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Anyone had experience with the new "Paraguay Temporary Residency" procedure?
- Thread starter MyTimeIsNow
- Start date
Hello guys, thanks for all the talk. Decided to wait until the PR regulations are out, then I plan to visit Paraguay. For TR minimum presence requirement is 1 day per year, and for the PR it's 1 day per every 3 years, but frankly TR that doesn't lead to PR isn't such an intriguing option for me. I've heard through the grape vine that the PR requirements are not going to be that strict, and require 20 months of owning TR, but... really... who knows. Guess we'll have to wait.
Are you planning to actually live there or are you just looking for your tax base / proxy residency?
How'd you solve proof of address in Paraguay? Do you just give them a paper? How does that work? Also is it doable to do it all by yourself, considering one knows Spanish or would you recommend hiring a local lawyer for that? Still am considering taking a trip there this Summer.
About the proof of address if you mean for banking and stuff I just rented something for a few months. If you mean to get the residency idk tbh I paid a gestoria like 3 k and they sorted everything. It's not that expensive and is way faster than do it yourself. I guess it depends on your personal economy...
Staying for 6 months then I will see
Hi, just curious, is there a way to get help in forming bank accounts or company establishments and etc? I'd really like to do it myself but I literally can't speak Spanish so... thanks for the reply in advance!
Tbh I did my bank account myself but the gestoria I did my process with says they help opening bank accounts but I didn't try that service if you want the info anyways send me a pm.
What is the new advantage to get this temporary or permanent residency in Paraguay? because I see 2 issues :
1- I can't open a bank account or I can but the Paraguayan bank will ask me to prove that I paid tax for that money to get the bank account.
2- or I can invoice myself to show the activity to the bank ..but again in this case I will pay 10 %VAT + 10% Tax.
And if you want a tax ID (a real one to prove to another authority in another country for tax proposal) you still need to prove an activity in Paraguay which automatically means 10%VAT monthly+ 10% TAX in Paraguay.
So what is its real advantage? For 20% tax, I'm sure we can have other options on the market.
1- I can't open a bank account or I can but the Paraguayan bank will ask me to prove that I paid tax for that money to get the bank account.
2- or I can invoice myself to show the activity to the bank ..but again in this case I will pay 10 %VAT + 10% Tax.
And if you want a tax ID (a real one to prove to another authority in another country for tax proposal) you still need to prove an activity in Paraguay which automatically means 10%VAT monthly+ 10% TAX in Paraguay.
So what is its real advantage? For 20% tax, I'm sure we can have other options on the market.
You are VAT exempt if your income is from abroad, I talked with accountants. You can declare whatever to get the Tax ID you can declare 0 and pay nothing or 500usd and still pay nothing, the 10% tax here is if you declare more than an amount (I think is 11 or 12 k a year) if you declare less to keep it going you don't need to pay anything. If you have an US LLC or any offshore company and you pay yourself dividends you have no tax on those, if you have account offshore and tax residency here you pay no tax for that.
Thanks for the info. I know all of this but I think this will change let's wait until April/May till government tells us exactly how this will work because looks the many things it will change. My big issue here for me it's the banks...they are very very basic and not very friendly to foreigners' income ...but for the moment I wait till government releases how the new law will operate.
If you are a Digital Nomad who travels around the globe and want a base ..this setup I think fits perfectly but if you run a different business with a big income not so sure..
I don't think there is any change in the tax system announced but yes is elections soon so changes might come. I think if your business is abroad is a yes, if is local not so great but can still be profitable.
that helped me a lot.I know someone who recently got their visa through Visadb.io, he seemed happy. But I don't think you can easily get a tax residency certificate if you don't spend time there.
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