Como have landed the youngster for €6m, with Real holding a 50 per cent sell-on clause and a buy-back option. Paz has penned a four-year contract.
“There has been a lot of interest in Nico from other clubs and not surprisingly,” Como coach Cesc told the club's website.
“Every minute he was given on the pitch last season with some of the best players in the world he took advantage of to show what he could do and made an impact.
“He’s an exciting talent, left-footed, great on the wing and in the middle and am looking forward to working with him.”
Paz also said: “It means a lot to me, I am very happy to be able to join this family.
“For me it’s a step forward in my career and I’m very excited to join this project. I’m really looking forward to getting started.”