For purposes of investment migration, however, the salient practical effects of the changes, in plain terms, are as follows:
The previous possibility of qualifying for immediate permanent residence by depositing 32 million Paraguayan Guaraní (some US$4,500) has been removed. It is still possible to qualify for residence permits in the country by demonstrating solvency and an intent to settle in Paraguay, but those who qualify on this basis will not receive permanent residency at the outset. Instead, they will qualify for temporary residence permits with a two-year validity, which can be converted to permanent residency after two years.Applicants who can demonstrate economic self-sufficiency to the satisfaction of Parguayan authorities need no longer make a deposit with the national bank.
Note that Article 46 of the new Law on Migration highlights that those who apply for residence permits under the SUACE (Sistema Unificado de Atención Empresarial para la Apertura y Cierre de Empresas) scheme, a special program for those who invest at least US$70,000 in a business in Paraguay, will be exempted from the requirement to hold temporary residence before obtaining permanent residence, and will therefore still be able to obtain permanent residency immediately upon approval.
Source link : https://www.imidaily.com/latin-america/paraguay-no-longer-accepting-5000-deposit-based-applications-for-permanent-residence/
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Publish date : 2022-10-19 03:00:00
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