With an area of 406,752 square kilometers, Paraguay occupies the central plain of South America. It has the world’s largest fresh water reserve known as “Acuífero Guaraní.” The country’s fertile soil is one of the major resources for agriculture and cattle raising. Paraguay is located at the confluence of an important river system and two oceans, providing easy access to the major ports and markets in the region.
Paraguay has approximately 6.5 million inhabitants of whom about 600,000 live in Asunción, the capital of the country. Its population is young and homogeneous. About 70 % of the population is less than 30 years of age.
The present constitution was enacted in 1992. It establishes a presidential government system, with three independent branches: executive, legislative and judicial.
Spanish and Guaraní are official languages. Guaraní is an Indian language also used by the ancient Jesuit priests, spoken by 90% of the population.
The legal system is unified within the country as Paraguay is a nonfederal country.
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Topics: Business Formation, Environmental Policies, Foreign Investment, Latin America, Residency Requirements, Tax Exemptions, Tax Incentives
Published In: Business Organization Updates, General Business Updates, Finance & Banking Updates, International Trade Updates, Tax Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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