One of the cheapest and simplest routes to permanent residency is available in Paraguay. A person only needs to submit proof of their good character and deposit around 4,300 USD (depending on the exchange rate) in the National Bank of Paraguay to be eligible. The applicant may take money out of the account after approval.

There can be different routes to permanent residency in Paraguay;

Deposite certain amount
Depending on the current exchange rate, you can deposit up to 4,300 USD. You may withdraw this sum once the immigration procedure is over.

Residence by Investment
The investment requires a minimum of 70,000 USD but can be paid off over a 10-year period. It is also acceptable to buy property, provide services, engage in business, buy agricultural land, and engage in other activities.

By retiring in the country
If your monthly income in retirement is at least 8,434,000 GS (about 1,000 USD), you can follow this route. There are no limitations on age.

Paraguay visa regulations, much like the UK, do not pose much trouble. In order to qualify for this visa,

• You must not have any criminal record in the places you have stayed before.
• You must be skilled or able to invest in the country.
• The applicants must be eligible to take up one of the routes mentioned before.

While applying for a permanent residency in Paraguay, you must arrange the following documents,

• A passport with a minimum six-month remaining validity.
• A clear police record which can demonstrate that you don't have any sort of criminal history.
• A birth certificate and other identification documents are necessary.
• Marriage or divorce certificate (if applicable)
• An official medical certificate from Paraguay.
• Document produced by the Paraguayan National Police's Identifications Division
• You must maintain proof of your Paraguayan residency throughout your stay.

Paraguay is located in South America, bordering Bolivia, Brazil and Argentina. The "Heart of South America" refers to the region's geographic centre constituting Paraguay. With few complications, it is one of the simplest countries to obtain permanent status.

Visa Processing Time
After submitting an application, the process for receiving a Paraguay Permanent Residence Permit may take up to 90 days. You must travel to Paraguay within six months of having your permanent residency status to apply for an ID card.

How to Apply
You are required to gather all the required documents and submit them to the embassy. It can be done online or you may visit the nearest embassy. You will have to travel to Paraguay to undertake a medical exam and meet other criteria.

During the overall procedure, the applicant must make two trips to Paraguay. Only three to five working days are required for the submission of an application for resident status. The resident has six months from the time they receive their permit to apply for a Paraguayan ID card.

Duration
You may enjoy a permanent residency in the country as soon as you are done with the visa processing. Thus, the visa is valid for an indefinite amount of time. Dependents can also be included with the main applicant.

Fees
Apart from bank deposits or investments, you are required to pay a fee of 260 USD. This fee is purely for the processing of the visa. Furthermore, the cost is the same for both the main applicant and dependents.

After three years have passed since you received your permanent residency permit, you can apply for citizenship. To be eligible to petition for citizenship, you must have lived in Paraguay for at least 183 days per year for three years. You must also study Spanish and the history of Paraguay, pay your taxes, and contribute to social security.

You can also be required to learn the national anthem of the nation. It should be noted that you can seek citizenship three years after receiving your permanent resident status, albeit the naturalization process may take an additional few years.

How is Paraguay beneficial in terms of taxation?
Foreign nationals who reside in Paraguay only pay individual income tax on money made there. Because of the reason that the majority of people's yearly incomes fall below the tax-friendly minimum threshold, they are not required to pay income tax. When a resident of Paraguay earns at least 22,500 USD, they must start paying income tax.

How long will it take to become a Paraguayan citizen?
Citizenship typically takes three years to get. However, the entire citizenship process could add an additional two years.