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

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Lol crypto7figs :-D
I'll be curious to hear some success stories of this kind as‌ well.

I'm randomly spending a month or so to Paraguay so far. I'll be back‍ there in the next few months (again) to look for the right property to use⁠ for my residency considering last time I saw many great ones but I didn't have⁤ enough available cash. Once done that and once I'll have gotten my passport (a long⁣ fight, hopefully I'll have it within the end of 2023), I'll look for new ways⁢ to take advantage of this residency.
It's a great place if you agree to pay︀ 10% in taxes (nothing wrong about this) but probably I was looking for a tax︁ free solution at least for part of the income generated abroad. Still working on this︂ ...
 
I mean its always 0% tax if you dont declare anything so

It aint like‌ the Paraguayan government is efficient at like anything
 
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 not︀ a good strategy for sure but this will change once I'll have my own property︁ and permanent address.
 
Paraguayan banks are trash anyway. Maybe consider︂ a visit to the US and open there.

Wells Fargo is very easy, although quality︃ is kinda meh.
Chase is very nice imo. BoA too if you manage to get︄ one.

Depending on your volume you might even make do with some EMI
 
I am planing to go to Paraguay soon and I've spoken with locals (I speak‌ spanish) and accountants. To put things short, if you don't bring income you will not‍ be taxed on that. Also, if you really want to bring income to banks, you⁠ don't need to pay the 10% IVA tax, but you need to pay IRP (annual⁤ personal tax) at the end of the year. HOWEVER, the IRP is calculated based on⁣ your NET income. Basically if you only bring to paraguay what are you going to⁢ pay, as long as you spend everything (and has the receipts for that), you will︀ barely pay any tax (8% on net income below $7k). However I understand how this︁ may be a problem if you want to bring money in order to invest large︂ sums here.

P.S. There are no CFC rules in Paraguay. So you can use an︃ offshore to receive payments and pay yourself dividends without any tax if you want an︄ extra layer of protection for the IVA (although you probably can't avoid the IRP if︅ you bring income, even though it's a tax free dividends, because banks expect you to︆ issue an invoice for payments). It's probably the weirdest system in the planet (a literal︇ accountant told me I can invoice just the income that I need to spend). But︈ there is no place more low-profile and that can be in practice 0 tax if︉ you know how to play the system.

Edit: One curious thing you can think about︊ it is that because Paraguay is Non-CRS and Non-Fatca, most people see Paraguay as a︋ way to protect themselves from their local authorities, however if you become a resident there︌ you should start being careful of the laws of the country, and the fact that︍ they don't share info is a two-way street, where there is no way for Paraguay︎ to see what you have abroad. Suddenly, a country like US or Germany become an️ offshore paradise from the POV of Paraguay.
 
Well, I mean, why put money into the country? Why not just get the tax‌ and open a company and bank account elsewhere?
 
Yes. basically‍ if you dont want to bring money you will not pay any tax in practice.⁠ I think the only reason to bring a substantial amount of money is if you⁤ need to hide something from CRS/FATCA or if you really want to establish a life⁣ there and buy properties and stuff. Many people invest in lands / farming sector for⁢ example.
 
Won't they accept‍ it even if it comes from a regulated and licensed exchange abroad?
 
You can︉ pay directly with crypto in most places in PY and do the same in Argentina,︊ and no one would bat an eye! Enjoy your freedom! 😉

Why? You can pay with crypto in PY directly without converting it to fiat.
What you are suggesting is akin to getting a CASH ADVANCE from your credit card and︍ then using that cash to pay for things, instead of paying directly with your credit︎ card. Why would you do this? 🙄
 
For example to buy a property like a house. If it comes from a legit‌ exchange the SoF should be already cleared, and for an early adopter with many trades‍ along the years SoF may be difficult to prove.
 
Nobody (except banks) asks for this in PY! smi(&%

Have you been there?

PS. Of course, if⁠ you ask banks, lawyers, accountants, etc etc, they'll recite every law you can imagine to⁤ shove themselves as a middleman for an extra 20 - 30% they do NOT deserve!⁣ Go hang out in Paraguay first and absorb the scenery. You should figure this out⁢ in about 2 to 3 months. Hard to explain with words!
 
No I haven't. I'm just considering to move there from an EU tax⁤ hell.
A major obstacle that I am seeing is that I would lose my euro⁣ accounts with little certainties about the functionality of the local ones.
 
I suggest you join Mentor Gold and DM this vero gentiluomo, @JohnnyDoe, about how to⁠ deal with "banksters."
You can read more about it here: Heads up: just had my⁤ Wio account suspended

Everything he has said concerning this has been right on the money!⁣ You may need to get the unedited & uncoated version of banking reality from him.⁢ I am NOT competent in the least to explain it to others. I just follow︀ what he says!

PS. Also, do NOT rely on banks in Paraguay. They are forced︁ by the OECD and the US to do things that are NOT in your best︂ interest. The average wage in Paraguay is a few hundred (300 - 400) Euros.

PSS. Also, for the uninitiated & gullible... the LARGEST and MOST staffed American Embassy in Latin︃ America is in Asunción, Paraguay! Need I say more? 🙄

PSSS. As long as you keep︄ to yourself and quiet, NO ONE cares, and NO ONE will bother you! Don't start︅ sh1t, and there will be NONE!
There are NO mutes in prison! Ever!
 
I guess that I would if I renounce to my EU residency after getting the‌ Paraguayan one.
 
You need to play chess with this. Think‍ ahead. Think this through. Go through the logistics. Fly to Paraguay for a vacation.

Do you speak Spanish?
 
If they are transfered from a regular licensed exchange like‍ binance or kraken you won't see big troubles, yet you need to have SOF!
Open a Wise account while you live in the EU and keep it when you move,⁤ You could also open a Revolut account as backup.
 
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