Question I've a Paraguayan residency - What're my real advantages now ?

[Mssquirrel]

I guess that I would if I renounce to my EU residency after getting the Paraguayan one.

Depending if you are a resident or citizen and depending of your country the process you should follow make sure to check it out.
I am currently living in Paraguay and the banking here sucks. You better keep some account in Europe if you can. Other options are Xapo bank or Zenus ( I received my card recently haven’t use it yet)

How much can you recommend Paraguay as a place to live?

Depends on what you want if you want to focus in work online, go to the gym and being left alone is good. There’s not much to do and summers are HOT.
If you don’t speak Spanish you better start learning as most people don’t speak English.
It’s safe but there is lots of scams.

I've been told by a local tax accountant that as part of the compliance process for any incoming payment, banks asks for an invoice you've issued for such funds and in such way you'll be indirectly forced to declare them.
You may probably issue a fake invoice, I don't know but for sure I don't want to have any issues not knowing what will happen and with the risk to loose the right to get a passport so the best thing might be to open my account abroad.
For now I'm still using my old EU address for my accounts outside the country which's not a good strategy for sure but this will change once I'll have my own property and permanent address.

You can open Xapo bank, Zenus or Dukascopy with paraguayan proof of address and tax id.

I mean its always 0% tax if you dont declare anything so

It aint like the Paraguayan government is efficient at like anything

This is the way to go. I talked with a few accountants here and everyone told me something different but everyone agrees on this you get taxed only in the money you deposit in your Paraguayan bank . There’s not CRS so they don’t even know or care if you have a bank account or 10 offshore. No crypto regulation yet, only one Emi, is like they are discovering internet.
If is a safe place in this world to not pay tax and not get caught is here.

 

[Cloudbanck]

Depending if you are a resident or citizen and depending of your country the process you should follow make sure to check it out.
I am currently living in Paraguay and the banking here sucks. You better keep some account in Europe if you can. Other options are Xapo bank or Zenus ( I received my card recently haven’t use it yet)


Depends on what you want if you want to focus in work online, go to the gym and being left alone is good. There’s not much to do and summers are HOT.
If you don’t speak Spanish you better start learning as most people don’t speak English.
It’s safe but there is lots of scams.


You can open Xapo bank, Zenus or Dukascopy with paraguayan proof of address and tax id.

You can also keep your existing European bank accounts, and these can serve as current proof of address for opening new European accounts. So even after living in Paraguay for years you can open new EMI accounts in Europe with your old european addresses. And you can set up mail forwarding so you get debit cards sent to you, and you can even register accounts in Europe at a mail forwarding address.

Only issue is if you come from a European country where having a bank account counts as a tie for tax residency (like the Netherlands, Germany). In this case you might want to close all accounts in this country, but briefly register in some other European country (like Ireland, Estonia, Denmark, many others), and open accounts with your address in this other European country.

Banks in Paraguay are so bad so Id strongly recommend having multiple accounts elsewhere (for redundancy, and to not pay Paraguayan tax). Xapo is great (and no need for a european address for it), and having a US account as someone suggested is also a good idea.

 

[jafo]

Hi All,
I'm a Paraguayan resident since 3 years and now I've submitted a demand for the local passport/citizenship.

In the past some noises moved me here with the belief this was an extraterritorial tax country (taf free for my foreign income) but this wasn't fully correct.
After having heard a couple of local tax advisors, I discovered that only income already taxed abroad will be exempted in Paraguay.

I worked a lot for my residency and I'm working to get the passport.
I've invested a lot in terms of time and money but what're the real advantages for my online activity ?
Now I'm buying/selling domain names ... but this income is taxed at 10% if carried to a Paraguayan bank.
I'll be also forced to issue an invoice for any incoming payment or the bank won't accept my funds.

Am I doing something wrong ? Or am I missing some other advantages ?
Ok the local passport is a great thing but it won't beat the advantages of my European passport ...

So I spent months of hard work hoping to have found a tax-free country while now I see I should pay a net 10% but at that point it was much easier opening an European company taxed at 10% ...

I'm collecting some feedback having still the belief I'm missing some possible advantages related to my position.
Thank you.

