Key Figures

Chief of State:
President Santiago Pea Palacios
Head of Government:
President Santiago Pena Palacios


Government Name:
Republic of Paraguay
Adopted: 1992; Details basic principles, rights, duties, and guarantees and the political organization of the republic.
Government Type:
Presidential Republic
Republic of Paraguay Flag
Coat of Arms of Republic of Paraguay

Index of Economic Freedom

Grades each country on a scale of 0 to 100, based on ten freedoms, with 100 representing the greatest amount of economic autonomy from government intervention. Source: Heritage Foundation (2023)

Country Risk Rating

Political and economic uncertainties and an occasionally difficult business environment can affect corporate payment behavior. Corporate default probability is appreciable. Source: Coface (2023)

Government Branches

Main Powers Election Process Election Cycle 1

Head of state and head of government. President after leaving office given the speaking, but non-voting, position of lifelong senator.

President is elected by plurality vote.

5 years


Supreme Court is the highest court in Paraguay. The court's three chambers provide jurisdiction upon constitutional, civil, and commercial and criminal issues.

Senate and the president select 9 members on the basis of recommendations from a Magistrates Council.

Mandatory retirement age of 75


Serves as the legislative body of Paraguay.

Chamber of Senators members are elected through a closed-list proportional representation system. Chamber of Deputies members are elected through a closed-list proportional representation system.

5 years

Regional Trade Blocs

International Organization Participation [2]

Environmental Agreements [3]

Tax Information [2]

Tax Authority:
Finance Administration
Tax Name:


  1. ElectionGuide
  2. EY,
  3. CIA World Factbook,
  4. U.S. Bilateral Relations Fact Sheets