Paraguay launches “Investor Pass” for investment-based residency: a direct route to permanent residency. Argentina confirms plans for a “golden visa”

Paraguay has introduced a new tool for investors — “Paraguay Investor Pass”. This investment-based residency program gives foreign investors a direct path to permanent residency (PR) through one of three financial channels. The announcement was made during an official mission to Brazil — the same week that Argentina’s economy minister confirmed the government has been working on a “golden visa” for more than a year.

“Investor Pass”: investment residency faster, with tax benefits

The program was jointly presented by the Minister of Industry and Trade, Marco Riquelme, and the National Immigration Director, Jorge Kronauer. Under the new mechanism, investors can obtain permanent residency without going through a temporary-residency stage by choosing one of the following options:

— $150,000 in tourism projects;
— $200,000 in the stock market or the real-estate sector.

According to Riquelme, “Investor Pass” strengthens Paraguay’s existing residency system for investors. Previously, the main fast-track route to PR was linked to the SUACE program (Sistema Unificado de Apertura y Cierre de Empresas), where applicants had to set up a company and invest a minimum of $70,000 over 10 years.

At the same time, in autumn 2025 Paraguay’s immigration legislation was already being revised: a popular route based on a $5,000 deposit for obtaining PR was removed.

The new “Investor Pass” raises the capital threshold compared with SUACE, but expands the range of eligible asset classes: in addition to business start-up, it now includes tourism, stock-market investments, and real estate. The program also features a tax incentive: a reduced 8% dividend tax rate for residents (instead of 15%).

Procedures are planned to be handled primarily online. Physical presence in Paraguay will mainly be required to obtain the national ID card — cédula.

“The system is simple, transparent, and provides guidance throughout the process,” the minister said. He also emphasized that investors will be supported by the Ministry of Industry and Trade (through SUACE) and the immigration service.

Demand for residency in Paraguay is accelerating

Kronauer cited statistics illustrating Paraguay’s growth as an immigration destination. Official figures show applications rising from 28,000 in 2024 to more than 47,000 in 2025, with a 2026 forecast of 80,000 applications. At the same time, Brazilian applicants make up the largest share.

The near threefold increase over two years is a notable indicator that was also observed before the launch of “Investor Pass.” The new program, according to the authorities’ plan, is intended to channel part of the inflow into more “expensive” and sector-linked investments.

Kronauer described the legal basis as a “special law” enabling PR to be issued to investors directly, without requiring them to first obtain temporary status. He also spoke about streamlined procedures through a “single window,” bringing together immigration, tax, and identification processes.

From an administrative standpoint, “Investor Pass” expands the categories of the existing investor certificate issued by MIC. Previously, it mostly covered traditional productive investments; now tourism, the stock market, and real estate are included alongside business formation.

Market reaction: Paraguay gains as Europe winds down golden visa programs

Philip May, CEO of the investment migration company EC Holdings (headquarters in Singapore), assessed the launch positively. He said the firm has worked with Paraguay for a long time and is pleased that the country has taken the “right step.”

May linked investor interest in Paraguay to the shift in demand after golden visa programs in Latin Europe were closed and tightened. He specifically mentioned Spain and Portugal, where such schemes either ended or became less attractive.

Compared with competitors, May noted that for wealthy clients (HNWI), the choice now largely comes down to Paraguay, Panama, and Uruguay. He also stressed that, in his view, Paraguay may look even more competitive than the US EB-5 program when considering taxes, cost of living, safety, and the availability of land resources for agri-projects.

He added that “inherited” European destinations (like Portugal and Spain) effectively prefer less risky migration scenarios, which can push Asian investors toward Latin America.

Fact check: Spain officially ended its golden visa program in April 2025, while Portugal removed real estate as an eligible investment category in 2023 and gradually tightened the remaining routes.

Among the arguments in favor of Paraguay, May cited: the country’s size is larger than Germany’s and Japan’s combined; food and energy self-sufficiency; the time to citizenship of 3 years; no restrictions on capital outflows; and relative stability of the guaraní alongside political continuity (the long rule of the Colorado Party).

