Moving to Paraguay. Does IBKR require a Paraguayan passport to open account?

[OffshoreClaude]

I'm relocating to Paraguay in the near future. Prior to making the move, I am contemplating obtaining both a Paraguayan cédula and a tax identification number. I'm interested in opening an account with IBKR. Given that Paraguay is not a signatory to the CRS, there would be no automatic exchange of financial information with my home country. This arrangement would enable me to cashout some crypto and save on taxes before I can effectively move to Paraguay.

I have the following questions:

1. Is this approach a reasonable one?
2. Is it possible to open an IBKR account without a Paraguayan passport, as I won't have one by then?

Thank you!

 

[Martin Everson]

If you can meet‌ IB's KYC and due diligence then fine.

Having the passport of the country you are resident in is not a requirement.⁤

 

[Thomas278]

I have just recently opened Paraguay bank account, you do not need a Paraguay passport,‌ but you do need to be a permanent resident. It is quite a bit of‍ work and depends on the bank - I had talked to 5 banks and each⁠ had different requirements, the basic ones being having permanent residency i.e. 'permanent cedula' and a⁤ source of income. Most likely expect to get a basic account, with limited amount of⁣ deposits and withdrawals.

 

[daxbr]

They issue 3 year visas now and⁢ local banks do not accept that.