Due to an incorrect translation of the word tax haven, we often talk about tax heaven. But it is not so frequent to talk about its opposite and, precisely, about tax hell.
As a matter of fact, a tax hell is a country which taxes every activity and economic transaction. Capital is always taxed: both when it changes hands in a transaction and when it stays in our pockets.
There are things that are repeated by habit, because “ it has always been so”. Customs, traditions. If we had not evolved, both culturally and technologically, we would have always stayed in caves o we would have continued to travel in horse-drawn carriages. Your country of residence is something like that, because it is a part of your habits. And this does not mean that it is a part of something you like, but it is a part of something familiar to you. The traffic in the morning when you go to work is something familiar to you. Even your boss, who treats you badly is something familiar to you. He is annoying, irritating and depressing, but it is a part of the space you know. It has always been there. The same thing happens if you consider your residence in a tax hell.
By reason of its liberal tradition, and its need to encourage immigration to promote its economic growth, Paraguay has always heartily supported foreign immigration. And for these reasons:
1. Paraguay is the only country of South America which has a territorial taxation.
And it in simple terms means that in Paraguay your incomes from other countries are not taxed.
All those who obtain permanent residence do not pay any tax on their foreign incomes. For example this is the ideal solution for:
- Pensioners, who, in this way receive their absolutely tax-free pension.
- But this solution attracts more and more professionals, especially because in the last year of pandemic, smart working became more and more popular. This is precisely the proof that working in this way is very easy, everywhere, if the company and the worker want it.
- One last example: if you own a flat in Europe, you can rent it and can benefit from this money in Paraguay. As a matter of fact in Paraguay the cost of living is much lower, but above all you do not have to pay taxes on this money.
2. The process to obtain permanent residence is quick and easy.
You only need minimum (and perfectly reasonable) requirements. To obtain your permanent residence you just have to take with you:
- Birth Certificate
- Certificate of Marital Status
- Criminal Record
- All your pension documentation (if you are a pensioner).
But is not just this, but also the fact that Paraguay is fully aware that to support its development of the last ten years needs professionals in all sectors. It is precisely for this reason that in Paraguay you do not have to validate your academic qualifications and your qualifications ( Degree, Professional Training etc) are directly accepted.
We advisors of Living in Paraguay continue to help both natural and legal persons. In the last months of 2021 and in the first months of 2022 we received hundreds of requests from all those who want to escape from understandably very heavy conditions. But at the same time we see how Paraguay is breaking a record as regards the number of start –up companies, because they consider the Paraguayan territory perfectly suited to their needs.
Then, if all these facilities exist, why do you prefer to live in hell, if you could live in heaven?
Old immigrants and new immigrants: Lip can help you to escape from war, mandatory vaccinations, and increasingly heavy taxes. Lip can help you to apply for your permanent residence in Paraguay and your electronic biometric Identity Card, that allow you to live and work in Paraguay and travel across the South American continent without passport.
If you want further information, please write us at info@livinginparaguay.com
