Paraguay now tops Uruguay as the go-to place for property investment in Latin America, according to local reports. The country borders Brazil, Argentina, and Bolivia and over the past 20 years, it has improved its economy and political stability. These changes are now making Paraguay an attractive destination for international real estate investors. The country’s GDP has grown by 4% on average over the past decade and is expected to grow by 4.3% in 2023, while income per person has almost doubled in the past 10 years.

There is also a favourable tax regime, the so-called 10-10-10 regime (a 10% corporate income tax rate, a 10% income tax rate and a 10% value-added tax rate). The country has a population of 7.2m people, and Paraguay’s gross domestic product (GDP) stood at $38.3bn in 2021, which was 540% more than in 1992.

There are a few routes you can take to become a resident of Paraguay, including investing $70,000 in a business, having a pension of just over $1,000 per month, or in some cases simply depositing around $5,000 into a Paraguayan bank account.