What do you need to know about living and immigrating to Paraguay?

General information on Paraguay

Paraguay is a nation located in the southern part of the Americas, more than 60% of which is occupied by the Gran Chaco desert territories. With an area of 406,752 square kilometers, this country ranks 58th among the nations of the world. The population exceeds 7 million, and about 1.5 million of them live in Asunción, the capital of Paraguay. Asuncion attracts tourists with its beautiful streets, historical sites and original architecture.

Economic situation

On the economic front, Paraguay is considered one of the least developed in its region, but recent years have seen positive developments and emerging opportunities. The country is heavily agriculture-oriented and ranks sixth in the world ranking for soybean production, highlighting its agrarian potential.

Paraguay has the first legal casino in Latin America in 2021, and 20% of its revenue will go to the state coffers, which could have a significant impact on the country's economic situation.

Cryptocurrencies and mining

Low electricity rates make Paraguay an attractive country for crypto miners. A bill passed to regulate digital currencies has also contributed to the growing interest. Approximately 500,000 miners are expected to visit the country in the next three years, forcing economic growth.

Nature and history

Paraguay is known not only for its economy, but also for its rich history and magnificent natural landscapes. Strolling through the picturesque streets of Asunción, you can enjoy old buildings and beautiful temples, and take a break from the hustle and bustle in the tranquil forests of the national parks.

The shores of Lake Ipacaray and the Saltos del Mondoy waterfall offer amazing views. The historical ruins of Jesuit missions and one of the largest hydroelectric power plants in the world, Itaipu, are also of interest.

Shopping malls

In addition, Paraguay has one of the largest shopping centers, Ciudad del Este, which attracts not only tourists but also shoppers.

Climate conditions

The country's climate varies from region to region. Paraguay is located in the southern hemisphere, so summer lasts from January to March and winter from June to August. Temperatures can vary considerably from place to place:

• Chaco experiences a tropical climate.
• The eastern part of the country enjoys a subtropical climate.

The transition between the winter and summer seasons can be quite abrupt. During the winter months, the temperature usually stays around 23°C, while in summer it rises to 35-40°C on some days.

Immigration and obtaining a residence permit

In terms of immigration policy, Paraguay offers a simple program to obtain permanent residency for those who can prove their financial independence. Foreigners can easily apply for permanent residency and obtain a local identity card (cedula) within a month with a bank account of about 5,000 U.S. dollars. This amount may vary depending on the exchange rate of the Paraguayan currency, the guaraní.

The filing procedure is as simplified as possible: you only need to be present at the time of filing, and then all documents can be received by mail.

Conclusion

Irina Kluchinskaya and CEO Iidade Subtil believe that this program is one of the most affordable and profitable solutions for obtaining permanent residency in South America. Paraguay really attracts those looking for new opportunities and endeavors, combining modern realities with the diversity of natural landscapes.

Individuals with permanent residency status have the unique opportunity to travel to various South American countries such as Argentina, Uruguay, Paraguay, Brazil, Venezuela, Bolivia, Chile, Colombia, Ecuador and Peru. One of the main advantages of this status is the ability to withdraw funds from your bank account once permanent residency is formalized.

Exploring new opportunities

The Lake Ipakarai area of San Bernardino offers the opportunity to delve into topics such as investment opportunities, immigration issues, and real estate acquisition. It is also recommended that you subscribe to the Telegram channel where you can find up-to-date information on the requirements and documents needed to apply.

Necessary documents

To obtain permanent residency status, a number of documents will need to be prepared, such as:

• birth certificate,
• a certificate of no criminal record,
• marriage license,
• tourist visa.

It is important to note that a visa is required only for those Russians who intend to apply for permanent residence, while no visa is required for ordinary travel. All documents must haveapostilleto make them legally enforceable.

Who can get the status of a CoML?

It should be kept in mind that along with the principal applicant, those eligible for permanent resident status are:

• spouse,
• Minor children (under 18 years of age),
• Financially dependent children under age 30 who are unmarried,
• parents,
• unmarried siblings.

