The Shift from Permanent to Temporary Residency
Paraguay used to offer one of the best and cheapest residencies in the world, where you could get permanent residency by depositing $5,000 in a Paraguayan bank. However, recent changes have made it so that newcomers now obtain temporary residency instead.
The New Temporary Residency Process
The new temporary residency process no longer requires the $5,000 deposit, which is a plus for many. To obtain temporary residency, you need to bring an apostilled copy of your police report (if you’re from a Hague Convention country) to Paraguay. After two years, you can then apply for permanent residency.
Though there have been some changes to the law, the differences between temporary and permanent residency are not significant. After a certain period on permanent residency, you can qualify for a Paraguayan passport, which is a five-year passport.
Advantages of Living in Paraguay
Paraguay, the heart of South America, offers numerous benefits for those seeking a low-cost, low-tax, and free lifestyle.
Low Cost of Living
Electricity is cheap in Paraguay due to its hydroelectric dam, which produces more electricity than the country consumes. The cost of living is generally low, with many expats reporting utility bills under $60 a month.
Attractive Tax Regime
Paraguay operates on a territorial tax system, meaning money generated outside of the country is not taxed. The top personal income rate is around 10%, making it an attractive option for those seeking to reduce their taxes.
Food Security and Agricultural Opportunities
Paraguay is one of the top food-producing countries in the world, with a surplus of food production. This makes it an ideal location for those interested in farming or agriculture projects, enabling a more sustainable and self-sufficient lifestyle.
Freedom and Safety
Paraguay is a safe country, unlikely to engage in wars or conflicts. It offers a high degree of freedom, with the ability to own property, land, and even firearms (though not as openly as in places like Texas).
Navigating the Residency Process
Despite the shift from permanent to temporary residency, obtaining residency in Paraguay is still relatively easy. With the help of experts on the ground, you can acquire your residency, open bank accounts, form companies, and even obtain a driving license.
Offshore Entrepreneur is one of the top providers of residency in Paraguay, offering guidance and assistance in navigating the residency process. Their website provides valuable resources for those looking to become global and free citizens.
Tax Advice for Expats
In addition to residency assistance, Offshore Entrepreneur also offers tax advice for US, European, and UK citizens looking to lower their taxes and save money. By keeping more money in your pocket, you can increase your wealth and improve your family’s quality of life.
Paraguay remains an attractive option for those seeking a low-cost, low-tax, and free lifestyle in the heart of South America. By obtaining temporary residency and eventually permanent residency, expats can enjoy the benefits of this beautiful and resourceful country.
Embracing a New Life in Paraguay
With its low cost of living, attractive tax regime, and abundant opportunities for agriculture, Paraguay is a hidden gem in South America that offers a desirable alternative for those looking to escape the rat race and high-tax environments of Western countries.
A Vibrant and Growing Economy
Paraguay has been experiencing steady economic growth in recent years, making it an ideal location for entrepreneurs and investors. The country boasts a young and growing population, providing a strong workforce for businesses looking to expand into South America.
A Rich Cultural Experience
Living in Paraguay also offers a unique cultural experience, with a diverse mix of indigenous and European influences. The official languages are Spanish and Guarani, and you’ll have the opportunity to learn both while immersing yourself in the local customs and traditions. Paraguayans are known for their warmth and hospitality, making it easy to feel at home in your new surroundings.
A Land of Natural Beauty
Paraguay is a landlocked country, but it doesn’t lack natural beauty. From the vast expanses of the Gran Chaco to the lush greenery of the Paraguayan Pantanal, the country offers a wide range of landscapes to explore. Outdoor enthusiasts will find plenty of opportunities for hiking, fishing, and birdwatching, while those interested in history can visit the UNESCO World Heritage site of Jesuit Missions of La Santísima Trinidad de Paraná and Jesús de Tavarangue.
Making the Move to Paraguay
If you’re convinced that Paraguay is the right destination for you, it’s time to take the first steps towards obtaining residency and starting your new life. Reach out to experts like Offshore Entrepreneur to help guide you through the process and ensure a smooth transition. Remember, the sooner you start, the sooner you can begin enjoying the benefits of living in this remarkable country.
In conclusion, Paraguay offers an exceptional opportunity for those seeking a change in their lifestyle, with its low cost of living, attractive tax system, and various opportunities for personal and financial growth. By obtaining temporary residency, and eventually permanent residency, you can take advantage of all that this beautiful South American country has to offer. Whether you’re an entrepreneur, investor, or someone looking for a more sustainable and self-sufficient way of life, Paraguay could be the perfect destination for you.