As someone who has moved to Paraguay in the last 6 months. The main problem here is banking. You can open a bank account here but if you can't show strict source of fund requirements you can only put roughly 1000 USD a month into a bank account. They also don't accept crypto as a source of funds. If you are going to move to Paraguay make sure you have good international banking options before moving.
Our valued sponsor
Permanent residency in Paraguay
- Thread starter Aleksander Paragvaets
- Start date
Do you have idea why they are so tough on this? After all it is very much under the radar, almost forgotten and pretty underdeveloped even for Latin American standards.
That is not quite what he said. He said "if you can't show strict source of fund requirements," then banking is tough. Why would it be a problem for most people to show their source of funds?
My understanding is they got completely bullied by the United States into following very strict KYC,
My experience with banking here
If you don't want to prove source of fund the maximum amount you can deposit per month is roughly 6,400,000 PYG which is roughly 1000USD.
They don't allow you to cash out from crypto so I am forced to cash out locally p2p losing about 3% in the process and then slowly feed the cash into several different bank accounts.
The government will automatically tax foreign digital purchases 10% when you use your local debit cards. For example your Netflix bill will have a 10% tax automatically added.
They call you and ask you questions when you buys stuff online. I have had some idiot call me and ask me if my airbnb purchases it legit.
The debit cards are also almost useless outside of Paraguay. They either fail when I use them in bordering countries like Brazil or Argentina or they have a ridiculous fee like 5% to 15% more than you should pay.
The banking here is a complete joke. I love this country but expect to rely on the banking here at all.
My experience with banking here
If you don't want to prove source of fund the maximum amount you can deposit per month is roughly 6,400,000 PYG which is roughly 1000USD.
They don't allow you to cash out from crypto so I am forced to cash out locally p2p losing about 3% in the process and then slowly feed the cash into several different bank accounts.
The government will automatically tax foreign digital purchases 10% when you use your local debit cards. For example your Netflix bill will have a 10% tax automatically added.
They call you and ask you questions when you buys stuff online. I have had some idiot call me and ask me if my airbnb purchases it legit.
The debit cards are also almost useless outside of Paraguay. They either fail when I use them in bordering countries like Brazil or Argentina or they have a ridiculous fee like 5% to 15% more than you should pay.
The banking here is a complete joke. I love this country but expect to rely on the banking here at all.
Ture but they don't except crypto as a legitimate source of funds. Even from KYC exchanges.
I see, makes sense it being that way. It is really over the top and sounds like a horrible banking experience. Calling you for an online purchase at airbnb.
Well I bank in many places some in the same league as Paraguay but none ask anything for a 1000$ a month.
Maybe you should try to get an USA LLC done, get banking for it and do everything there and only remit a salary or div or whatnot into Paraguay.
What is the Paraguayan tax administration like? Rather strict or rather relaxed towards taxpayers?
As a whole the country is super disorganized. It would be pretty easy to fly under the radar. I opted to pay a little tax here to help show my prior country that Paraguay is my new tax residency.
A weird / stupid thing here is once you are registered as a tax payer you have to log into the tax website on the same day each month and declare your taxes. Doesn't matter if you have anything to pay. If you are a day late or more they fine you roughly 10usd as a penalty.
Pretty relaxed for small and mid ones. Like HelloMyDroogs said, it's a disorganized country. For now. They did some improvements in the last 4 years, but still it's not enough to be a strict control.
Coming to Paraguay in August 2022, considering permanent residency and maybe invest in setting up a small bitcoin mining farm. Need a 'fixer' to help in the PR, will pay for services but not 'lawyer level costs'.......trying to conserve funds to evaluate potential investments.
Curious about your statement that proof of economic solvency
2) University diploma with apostille i
I thought the deposit of US$4800 was the only way. Can you confirm? If this is true, I would have more funds to invest and not stuck in a Central Bank Bank account.
I am from Singapore, therefore do not need Visa to enter Paraguay.
Let me know if you interested in helping to be the 'fixer' - will pay for services, but also looking for a good deal!!
Last edited by a moderator:
That is interesting. I have recently met an increasing bunch of Singaporeans who have left their homeland. Is the place not doing well these days?
What I've heard of Paraguay that the cash option is the best one and should be preferred even if you have a University degree. Afaik you can withdraw the cash after a few months when they gave you the residency permit.
