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.