Offshore (non resident banking) for Canadian thinking about Paraguay residency?

[freedomseeker]

As the title states, I am considering leaving Canada and getting residence in Paraguay (not to live full time, but as a base to set myself up tax wise). That being said I would prefer to do most of my banking outside of the country.

Would obtaining Paraguay residence hinder myself from finding adequate banking in safe jurisdictions? Setting up a IBKR accout?

What countries and banks should I look to that would onboard me as a private multi currency account (money in usd and local)? (obviously I would prefer as low of minimum balance as possible unless it can be used toward investing, I am solidly middle class, not high worth)

 

[Dom pedro]

The options are limited but from my research there are some:
Banks/EMIs: AdvCash, Dukascopy, SwissQuote, possibly Puerto Rican banks such as ItalBank. If you are willing to travel, there are probably more options, like even the US.
Brokers: IBKR, Tradestation, Trading212, SwissQuote.

One thing you might consider is opening an offshore just for the purpose of banking.

 

[Forester]

The options are limited but from my research there are some:
Banks/EMIs: AdvCash, Dukascopy, SwissQuote, possibly Puerto Rican banks such as ItalBank. If you are willing to travel, there are probably more options, like even the US.

Have you checked the banks at Channel Islands? (Isle of Man, Jersey, Guernsey, ...) I suspect that it can also work...

One thing you might consider is opening an offshore just for the purpose of banking.

Yes, it can work – although perhaps it's a little bit overkill, IMO.

 

[RealDude]

Wise Personal is supported in Paraguay. Wise Business not.

Considering Paraguay too. In 2023, some rules will change. Who knows what will come after that, maybe similar to Panama? Thus, one should hurry up...

 

[Forester]

Wise Personal is supported in Paraguay. Wise Business not.

@freedomseeker have asked about adequate banking...

Considering Paraguay too. In 2023, some rules will change.

BTW, what will happen? (It's a little bit OT, so take it adequately .)

 

[MiltonStone]

Wise Personal is supported in Paraguay. Wise Business not.

In theory you could live with a simple personal account I would say.

 

[Forester]

In theory you could live with a simple personal account I would say.

It depends on the way how he/she makes money for living...

 

[backpacker]

What countries and banks should I look to that would onboard me as a private multi currency account (money in usd and local)?

... "local" = guaraní -> Not achievable with offshore banking (day-to-day transactions).
It also does not make much sense: Only keep offshore what you do not need for a living. If you do not want that because you do not even trust the local system for that amount, better look for another country.

It depends on the way how he/she makes money for living...

Indeed, that's what he should tell us to get better suggestions.

 

[Dom pedro]

Wise Personal is supported in Paraguay. Wise Business not.

Considering Paraguay too. In 2023, some rules will change. Who knows what will come after that, maybe similar to Panama? Thus, one should hurry up...

What rules will change?

Wise Personal is supported in Paraguay. Wise Business not.

Considering Paraguay too. In 2023, some rules will change. Who knows what will come after that, maybe similar to Panama? Thus, one should hurry up...

Wise Personal is supported, but there is no Debit Card and no Guarani. The local people use it to send/receive USD from paraguay banks via Swift.

If you want local alternatives in Guarani that you can open remotely, it seems the easiest ones are Tigo Money and Ueno. The most convenient way to top up the cards is by selling USDT on Binance P2P.

 

[freedomseeker]

Have you checked the banks at Channel Islands? (Isle of Man, Jersey, Guernsey, ...) I suspect that it can also work...

Yes, it can work – although perhaps it's a little bit overkill, IMO.

which banks in the channel islands would you recommend?

Wise Personal is supported in Paraguay. Wise Business not.

Considering Paraguay too. In 2023, some rules will change. Who knows what will come after that, maybe similar to Panama? Thus, one should hurry up...

I have done extensive research and I can recomend a agent. (about $2000 for the agent and all government fees and done in 5-6 weeks)

It depends on the way how he/she makes money for living...

I have a pension, but more then 50% of my money comes from investment in the stock market (mostly usa).

I am using wise to have my Canadian pension deposited each month so I can have access it and have a decent conversion rate. However I need a bank account for the proceeds of my investments and to transfer some money from my wise as the limits on pulling cash out are quite low.

Anyways that is how I see it... Is there a better way to structure? (paraguay might just be my base, and travel from there. I am also considering Malaysia as it also has a territorial tax system)

@freedomseeker have asked about adequate banking...

BTW, what will happen? (It's a little bit OT, so take it adequately .)

In the new year it is expected (although not certain) that instead of automatically getting permanent residency, one will only be able to get 2 years temporary and then a chance for permanent (which of course the laws could change again in the 2 years).

... "local" = guaraní -> Not achievable with offshore banking (day-to-day transactions).
It also does not make much sense: Only keep offshore what you do not need for a living. If you do not want that because you do not even trust the local system for that amount, better look for another country.

Indeed, that's what he should tell us to get better suggestions.

Yes I would prefer to have the majority of my wealth offshore from my place of residence, it just seems safer.

What rules will change?



Wise Personal is supported, but there is no Debit Card and no Guarani. The local people use it to send/receive USD from paraguay banks via Swift.

If you want local alternatives in Guarani that you can open remotely, it seems the easiest ones are Tigo Money and Ueno. The most convenient way to top up the cards is by selling USDT on Binance P2P.

read above about the (possible) rule changes.

 

[backpacker]

more then 50% of my money comes from investment in the stock market (mostly usa).

If that is the case, why Paraguay? The country has no Income Tax Treaty with USA.
The same is valid for Malaysia which means that you will get zero relief when it comes to US withholding tax.

 

[Forester]

which banks in the channel islands would you recommend?

Honestly, I have no personal experience with them in the last years, only from what I heard from my business partners; so I would definitely recommend you to perform more research; the things are changing. I would start from Barclays and Standard Chartered (both are onboarding on-line), they have a good reputation IMO; but another ones might fit you as well; personally I would avoid HSBC and Santander (bad experiences in the past) and Unicredit (very bad experiences in the past). Barclays has branches in all the islands but they used to direct all international clients to the Isle of Man branch, Standard Chartered has a branch in Jersey.