Obtaining Paraguay Permanent Residency in 2024
Paraguay has one of the most interesting programs in South America, with a low document requirement residency option, that can lead into permanent residency in only two years.
However, Paraguay has recently changed their temporary residency requirements, which in turn changed their permanent residency requirements. In this article, we will explore the new permanent residency process and what you will need to become a permanent resident of Paraguay.
What is Paraguay Permanent Residency?
Permanent residency in Paraguay refers to the legal status that allows foreign nationals to live and work in the country indefinitely. It offers a range of benefits, including access to social services and the ability to apply for citizenship after a certain period of time.
The benefits of obtaining permanent residency in Paraguay are numerous. Holders of permanent residency are entitled to healthcare, education, and social security benefits. They also have the freedom to come and go from the country without the need for a visa and can engage in economic activities without restrictions.
In comparison with other types of residency in Paraguay, permanent residency provides a more stable and secure status for individuals and their families. It offers greater rights and privileges than temporary or provisional residency options.
To be eligible for Paraguay permanent residency, applicants must meet one of three criteria, which we will discuss further below.
Why Consider Paraguay Residency?
There are several reasons to consider obtaining permanent residency in Paraguay. These include:
Affordable Cost of Living in Paraguay
Paraguay offers a low cost of living compared to many other countries, making it an attractive destination for individuals and families seeking a comfortable and affordable lifestyle.
Paraguay’s cost of living is on par with similar countries in the region, such as Argentina and Brazil. This can vary depending on the city in Paraguay.
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Business and Investment Opportunities
Paraguay offers numerous business and investment opportunities, including a growing economy with a young population, favorable tax policies, and a supportive environment for entrepreneurship.
Safe and Welcoming Environment for Expatriates
Paraguay is known for its warm and hospitable culture, making it an ideal place for expatriates to settle and integrate into the local community.
Locals speak both Spanish and Guarani, however many young Paraguayans speak English.
To learn more about the Paraguay Temporary Residency process, you can purchase our course to understand the process of residency, the documentation needed, and gain access to our professional network in Paraguay.
Benefits of Paraguay Residency
Paraguay offers several options for obtaining residency, with temporary and permanent residency being the most popular options. Unfortunately, you will need to obtain temporary residency first for two years, and then can obtain permanent residency.
Mercosur Access
To be eligible for Mercosur access in Paraguay, individuals must be citizens of Mercosur member countries, such as Argentina, Brazil, and Uruguay. Applicants may also qualify if they hold legal residency in a Mercosur member country.
Holding a Paraguay residency will allow you to become a Mercosur member, meaning you can stay in any Mercosur country for up to 90 days, while simply showing your Paraguay Cedula to enter the country.
Steps to Obtain Paraguay Permanent Residency
If you are considering obtaining permanent residency in Paraguay, it’s important to understand the process and requirements. Not everyone will be able to qualify for permanent residency due to the recent changes to the residency process.
To qualify for permanent residency after 2 years of holding temporary residency, you will need to have ONE of the of the three items below:
- A university degree, apostilled from your home country
- A technical degree, apostilled from your home country
- Holding the Paraguay tax ID for the past 2 years
Any one of the above qualifications can lead to obtaining permanent residency. The process does take a few months to obtain, and we can assist in this process if needed.
Residency Renewal Requirements
You will be required to renew your PR Cedula once every ten years, and required to visit the country once every three years to keep the residency active, otherwise, it will be cancelled.
Paraguay’s Favorable Tax Policies
Paraguay offers a competitive and transparent tax regime, with a territorial tax system that exempts foreign-earned income from taxation. This favorable tax framework contributes to the country’s appeal as a tax-efficient destination for individuals and businesses.
Paraguay boasts a territorial tax rate of flat 10% tax on any income made within the country, so you may not always be required to file or pay tax in Paraguay.
Conclusion
Obtaining permanent residency in Paraguay offers a wide range of benefits for those seeking to establish long-term residence in a foreign country. From the ease of the application process to a flat tax system, Paraguay provides an attractive option for those looking to obtain permanent residency.
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