Paraguayan residence w/European passport - What's next ?

What else should I need to get ? Will EMIs consider me a Paraguayan resident with a proof of address/local tax id even if I've still an EU passport ?
Will real bank accept these papers as well ?

Yes, you're considered a Paraguayan resident based on the CRS rules. You might want to get a few prepaid SIM cards the next time you're in Paraguay for the country specific phone number. For 10 dollars, get 2 prepaid numbers. Put one of them in your phone, and even if you don't top it up, the phone number should stay operational for 36-48 months, depending on the provider. Once it no longer works, put in the next SIM but ask the bank to change your number via support. Alternatively, load up a few dollars a year to prolong the lifespan of your phone numbers.

You need a PY phone number for banking. Also for 2-factor authentication purpose which is increasingly mandatory.

1. PayPal is useless for the moment (PY citizens can't receive payments and can just pay authorized sellers through their website processing forms generated through PPal, it seems).
2. Not sure if I'll find an EMI actually accepting a PY resident but maybe I may setup an EU company and trying to get a business account where I'll just be the administrator (not sure, I'll try in April once I'll have my full set of docs)

a.1) Personal PayPal is largely worthless. I'm curious why you need it in 2020? It's cheaper to transact with stable coins like Tether, even going through the exchange 2x. To shop safely online, use virtual credit cards.

For your business, PayPal can still be useful as many people want to pay with this method. If your business is registered in a semi-reputable location, but for sure if you register in EU, you can get business PayPal. Your Paraguayan residency won't stop you.

a.2) Transferwise is the easiest. Your PY residency card alone will pass the KYC. Passport not required. Anyhow, I recommend TW only as a temporary solution. Getting a proper checking account in the US is the optimal route in 2020. High street banks in the EU and Switzerland are not that available due to negative interest climate, unless you apply for "premium services". Keep using TW for cheaper international payments, but not for holding funds. Obtain ESTA (simplified Visa for EU citizens), and book a flight to US. Open an account in TD, Wells Fargo, or BoA. Use their forums or help centers to ensure you have all the documents they require.

xzars said:

a.2) Transferwise is the easiest. Your PY residency card alone will pass the KYC. Passport not required. Anyhow, I recommend TW only as a temporary solution. Getting a proper checking account in the US is the optimal route in 2020. High street banks in the EU and Switzerland are not that available due to negative interest climate, unless you apply for "premium services". Keep using TW for cheaper international payments, but not for holding funds. Obtain ESTA (simplified Visa for EU citizens), and book a flight to US. Open an account in TD, Wells Fargo, or BoA. Use their forums or help centers to ensure you have all the documents they require.

Hi xzarz , May I ask , why are you so strongly encouraging street banks in US, do you think that TW or Payoneer by that sense are going to be unstable in 2020+?

Can you share how did you get the Paraguayan residency? Did you use any intermediary?

Yes, please share?

There are more than enough local lawyers offering this service. There is nothing easier than getting a residency in Paraguay if you have an EU passport. I did it myself. What you need:

- 8 days in Paraguay to get everything done
- 5k deposit in a PY bank for 3-6 months
- 5k for the service

3 months later you will receive your documents via post or you pick them up in PY if you prefer.