Conditions for maintaining status

Permanent residency status in Paraguay is granted forindefinitelyThis means that it does not need to be renewed. However, in order to maintain the status, you must visit Paraguay at least once every three years. This is the only condition for staying in the country.

Tax residency

If your goal is to become a tax resident of Paraguay, you must stay in the country for more than six months.

Important changes are on the agenda: urgent need for answers

On October 18, 2022, the President of Paraguay initiated amendments to the legislation relating to “Immigration”. These amendments affect not only minor details, but also a significant reinterpretation of the rules that previously formed the basis of the well-known permanent residence permit (PRP) system.

The key fact for potential immigrants is that the updated law will start to apply on January 1, 2023. The focus will now be on temporary residence permits (TRPs). First it will be necessary to obtain a temporary status, and only after that it will be possible to apply for a residence permit. In this case, the temporary document will be valid for two years with the possibility of extension.

However, it is worth noting that there is now no requirement to make a deposit with a bank; it is sufficient to prove your financial reliability.

Changes in the time limits for obtaining citizenship

It is also important to mention the expected changes regarding the timeframe required to obtain citizenship. At the moment there is still an opportunity to accelerate and use the last chances to obtain permanent residence.

Infrastructure projects: Friendship Bridge

One iconic piece of infrastructure is the Friendship Bridge, an arched highway bridge that spans the Paraná River and connects the Brazilian city of Foz do Iguaçu and Paraguay's Ciudad del Este.

Alternatives for investors

In addition to the standard immigration process, there is also an alternative route, which has become more attractive in light of recent legislative innovations. Although it is more costly, this option allows you to immediately obtain a residence permit through investment.

• This requires a minimum investment in the Paraguayan economy.70 thousand dollars.
• Investments can be directed to:
  • purchase of real estate, including land plots;
  • service industries;
  • trade;
  • agriculture.
• Another advantage of this approach is that investments can be spread out over a period of up toten years.

According to Irina Kluchinskaya, CEO of IDADE Subtil, this method of obtaining a residence permit was previously less popular among citizens of Eastern Europe. Investors from neighboring countries or from states for which visa conditions with Paraguay are more stringent were mainly interested. For example, Russian citizens can avoid the need to apply for a visa in advance.

Asunción: the center of Paraguay

Asunción, the capital of Paraguay, represents the main center of political, economic and cultural life in the country.

Investment prospects

Paraguay is currently experiencing an active purchase of land for construction and development in areas adjacent to major cities. The real estate market, which until recently was quite narrow, is now recognized as the most attractive for investment.

• Prices for plots (e.g. 10 hectares) vary depending on location and range from30 to 50 thousand dollars.

Investment opportunities have increased dramatically, and foreign investors from North America and Western and Eastern Europe are actively entering the market. This flow of foreign investment into Paraguay is opening up new prospects and bringing significant changes to the country's economic picture.

Conclusion

In conclusion, I would like to emphasize that Paraguay is a country with great potential and unique opportunities for life and business. Although it may seem less developed than other South American countries, its agrarian economy, abundant natural resources and attractive factors such as low electricity costs and tax incentives make it attractive to investors and migrants.

Benefits of living in Paraguay

• Unique featuresfor business
• Accessible receipt systempermanent place of residence
• Rich cultural heritageand nature
• Ability to travelin South America without visas
• Second citizenshipwithout abandoning the former

Paraguay not only opens doors for new business projects and legal earnings, but also provides unique opportunities for a comfortable life. The system of obtaining permanent residence is simple and affordable, allowing many foreigners to find a new homeland. In addition, the ability to travel throughout South America without visas and obtain a second citizenship only adds to the appeal.

Cultural and natural attractions

I cannot fail to mention the richness of the country's cultural heritage: ancient temples, magnificent nature reserves, historical monuments and modern cities such as Asuncion create a harmonious blend of tradition and modernity. Paraguay is not just a place on the map, it is a corner where you can find your dream, whether it is through business, work or just living in a picturesque setting.

Final thoughts

I sincerely hope that this short journey through the opportunities and realities of Paraguay encourages you to expand your horizons and think about how this country can be your next step towards new achievements and dreams. Paraguay is a place where dreams come true and I look forward to meeting those who dare to take that bold step!