Until recently, Paraguay was famous for its “easy residency” program: foreigners could obtain permanent residency by depositing around USD 5,000 in a local bank. However, this option was officially eliminated in October 2022 under Paraguay’s new Immigration Law (Law 6984/2022).
Here’s what changed, what residency options remain, and why this update is important for anyone planning to move to Paraguay.
What Exactly Changed?
End of the $5,000 Bank Deposit Route
The old regulation allowed foreigners to apply for permanent residency immediately by showing a certificate of a USD 4,500–5,000 deposit in Banco Nacional de Fomento. This shortcut was abolished in October 2022.
Two-Year Temporary Residency Instead
Today, foreigners must first apply for a two-year temporary residence permit. After this period, they can convert it into permanent residency.
Proof of Solvency Replaces the Deposit
Applicants no longer need to freeze money in a Paraguayan bank. Instead, they must demonstrate financial solvency (savings, income, or pension) through official documentation.
Current Residency Options in Paraguay
Investment Residency (SUACE Program)
Through the SUACE investment program, applicants can apply for immediate permanent residency by committing at least USD 70,000 to a local business project. The investment can be spread over 10 years but requires a solid business plan and and The amount of labor to be generated by the company must be a minimum of 5 (five).
Residency Through Family Ties
Marriage to a Paraguayan citizen, or proving Paraguayan ancestry, remains a straightforward path to residency.
Benefits of the New Residency Framework
- No blocked deposit – You no longer need to transfer USD 5,000 into a Paraguayan bank.
- Simpler proof of means – Financial solvency can be demonstrated with bank statements or pension documents.
- ID card – Temporary residents receive a two-year Paraguayan ID (cédula) right away.
- Encourages real investment – The SUACE program drives genuine entrepreneurship and economic growth.
- Flexible pathways – Options for workers, retirees, investors, and families.
Conclusion
The famous $5,000 bank deposit residency program in Paraguay is officially history.
Since 2022, applicants must follow updated immigration rules:
- Start with temporary residency (2 years), then apply for permanent.
- Or choose alternative routes such as the SUACE investment program, pensioner residency, or family ties.
This change makes Paraguay’s residency system more aligned with global standards, while still remaining one of the most affordable and flexible residency options in South America.
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