Singapore is okay!!! Only thing is..........getting more and more expensive...........typical government 4 room apt. cost usd 400k...........and this is in a not so great location...........private apt. 2 room.......USD 700k.....................all these are base prices. Singapore is known for being the Switzerland of the east. News for you.........it is more expensive than Switzerland......I know this because........my sister is a Swiss citizen!!!! Only food and public transport are reasonable. Car prices........80K USD for a Toyota Yaris, you know the small little compact piece of metal with rubber tires. SINGAPORE is Good Safe place to live .............if you got MONEY!!!
Ah yah I see. You need to be quite rich to have a somewhat decent life and it is so even harder to become it due to high cost
Where is Mr Aleksander? 
. Most Sinagporeans struggle with double incomes and in debt throughout their lives.........
If you seen Crazy Rich Asians.............well, some of the scenes were not so lavish as in real life. I have seen some of my 'rich' friends live.............and it is more extravagant than all that movie s**t. Only thing that was an exaggeration was the bloody mansions..........no place that big in Singapore.......land scarce place. Place like that will be over half a B............besides only a couple of GCBs (Good Class Bungalows) that sit on close to 1 hectare of land (10000 sqm) in Singapore..........About $40k per sqm. Yes $40K not $4k........Ah yah I see. You need to be quite rich to have a somewhat decent life and it is so even harder to become it due to high cost
. Most Sinagporeans struggle with double incomes and in debt throughout their lives.........
Last edited:
Answered you by email!
I do the job for less. I have a lawyer too, but it will be like you are paying just because he has university diploma. With that lawyer I will work only on passport and trial cases. Anyway for doing or the PR stuff you don't have to be a lawyer. I just registered myself in Migration Board data base as a "gestor". If you interested, you can email me and I will send you detailed explanation of different services and prices.
I resolved this problem by creating a wise bank account in Europe. Also there is a possibility to get a crypto.com debit card in Brazil.
Didn't hear anything about it.
Last edited:
I have looked into crypto.com debit card in Brazil but my understanding is you have to be a resident of Brazil to obtain one. Is that not the case?
I know multiple people who were happy with the services of attorney Jeronimo Finestra. A decade ago, he charged less than $1,000, plus government fees. I have no idea what he now charges.
Immigration Paraguay | Immigration lawyers - Finestra
Immigration Paraguay | Finestra immigration lawyers are registered & qualified to handle all immigration legal issues.
www.residencyparaguay.com
Although somewhat dated, you can get some idea of the process to obtain residency in Paraguay here:
On the Ground in Paraguay (Part 2)
Last week Mark Svoboda introduced us to Paraguay, his latest stop on a search to find his next Shangri-La. Today Mark talks about the transportation and medical care one can expect in this sleepy South American country, as well as potential downsides and residency options.
One thing to remember is that almost any lawyer, consultant, or fixer can get you permanent residency. As a sales tool, however, most of them will also claim that citizenship is easy after three years. This is untrue.
AFAIK, there are two types of people who can obtain citizenship after three years, although not easy:
1) People who reside in Paraguay most of the time and also demonstrate that they are now part of society.
2) People who hire politically-connected lawyers who can navigate the bureaucratic maze using your money.
Asked this question in every bank of Paraguay when I was searching for an easy way to open a bank account with an international debit card. All banks answered me with "it's an internal decision of the bank". Even the god damn government-owned bank BNF says the same. I tried to read some laws and resolutions which regulates bank system in Paraguay and I can't find anything about why the bank system smells a s**t. I guess USA just fucks them deeply, so they don't dare to ease the requirements. Also Paraguayan banks have their US dollar accounts through City bank or JP Morgan. Paraguay don't have a bank with direct access to dollars. So when people send dollars from Europe to Paraguay, first they send it to JP Morgan who then resends to Paraguayan Bank like Atlas. Maybe this is the problem.
Nope, you need to get a CPF. And that stuff you can get it online without being a resident in Brazil. Some people I know already get it. And with CPF you can open an bank account in Brazil or a crypto.com card. It's some kind of a hole in the rules.
True story. Many try to sale, but in reality citizenship is easy on paper, but not in de facto.
Last edited:
With CPF alone (+ passport) one can open a bank account? As a tourist? That's not the case. One has to have RNE
Latest Threads
-
-
-
Bitcoin & Human Rights with Alex Gladstein & Natalie Smolenski- Started by wellington
- Replies: 13
-
-
New Advertiser Announcement: Welcome WeFormOnline to OffshoreCorpTalk- Started by JohnLocke
- Replies: 1
-
Company and Payment Solution for Replica Products
- Started by peoplesdesire
- Replies: 0
-
-
-
-
Discover the Benefits of Joining the OffshoreCorpTalk Forum!
- Started by JohnLocke
- Replies: 3