Founder and CEO of Lincoln Global Partners David Lincoln offered an even more optimistic assessment, calling “Investor Pass” a fair deal: $200,000 in real estate amid a growing market is, in his view, a reasonable price for direct PR in Southern Cone countries. He also expects property prices to rise and believes “early movers” will have an advantage.

Lincoln described the program as something the market had been waiting for: demand for Paraguay had been forming even before the official announcement, and the investment migration industry has finally received a “program it can build on.”

At the same time, he was critical of the previous routes. In his view, earlier schemes (even though they are still active) don’t match the real picture “on the ground”: $70,000 into an operating company for PR, while the temporary status is, as he sees it, too simple in one part and not transparent enough in another part when assessing economic impact.

The temporary route is expected to be gradually replaced by the new model.

Overall, the idea of Paraguay being “repriced” is supported by market indicators as well: the country received an investment rating from Moody’s (July 2024) and S&P (December 2025). In addition, the Asunción Stock Exchange (BVA, formerly BVPASA) has been operating on a Nasdaq-level infrastructure trading platform since January 2026.

Where “Investor Pass” sits in the market

Paraguay’s new offering has an unusual price position: $150,000–$200,000 — higher than the SUACE threshold ($70,000), but below the entry levels of most European golden visa programs. For comparison: Greece’s program, one of the most affordable options in the EU, starts at roughly €250,000 and can reach €800,000 in major urban areas.

PR-industry representative Benzo Zakonji explained the value of $200,000 with local examples: he said that an exceptional family mansion of about 1,200 sq m on Calle Montevideo, just 25 meters from Asunción’s main street, built in 1920, costs exactly that amount. He also noted that the real-estate market is “booming,” and those who knew Paraguay earlier now “don’t recognize” the country.

On demographics, he said that while Brazilians dominate today, historically Paraguay has also attracted Europeans — particularly from Germany and the Netherlands.

One of Zakonji’s key advantages is Paraguay’s territorial tax system. He said that income from sources outside the country is exempt from tax, and the combination of an affordable cost of living and rising property prices makes Paraguay a rare attractive option.

In practice, the territorial principle applies: a 10% flat tax on income from Paraguayan sources and a 0% tax on foreign-source income. Eligibility for citizenship comes after 3 years of permanent residence, and there is no requirement to renounce current citizenship.

Paraguay is also part of MERCOSUR, one of the most “permissive” supranational blocs regarding settlement. Permanent residents of Paraguay receive settlement rights in member countries, including Brazil, Argentina, Uruguay, Bolivia, Colombia, Chile, Ecuador, and Peru.

Argentina: confirmation of golden visa plans

Across the water in Argentina, economy minister Luis Caputo confirmed that the government has been working on a golden visa for more than a year. The message came during a public exchange on social media X with MP Juan Ignacio Fernández, who previously wrote about the need to create an investor visa to compete for global capital.

“We’ve been working on this for more than a year,” Caputo wrote in a repost of Fernández’s message, noting that “global interest, as you rightly say, is huge.”

Argentine media describe the initiative as offering residency with a path to citizenship for foreigners who invest around $500,000. However, it remains unclear whether this would be a standalone product (a separate residency track) or an expansion of the broader investment immigration framework, including the CBI (citizenship by investment) program formalized through Decree 524/2025 in July 2025.

In addition, CBI timelines may have become more complicated after the tender to appoint the main agent was canceled due to issues involving two losing bidders.

Latin America keeps strengthening investment-based migration options: Paraguay Investor Pass provides a pathway to permanent residency (ПМЖ) via defined investment channels, while Argentina also confirms plans for a golden visa. If you’re exploring residency/permanent residency through investment and want to compare routes, timelines, and entry requirements, visit digital-nomad.gr/en/goldenvisa — we’ll help you choose the right strategy for your goals.

Our Telegram channel about various types of Greek residence permits, digital nomad programs, and the Greek Golden Visa: @digitalnomadgr