What happened to you?
Did you ever joined the PY expat community on WhatsApp?
How about the Bitcoin community in PY?

 

[wellington]

There’s a guy on YouTube crypto clover if memory serves - bought heaps of land there with crypto

So I imagine there is a big P2P scene

 

[jafo]

There’s a guy on YouTube crypto clover if memory serves - bought heaps of land there with crypto

So I imagine there is a big P2P scene

Paraguay enacted new crypto laws against miners and whatnot.
Source: La CONACOM emitió una opinión sobre el proyecto de ley del sector de criptominería – Comisión Nacional de la Competencia.

Also, here:

https://twitter.com/x/status/1775964162675351664

Too many BIG MOUTH ostentatious low self-esteem scammers/losers on social media went there and started blabbing about the energy being so cheap and flaunting money around in a society where most only earn about €323/month.
Source: Ministerio de Trabajo, Empleo y Seguridad Social :: Reajuste del jornal y salario mínimo rige desde hoy

There are NO mutes in prison!

PS. Oh well....it was good and very profitable while it lasted.

 

[wellington]

Paraguay enacted new crypto laws against miners and whatnot.
Source: La CONACOM emitió una opinión sobre el proyecto de ley del sector de criptominería – Comisión Nacional de la Competencia.

Also, here:

https://twitter.com/x/status/1775964162675351664

Too many BIG MOUTH ostentatious low self-esteem scammers/losers on social media went there and started blabbing about the energy being so cheap and flaunting money around in a society where most only earn about €323/month.
Source: Ministerio de Trabajo, Empleo y Seguridad Social :: Reajuste del jornal y salario mínimo rige desde hoy
View attachment 7920

There are NO mutes in prison!

PS. Oh well....it was good and very profitable while it lasted.

Don’t think he was mining - was building a place in the jungle and growing fruit lol

 

[wellington]

Solar panels are so cheap now same with inverters doesn’t take much to pull in power for mining - I pull in 24kw for my home

 

[jafo]

Don’t think he was mining - was building a place in the jungle and growing fruit lol

Pardon the confusion. I didn't mean him. I meant PY has turned its back on crypto because ... "they've been ordered to."

Paraguay just lost its way due to outside "influences & threats."

Solar panels are so cheap now same with inverters doesn’t take much to pull in power for mining - I pull in 24kw for my home

100%! We discussed this in Mentor Gold.
The issue now is that in certain countries, if they know a person is mining, they are coming...with badges (court orders, etc.) or without badges.
Source: Known Physical Bitcoin Attacks. A list of known attacks against Bitcoin / crypto asset owning entities that occurred in meatspace. NOTE: this list is not comprehensive; many attacks are not publicly reported.

 

[Freetrade]

Paraguay enacted new crypto laws against miners and whatnot.
Source: La CONACOM emitió una opinión sobre el proyecto de ley del sector de criptominería – Comisión Nacional de la Competencia.

Also, here:

https://twitter.com/x/status/1775964162675351664

Too many BIG MOUTH ostentatious low self-esteem scammers/losers on social media went there and started blabbing about the energy being so cheap and flaunting money around in a society where most only earn about €323/month.
Source: Ministerio de Trabajo, Empleo y Seguridad Social :: Reajuste del jornal y salario mínimo rige desde hoy
View attachment 7920

There are NO mutes in prison!

PS. Oh well....it was good and very profitable while it lasted.

Did this bill pass to become law?

According to the twitter account he didn't expect it to pass.

 

[jafo]

Did this bill pass to become law?

According to the twitter account he didn't expect it to pass.

Same thing...

No mining in residential areas. If they catch the perpetrator, they are gone! The neighbors now have incentives to snitch.
They come in hard through the front door and seize everything. The courts/government split the loot.
The kwh cost in designated areas has now been increased to a prohibitively expensive sum, not to mention all the extra costs.

Etc. etc.

Example: https://www.criptonoticias.com/mineria/3000-mineros-bitcoin-ande-paraguay-allanamiento-clandestino/

Note: If the mining doesn't have a license, it is considered theft of utility and illegal mining. You know...the usual casuistry and sophistry of the "legal" system.

Mission accomplished!

PS. There are NO mutes in prison! EVER!