Paraguay is a country located in the central part of South America. Long one of the continents richest and most developed countries, it fell back to underdeveloped status following a disastrous war with its neighbors that saw most of its population killed. Today, Paraguay is mainly known as a major producer of agricultural and cattle products. Increasingly, it is also becoming known as a residency option thanks to having one of the easiest permanent residency programs in the world. All one need in order to qualify is 25 million Guarani in the bank (less than 5000 USD) and a clean criminal record. Taxation-wise, Paraguay is a territorial taxation country with most types of foreign-sourced income exempted.