Lifelong Permanent Residency with No Expiry and No Physical Presence Required

Summary

In this video, the speaker explores the pros and cons of Paraguay as an option for residency, highlighting that while its temporary residency is simple and cost-effective, it doesn't lead to citizenship and has limitations like no dual citizenship options and a taxing physical presence requirement. The speaker then introduces South Africa as a viable alternative, offering a truly permanent residency with minimal requirements, alongside the potential for citizenship. The South African option is paired with the flexibility of Mexico, allowing for a diversified portfolio of global residencies and citizenships, ultimately providing greater opportunities for geopolitical and financial benefits.

Takeaways

• 😀 Paraguay offers temporary residency with minimal requirements, but it may not be worthwhile for citizenship seekers.
• 😀 Permanent residency in Paraguay lacks flexibility and dual citizenship options, making it less attractive for many.
• 😀 A major disadvantage of Paraguay's citizenship is its restriction on dual nationality with most countries.
• 😀 The territorial tax system in Paraguay requires physical presence and may not provide significant benefits for most individuals.
• 😀 South Africa offers a faster path to permanent residency with a unique petition process against immigration for timely approval.
• 😀 South African permanent residency has no expiration date and requires minimal physical presence to maintain.
• 😀 Combining South African residency with Mexican citizenship can create a strong portfolio of nationalities.
• 😀 The South African citizenship application process is straightforward after obtaining permanent residency.
• 😀 Investment in South African residency requires a donation after approval, which makes the process more manageable financially.
• 😀 The speaker emphasizes the importance of planning and diversifying citizenship options to achieve long-term benefits.

Q & A

What are the two main residency options in Paraguay?

The two main residency options in Paraguay are temporary residency and permanent residency. Temporary residency requires minimal documentation, while permanent residency can be obtained with a declaration of intent to move money into the country.

Why is the temporary residency option in Paraguay considered ineffective?

The temporary residency in Paraguay is seen as ineffective because it does not lead to citizenship and offers limited tax benefits. It requires a significant physical presence for citizenship, and even then, it is not flexible in terms of dual citizenship.

What are the limitations of Paraguay's citizenship process?

The citizenship process in Paraguay has limitations such as requiring substantial physical presence, making it difficult for most people to live in Paraguay. Additionally, Paraguay allows dual citizenship with only two countries, which is a drawback for those seeking multiple nationalities.

How does Paraguay’s territorial tax system work, and why might it be impractical?

Paraguay offers a territorial tax system, meaning it only taxes income earned within the country. However, to benefit from it, you must become a tax resident, which requires living in Paraguay for most of the year, making it impractical for many people with existing ties in other countries.

What is the main advantage of obtaining permanent residency in South Africa?

The main advantage of obtaining permanent residency in South Africa is that it is truly permanent, with no expiration date and minimal physical presence requirements. You only need to enter the country once every three years, making it highly flexible.

What does the South African permanent residency process involve?

The South African permanent residency process can be expedited by petitioning against the immigration department. If not processed within the stipulated time, an enforcement order can be obtained to accelerate the decision. This makes it one of the fastest permanent residency options.

How does Mexican residency compare to Paraguay’s residency?

Mexican residency is faster to obtain and is highly flexible compared to Paraguay’s residency. After five years of residency in Mexico, you can apply for citizenship, whereas Paraguay's citizenship process is more complicated and restrictive.

What is the benefit of combining South African and Mexican permanent residencies?

Combining South African and Mexican permanent residencies provides geopolitical diversification. It offers the chance to work toward two powerful citizenships, each with strong passports, while maintaining flexibility in terms of physical presence and residency requirements.

What is the cost associated with obtaining South African permanent residency?

The cost of obtaining South African permanent residency involves a donation to the government, which is approximately $6,800. This donation is made after receiving approval for permanent residency.

What other citizenship options are recommended alongside South African and Mexican residencies?

In addition to South African and Mexican residencies, other options such as citizenship by investment in countries like Turkey and Malta are also recommended for those seeking a diversified portfolio of citizenships. These countries offer strong passports and various benefits for global mobility.