By Dragana Andreyev
When considering Plan B choices, high-net-worth individuals (HNWI) often flock to the familiar shores of Europe or the Caribbean, mainly due to their well-publicized programs and renowned destinations.
However, there’s a hidden gem in Latin America that is gaining prominence for those in the know, and it's time for it to shine in the spotlight. Here are five reasons why Paraguay should be part of a residency portfolio.
CLEARING OUT MISCONCEPTIONS ABOUT PARAGUAY
When most people think about South America, they might imagine a region fraught with instability and uncertainty. However, Paraguay is an exception to this misconception. This South American gem quietly boasts a conservative, stable democracy with a well-developed economic system and few economic restrictions (for example, a stable currency and no restrictions on buying and selling foreign currency).
It's the world's largest green energy exporter and is an agricultural powerhouse - a major producer of staple foods like beef, soybean, and fruit. With one of the world's largest supplies of fresh water, Paraguay is the kind of place to be in times of crisis or conflict.
Unlike its neighboring nations, Paraguay doesn't face the same level of political turmoil and security risks. While no place is entirely devoid of danger, Paraguay is a safe and reliable destination for those seeking a peaceful getaway. On the other hand, the Paraguayan capital, Asuncion, is a world capital city with a cosmopolitan culture and a growing international business community.
EASY STRAIGHTFORWARD PROCEDURE
This is the pathway to Paraguay residency:
Temporary residency: temporary residency can be obtained in approximately 90 days. Paraguay allows first a two-year visa for temporary residency that, after that period, can be renewed into a ten-year permanent residency. After the collection and translation of documents, you may go to Paraguay for a few working days. After you receive your residence permit and cédula (local ID), an agent can help you with future steps such as opening a bank account, proof of address, and tax residence. Your status as a local opens the doors to living, working, and establishing businesses in the country – but with no obligation to stay.
Important notice: the described process applies to nationalities who can access Paraguay visa-free. For citizens of countries that need a visa to enter Paraguay, the process is slightly different.
COMFORTABLE INVESTMENT AMOUNT
In the world of residency-by-investment (RBI) or so-called "golden visa" programs, Paraguay stands out for its affordability. Obtaining residency is a fraction of the cost of other golden residency programs worldwide.
It is also an excellent entry point to diversify an investment portfolio with options for real estate, consulting, or establishing a family office or consulting business without drawing a large initial amount towards the visa fees. In addition, Paraguay is a free market with a liberal economy, with many possibilities of investment and business and close between, making it a very attractive plan B.
NO PHYSICAL PRESENCE REQUIRED
A standout feature of Paraguay's residency program is the flexibility it offers regarding physical presence. Investors will need to stay a few days during the initial period of application, but during the residency period, there's no strict requirement for continuous presence. This means they can secure Paraguayan residency documents to have an official base while traveling.
GROWING TREND
Paraguay's residency program is not widely known outside the region, making it particularly enticing for HNWIs. As more individuals become aware of its advantages, this program is steadily gaining recognition. It's an excellent time for early adopters to secure their Paraguayan residency before the program reaches saturation. Paraguay's strategic location, connecting Latin American, North, and Mid-American countries, further enhances its appeal.
In conclusion, Paraguay's residency program presents a unique blend of freedom, simplicity, affordability, flexibility, and investment growth potential. Obtaining Paraguayan residency has become an attractive choice for those who value ease, efficiency, and strategic opportunities when exploring global residency options.
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