Bank Account Requirement for Permanent Residence

#1 12 January 2012 18:39:01

nickblonde

Bank Account Requirement for Permanent Residence

So has anyone figured out definitively whether the 5,000 USD balance is required for the entire duration of the waiting process? (from application until issuance of permanent residence card?).

I am wondering if I can deposit 5,000 USD at the time of application, but use some of the money for living expenses in Paraguay during the 4-6 months waiting period.

If anyone can confirm or deny the rumors on this board with an official source (or personale experience), please let me know via this thread or a private message.

#2 15 January 2012 10:48:11

SanMarcos

Re: Bank Account Requirement for Permanent Residence

I have all the legalized papers ready for my application.  I have an immigration attorney in Asuncion, and it is quite clear to me that the $5000 must remain in the bank ( in Guarani ) throughout the four-month processing of the permanent residency visa.

I am preparing now to travel to PY and spend several days there presenting my legalized paperwork and making the residency application.  I understand that I must make a second trip to Paraguay to obtain the Cedula. 

What is not clear to me is if, should I abandon the Cedula application, I must make a second trip to PY to withdraw the money.  It is also not clear to me that I can withdraw the money at all without the Cedula. It seems like my passport ought to be good enough to withdraw the money and close the account at any time, but I have not verified this. I worry too much, but I will demand clarification of these points before I deposit the money. 

I am headed to ASU later this year and will find out the details then. Frankly, I'm a little uneasy about Paraguay, but six million other people manage to live there, and I can only go there and see for myself.

#3 24 January 2012 17:50:16

asantander
asantander
asuncion

Re: Bank Account Requirement for Permanent Residence

hello nickblonde,

the 5000usd or equivalent must be held by the bank for the duration of the application process. after this you are free to do whatever you wish with the money.

regarding san marcos's queries, yes, you must return to paraguay to collect your carnet and complete the residency process. there are procedures (fingerprints and photographs) done then that require your presence. you have up to 180 days to complete the process, otherwise you must reapply and pay a fine.

regarding obtaining access to your funds should you change your mind, i think it a good idea to discuss this with the bank as no two banks have identical procedures.

i hope this helps.

saludos cordiales,

ariel ortiz santander

#4 19 March 2012 22:08:29

paulopereirra

Re: Bank Account Requirement for Permanent Residence

Ariel, if you dont mind me asking another question.
I have read online, that along with the mentioned value in currency, aplicant might be also present ownership title in PY.

Is this accurate ?

thanks for your time
Paulo

#5 20 March 2012 20:39:32

Jfinestra
Jfinestra
Asunción

Re: Bank Account Requirement for Permanent Residence

It is another possiblity, but it would be rather less expensive to file the US$ 5000 deposit or its equivalent in Gs.

The intention of this requirement, is to prove the economic solvency of the applicant.

#6 20 March 2012 22:40:04

paulopereirra

Re: Bank Account Requirement for Permanent Residence

Thanks a lot for your inputs Jerónimo.

States globally are looking to atract investors, back in my country - Portugal - they are talking about a special Investors Visa procedures to atrack Investors -
https://www.bigonline.pt/InformacaoMerc … dex/160271 - and create a more atractive policy for those individuals to manage and develop investments.

Paraguay atractivity is recognized on this regard.

Thanks again.

Paulo
Portugal

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