Paraguay residence - my journey

[Thomas278]

It’s always good to have a bank account tho. If you make under certain amount you don’t even need to pay tax or you pay a small very amount. I just use 1/2 accounts for 1-2 k a month. Discounts are good if you plan to stay around.

The tax free amount for residents of Paraguay is 80 million Guaranis per year (as of now 1 US = 8,000 Gs). If you make less than that, you do not need to pay taxes not even file a report. However, once you are over that threshold only once, you will also have to file every year regardless if you make less than the limit. This info is from my accountant.

And agreed, I have now 3 local bank accounts but all of them open through friend of a friend who works in the bank.

 

[NewHorizonsParaguay]

The tax free amount for residents of Paraguay is 80 million Guaranis per year (as of now 1 US = 8,000 Gs). If you make less than that, you do not need to pay taxes not even file a report. However, once you are over that threshold only once, you will also have to file every year regardless if you make less than the limit. This info is from my accountant.

And agreed, I have now 3 local bank accounts but all of them open through friend of a friend who works in the bank.

That’s IRP - personal income tax.

As an independent with RUC number you should charge IVA (vat/sales tax) if you make money within the territory, and pay it every month, if you have more income than expenses.

 

[Monchip]

The tax free amount for residents of Paraguay is 80 million Guaranis per year (as of now 1 US = 8,000 Gs). If you make less than that, you do not need to pay taxes not even file a report. However, once you are over that threshold only once, you will also have to file every year regardless if you make less than the limit. This info is from my accountant.

And agreed, I have now 3 local bank accounts but all of them open through friend of a friend who works in the bank.

Mine told me after one year of declaring less you can stop filing. Idk all accountants say different things here.

 

[JackAlabama]

Mine told me after one year of declaring less you can stop filing. Idk all accountants say different things here.

thats normal in such places and happens to me pretty much in every shithole i spend time in. So common sense approach is to not overhelm the local bureaucracy with paperwork where they dont get money out of it.

 

[sknomad]

Banco familiar and ueno are easy once you get your cedula. I think Itau could be an option too.

Itau does not open accounts even for a permanent residents. They work with citizens only. My personal experience.

 

[NewHorizonsParaguay]

Itau does not open accounts even for a permanent residents. They work with citizens only. My personal experience.

Of course they do open accounts, even for temporary residents.

It’s LATAM. There are no rules written in the stone of what can and can’t be done.

Everything depends on who you talk to. How you talk. Etc.

 

[sknomad]

Of course they do open accounts, even for temporary residents.

It’s LATAM. There are no rules written in the stone of what can and can’t be done.

Everything depends on who you talk to. How you talk. Etc.

Just enter Itau bank and try it. I did. And I spoke with more staff than you can imagine.

 

[NewHorizonsParaguay]

Just enter Itau bank and try it. I did. And I spoke with more staff than you can imagine.

I have it, including credit card and everything

 

[Thomas278]

That’s IRP - personal income tax.

As an independent with RUC number you should charge IVA (vat/sales tax) if you make money within the territory, and pay it every month, if you have more income than expenses.

Correct. Unless you do work for IVA exempt entities (public universities for example) - they are exempt. However, once you have RUC you also have obligation to declare your IVA or pay a fine.

 

[JohnnyDoe]

I have completed the residence application process, with the assistance of @NewHorizonsParaguay

He provided a great service, took care of me from arrival to departure and handled all the necessary tasks quickly and professionally. He was also able to solve a small problem with my papers in a matter of one hour.

@NewHorizonsParaguay made my stay in Asuncion enjoyable, as he knows the city very well and has many connections beyond the immigration offices.

I have received a “residencia precaria” paper and I am now waiting for the temporary residence permit to be issued.

 

[MarkusCostigan]

What about medical tests? Do they have to be done in Paraguay? Are they necessary? (like in Panama for example)?

 

[NewHorizonsParaguay]

What about medical tests? Do they have to be done in Paraguay? Are they necessary? (like in Panama for example)?

No.

 

[MarkusCostigan]

No.

Ok so the Medical Test is not needed for temporary residency but is required for permanent residency? or is it never required? Thank you.

 

[NewHorizonsParaguay]

Ok so the Medical Test is not needed for temporary residency but is required for permanent residency? or is it never required? Thank you.

Never requiered.

 

[yngmind]

I have completed the residence application process, with the assistance of @NewHorizonsParaguay

He provided a great service, took care of me from arrival to departure and handled all the necessary tasks quickly and professionally. He was also able to solve a small problem with my papers in a matter of one hour.

@NewHorizonsParaguay made my stay in Asuncion enjoyable, as he knows the city very well and has many connections beyond the immigration offices.

I have received a “residencia precaria” paper and I am now waiting for the temporary residence permit to be issued.
View attachment 8937

Congrats! What made you apply for this residency? Are you planning to get permanent residency and citizenship later on?

 

[JohnnyDoe]

Congrats! What made you apply for this residency?

PY’s taxation, citizenship law and the never ending need for backup plans. I am also interested in business opportunities in the country.

Are you planning to get permanent residency

Yes

and citizenship later on?

Of course, because why not? I don’t have a need for it, but it costs nothing, and it’s not a fake citizenship (like all the CBIs are - let’s be clear).

 

[Alonzo]

Of course, because why not? I don’t have a need for it, but it costs nothing, and it’s not a fake citizenship (like all the CBIs are - let’s be clear).

Is the Bahamian Citizenship not worth it? You could become invisible like @Martin Everson

Or is it also a fake passport?

 

[JohnnyDoe]

Is the Bahamian Citizenship not worth it?

What do you mean by “worth”, since it’s not for sale?

You could become invisible like @Martin Everson

It doesn’t come with such superpower

Or is it also a fake passport?

If someone is trying to sell it, yes

 

[Alonzo]

What do you mean by “worth”, since it’s not for sale?

Worth waiting a decade to naturalize and renounce previous citizenship

It doesn’t come with such superpower

Invisible from ever being a threat to governments such as citizenship based taxation

 

[JohnnyDoe]

Worth waiting a decade to naturalize and renounce previous citizenship

If you decide to live in the Bahamas this is supposed to be a logical step and a right, not something worth or not. Same as in Paraguay or any other country.

Invisible from ever being a threat to governments such as citizenship based taxation

You don’t become invisible based on what passport you hold or not.