The Ybytyruzu Mountains in Paraguay, which has launched a golden visa program.gettyThe golden visa landscape shifts constantly, and into this space comes Paraguay. In April, it launched its new Investor Pass, which has a different name but works in the same way as other golden visa programs. According to CNTraveler, Paraguay is one of the least visited countries in South America, but it's in “the midst of a tourism revival.” Paraguay sits between Brazil, Argentina, and Bolivia, and in the first quarter of 2025, international tourist arrivals increased by 53% year-on-year. Its capital, Asunción, is undergoing a major revitalization—exciting young chefs, a specialty coffee scene, new parks and walkable neighborhoods, sustainable infrastructure, electric buses and a plethora of cultural attractions to visit. How Do Golden Visa Programs Work?Golden visas are the umbrella term for the right to live in a country after investing a substantial sum in its economy. Some offer a residence permit that you can then use to apply for nationality through the same naturalization channels as everyone else; examples include all European golden visa programs. This is the case with the Paraguay golden visa program, which offers direct permanent residency. Typically, you must be a resident of the country for 5-10 years before applying for citizenship. Portugal, for example, just changed its law to ten years instead of five. Other golden visa programs have an accelerated path to citizenship, but it's still not a direct passport. This was true of Malta before it was forced to close by the European Courts and Turkey. Another type of golden visa program is one that provides a passport—St Kitts & Nevis and Vanuatu are examples, although EU visa-free access has been revoked for these programs.Crucially, these programs provide residency but often without the language requirement or the need to reside in the country full time, which leads critics to call the programs unfair, as they allow investors to access a country’s infrastructure in a way that other residents cannot. How Does The Paraguay Golden Visa Program Work?Paraguay’s new Investor Pass offers the following:Permanent residency status, bypassing the stage of temporary residency.In exchange for $150,000 investment in tourism projects.Or $200,000 investment in stocks or real estate.Pass holders will only pay a dividend tax rate of 8% instead of 15%.This does mean that the new Paraguay golden visa program is more affordable than other global programs, although it is not the least expensive. In comparison, New Zealand’s golden visa program and Greece's are more expensive. Golden Visa Programs Are Increasingly Popular For Americans Seeking A 'Plan B'More Americans are seeking a Plan B for residency and investment amid political uncertainty. Zaid Aldayriyeh, Founder and Managing Director of Citizenship Bay, a citizenship consultancy, says that second residency and citizenship now play an essential role in long-term financial security and global mobility, enabling people to diversify not only their portfolios but also their jurisdictional and financial exposure. Aldayriyeh adds that “They provide a reliable ‘Plan B’, the legal right to live, work, and relocate across borders, while unlocking access to more stable regulatory environments, international banking systems, and broader currency diversification, along with greater flexibility in wealth structuring, asset protection, and cross-border financial management that can be more limited for single-passport holders.”In addition, they offer a lifestyle incentive, opening the door to living in countries often with lower living costs, and with lower-cost access to high-quality healthcare.The Argentina Golden Visa Program Is Heavily AnticipatedOne of the most heavily anticipated golden visa programs is Argentina, which the government is expected to launch sometime in 2026. It will be an important addition to the global golden visa market because once someone has Argentine citizenship, they have the right to visit 172 countries without a visa, and the chance to live in Mercosur countries such as Brazil, Paraguay and Uruguay. Crucially, too, the Argentinian president, Javier Milei and President Trump’s close working relationship led to the announcement that they were preparing the way for Argentinian passport holders to enter the U.S. without a visa—a potential game changer for the Argentinian golden visa program in 2026. MORE FROM FORBESForbesPortugal Golden Visa—Government Votes To Extend Citizenship TimelineBy Alex LedsomForbesNew Zealand Golden Visa Demand Leaps As Americans Seek Plan BBy Alex LedsomForbes€1 Houses In Italy—How Americans Can Buy One In 2026By Alex Ledsom