency in Paraguay by depositing approximately $5,000 in a local bank.
This deposit immigration program was canceled at the end of 2022. Now, the most renowned immigration program in Paraguay is its permanent residency by investment program: you can quickly obtain permanent residency in Paraguay by starting a company, presenting a credible business plan demonstrating that you will gradually invest $70,000 over ten years to develop the company.
Compared to other countries, Paraguay’s permanent residency card has the following three advantages:
1. The required investment amount is relatively low, and you can obtain it quickly: the entire permanent residency by investment program can take as little as 45 days, and at most, it will not exceed three months.
2. No need for actual residence: you only need to enter Paraguay once every three years and renew your permanent residency card every ten years to maintain your residency status.
3. The permanent residency card does not display the holder’s nationality; it only shows their place of birth and name.
Temporary Residency:
Apart from the investment route, foreigners who wish to obtain permanent residency in Paraguay must accumulate residency time: First, they must apply for a local Temporary Residency, then legally reside in Paraguay for two years with the temporary residency while proving they have a university degree or equivalent technical qualification, or have been paying taxes in Paraguay for two years.
Paraguay’s temporary residency permits include various categories such as work visa, student visa, freelancer visa, and retirement visa. Generally, these permits are valid for one year and can be renewed under the same conditions up to five times. This means you can reside in Paraguay for up to six years with a temporary residency permit.
Among these temporary residency permits, the retirement visa is primarily intended for retirees, but individuals who are not retired yet have sufficient passive income can also apply. Regarding the economic requirements, the Paraguayan retirement visa requires applicants to have an income level that is 100 times the local minimum wage. Specifically, the monthly income should not be less than 7,015,600 Guaraníes, approximately $926.
Citizenship:
Foreigners who have legally resided in Paraguay for two years, and can prove they have a university degree or equivalent technical qualification, or have been paying taxes in Paraguay for two years, are eligible to apply for permanent residency in Paraguay.
Permanent residents of Paraguay who have resided in the country continuously for three years, spending at least 183 days each year, are at least 18 years old, have no criminal record, engage in legitimate professional activities (such as business, work, research, etc.), can sing the Paraguayan national anthem, and pass a Spanish or Guarani language test and a test on Paraguayan politics and history, are eligible to apply for citizenship.
Passport Utility:
With the exception of individuals of Italian and Spanish descent, Paraguay does not recognize dual citizenship. The Paraguayan passport is ranked 30th globally, allowing holders visa-free or visa-on-arrival access to 148 countries and territories worldwide (May 10, 2024).
(This image is sourced from Wikipedia)
Paraguay is a member of the Southern Common Market (Mercosur). As shown in the map below, citizens of member countries under this agreement can freely work and live in any other member country. After two years, if they can provide proof of financial means to support themselves and their family, they can directly obtain a permanent residency visa in the host country. Holding Paraguayan citizenship makes living in South America very convenient.
