Anyone seeking a tax-free residence, possibly leading to a legal second citizenship, should seriously consider The Republic of Paraguay, which has one of the most liberal constitutions in the world. Here are a few reasons:
- Paraguay has no personal income or capital gains tax, and one of the lowest costs of living in the world.
- Official Residence in Paraguay is relatively easy to obtain. Once granted, is valid for life. No renewals necessary.
- Once you have official residence, there is no legal obligation to stay in the country.
- After three years of Official Residence, you may apply for Paraguayan nationality through Naturalization. (Article 148 of the Constitution)
- Dual or multiple nationality is permitted subject to certain limitations. (Article 149 of the Constitution)
- Honorary Citizenship may be granted by Act of Congress (Article 151 of the Constitution)
- Paraguayans enjoy excellent visa free travel opportunities, including most of Europe.
If you are interested in finding out more about residence and citizenship in Paraguay, we can refer you to one of The Q Wealth Experts who can help you. Please contact the London office in the first instance.