Paraguay residence - my journey

[Thomas278]

Monchip said:
It's always good to have a bank account tho. If you make under certain amount you don't even need to pay tax or you pay a small very amount. I just use 1/2 accounts for 1-2 k a month. Discounts are good if you plan to stay around.
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The tax free amount for residents of Paraguay is 80 million Guaranis per year (as of now 1 US = 8,000 Gs). If you make less than that, you do not need to pay taxes not even file a report. However, once you are over that threshold only once, you will also have to file every year regardless if you make less than the limit. This info is from my accountant.

And agreed, I have now 3 local bank accounts but all of them open through friend of a friend who works in the bank.

 

[NewHorizonsParaguay]

Thomas278 said:
The tax free amount for residents of Paraguay is 80 million Guaranis per year (as of now 1 US = 8,000 Gs). If you make less than that, you do not need to pay taxes not even file a report. However, once you are over that threshold only once, you will also have to file every year regardless if you make less than the limit. This info is from my accountant.

And agreed, I have now 3 local bank accounts but all of them open through friend of a friend who works in the bank.
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That's IRP - personal income tax.

As an independent with RUC number you should charge IVA (vat/sales tax) if you make money within the territory, and pay it every month, if you have more income than expenses.

 

[Monchip]

Thomas278 said:
The tax free amount for residents of Paraguay is 80 million Guaranis per year (as of now 1 US = 8,000 Gs). If you make less than that, you do not need to pay taxes not even file a report. However, once you are over that threshold only once, you will also have to file every year regardless if you make less than the limit. This info is from my accountant.

And agreed, I have now 3 local bank accounts but all of them open through friend of a friend who works in the bank.
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Mine told me after one year of declaring less you can stop filing. Idk all accountants say different things here.

 

[JackAlabama]

Monchip said:
Mine told me after one year of declaring less you can stop filing. Idk all accountants say different things here.
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thats normal in such places and happens to me pretty much in every shithole i spend time in. So common sense approach is to not overhelm the local bureaucracy with paperwork where they dont get money out of it.
😉

 

[sknomad]

Monchip said:
Banco familiar and ueno are easy once you get your cedula. I think Itau could be an option too.
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Itau does not open accounts even for a permanent residents. They work with citizens only. My personal experience.

 

[NewHorizonsParaguay]

sknomad said:
Itau does not open accounts even for a permanent residents. They work with citizens only. My personal experience.
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Of course they do open accounts, even for temporary residents.

It's LATAM. There are no rules written in the stone of what can and can't be done.

Everything depends on who you talk to. How you talk. Etc.

 

[sknomad]

NewHorizonsParaguay said:
Of course they do open accounts, even for temporary residents.

It's LATAM. There are no rules written in the stone of what can and can't be done.

Everything depends on who you talk to. How you talk. Etc.
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Just enter Itau bank and try it. I did. And I spoke with more staff than you can imagine.

 

[NewHorizonsParaguay]

sknomad said:
Just enter Itau bank and try it. I did. And I spoke with more staff than you can imagine.
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I have it, including credit card and everything

 

[Thomas278]

NewHorizonsParaguay said:
That's IRP - personal income tax.

As an independent with RUC number you should charge IVA (vat/sales tax) if you make money within the territory, and pay it every month, if you have more income than expenses.
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Correct. Unless you do work for IVA exempt entities (public universities for example) - they are exempt. However, once you have RUC you also have obligation to declare your IVA or pay a fine.

 

[JohnnyDoe]

I have completed the residence application process, with the assistance of @NewHorizonsParaguay

He provided a great service, took care of me from arrival to departure and handled all the necessary tasks quickly and professionally. He was also able to solve a small problem with my papers in a matter of one hour.

@NewHorizonsParaguay made my stay in Asuncion enjoyable, as he knows the city very well and has many connections beyond the immigration offices.

I have received a “residencia precaria” paper and I am now waiting for the temporary residence permit to be issued.

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[MarkusCostigan]

What about medical tests? Do they have to be done in Paraguay? Are they necessary? (like in Panama for example)?

 

[NewHorizonsParaguay]

MarkusCostigan said:
What about medical tests? Do they have to be done in Paraguay? Are they necessary? (like in Panama for example)?
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No.

 

[MarkusCostigan]

NewHorizonsParaguay said:
No.
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Ok so the Medical Test is not needed for temporary residency but is required for permanent residency? or is it never required? Thank you.

 

[NewHorizonsParaguay]

MarkusCostigan said:
Ok so the Medical Test is not needed for temporary residency but is required for permanent residency? or is it never required? Thank you.
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Never requiered.

 

[yngmind]

JohnnyDoe said:
I have completed the residence application process, with the assistance of @NewHorizonsParaguay

He provided a great service, took care of me from arrival to departure and handled all the necessary tasks quickly and professionally. He was also able to solve a small problem with my papers in a matter of one hour.

@NewHorizonsParaguay made my stay in Asuncion enjoyable, as he knows the city very well and has many connections beyond the immigration offices.

I have received a “residencia precaria” paper and I am now waiting for the temporary residence permit to be issued.
View attachment 8937
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Congrats! What made you apply for this residency? Are you planning to get permanent residency and citizenship later on?

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[JohnnyDoe]

yngmind said:
Congrats! What made you apply for this residency?
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PY's taxation, citizenship law and the never ending need for backup plans. I am also interested in business opportunities in the country.

yngmind said:
Are you planning to get permanent residency
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Yes

yngmind said:
and citizenship later on?
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Of course, because why not? I don't have a need for it, but it costs nothing, and it's not a fake citizenship (like all the CBIs are - let's be clear).

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[Alonzo]

JohnnyDoe said:
Of course, because why not? I don't have a need for it, but it costs nothing, and it's not a fake citizenship (like all the CBIs are - let's be clear).
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Is the Bahamian Citizenship not worth it? You could become invisible like @Martin Everson

Or is it also a fake passport?

 

[JohnnyDoe]

Alonzo said:
Is the Bahamian Citizenship not worth it?
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What do you mean by “worth”, since it's not for sale?

Alonzo said:
You could become invisible like @Martin Everson
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It doesn't come with such superpower

Alonzo said:
Or is it also a fake passport?
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If someone is trying to sell it, yes

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[Alonzo]

JohnnyDoe said:
What do you mean by “worth”, since it's not for sale?
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Worth waiting a decade to naturalize and renounce previous citizenship

JohnnyDoe said:
It doesn't come with such superpower
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Invisible from ever being a threat to governments such as citizenship based taxation

 

[JohnnyDoe]

Alonzo said:
Worth waiting a decade to naturalize and renounce previous citizenship
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If you decide to live in the Bahamas this is supposed to be a logical step and a right, not something worth or not. Same as in Paraguay or any other country.

Alonzo said:
Invisible from ever being a threat to governments such as citizenship based taxation
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You don't become invisible based on what passport you hold or not.

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