Schiff Sovereign's Take on Paraguay
Paraguay is a study in contrasts: it’s gritty, but also has a charm that makes it attractive to the adventurous soul.
It’s one of two landlocked countries in South America (the other being Bolivia). It is also one of the poorest countries in this part of the world, with a very low cost of living.
Paraguay borders Argentina, Brazil and Bolivia, but culturally, it has more similarities with Argentina.
It is home to some interesting property investment opportunities. Agricultural property is inexpensive around Asuncion, the country’s capital and largest city. And land becomes even more inexpensive out in the Chaco region.
Granted, these areas are remote, and mostly suitable for ranching, not farming.
But beware that Paraguay is also notorious for GMOs and widespread pesticide use, so if you’re against those things, steer clear of this country.
Furthermore, widespread corruption might turn many businesspeople away, but the overall climate is ripe for innovative, Western-style products and services. (These would need to be inexpensive, though, as the Paraguayans are not very rich.)
The taxes are also some of the lowest in the region.
We once were bullish on Paraguay as a place to obtain residency and citizenship. You can become a Paraguayan resident by depositing a very modest amount of money in a local bank account. And you don't have to spend any time in Paraguay to keep your residency active.
Plus, the country’s laws state that you become eligible for naturalization after holding residency status for only three years, even if you don't live in the country.
The reality, however, is that successful naturalizations today are exceedingly rare.
And in the cases that we know of where people were able to obtain Paraguayan passports through naturalization, hefty bribes were reportedly required – which is definitely not something we recommend you consider.
And overall, the country’s reputation has been tarnished by scandals and stories of corrupt politicians selling passports outside of the system.
So in short, there are better places in Latin America to consider if your objective is to obtain a second passport.
Still, Paraguay remains a viable place for foreign residency. And we do have a reliable and – most importantly, squeaky clean – contact on the ground who can help you with the process.
It’s one of two landlocked countries in South America (the other being Bolivia). It is also one of the poorest countries in this part of the world, with a very low cost of living.
Paraguay borders Argentina, Brazil and Bolivia, but culturally, it has more similarities with Argentina.
It is home to some interesting property investment opportunities. Agricultural property is inexpensive around Asuncion, the country’s capital and largest city. And land becomes even more inexpensive out in the Chaco region.
Granted, these areas are remote, and mostly suitable for ranching, not farming.
But beware that Paraguay is also notorious for GMOs and widespread pesticide use, so if you’re against those things, steer clear of this country.
Furthermore, widespread corruption might turn many businesspeople away, but the overall climate is ripe for innovative, Western-style products and services. (These would need to be inexpensive, though, as the Paraguayans are not very rich.)
The taxes are also some of the lowest in the region.
We once were bullish on Paraguay as a place to obtain residency and citizenship. You can become a Paraguayan resident by depositing a very modest amount of money in a local bank account. And you don't have to spend any time in Paraguay to keep your residency active.
Plus, the country’s laws state that you become eligible for naturalization after holding residency status for only three years, even if you don't live in the country.
The reality, however, is that successful naturalizations today are exceedingly rare.
And in the cases that we know of where people were able to obtain Paraguayan passports through naturalization, hefty bribes were reportedly required – which is definitely not something we recommend you consider.
And overall, the country’s reputation has been tarnished by scandals and stories of corrupt politicians selling passports outside of the system.
So in short, there are better places in Latin America to consider if your objective is to obtain a second passport.
Still, Paraguay remains a viable place for foreign residency. And we do have a reliable and – most importantly, squeaky clean – contact on the ground who can help you with the process.
