We saw in the previous articles that bank systems all over the world, but especially in Europe and North America, are going through a severe crisis. As a result, you and many other people are all paying the price. It is time to find a solution!
In times of financial crisis there is always a solution, if you want to look for it. And the solution may be: move, before it is too late.
Firstly, increase your financial culture and look more into the real situation of your bank. Look for new financial proposals and diversify you asset.
Secondly, open a checking account abroad. Having a foreign checking account is a fundamental step and let’s see why. Please, note that Governments are becoming more and more bureaucratic and many European and American banks are implementing a policy which is based on knowledge of the client. This complicates things a bit, because sometimes banks require your physical presence to open a checking account.
Thankfully, there are still some banks that allow you to open an account remotely.
At this point see if you prefer a small and local bank or a multinational bank and in you choice keep in mind that a Court, a government Agency or a lawyer could obtain access to your accounts, if your foreign bank has branches in your country or if it conducts business with your country. Of course, be also informed about interest taxation.
Finally, make your choice about currency. Every country has its own currency, that is the main currency in which people hold their own assets. You could find more convenient to hold your asset in the foreign currency or you could not. In any case, you could find a bank that gives you the chance to choose the currency you prefer.
NOW YOU HAVE A FOREIGN ACCOUNT. WHY NOT THINKING OF LIVING ABROAD?
After having opened a foreign bank account, you may think about changing your life and move to a country that can safeguard your asset, and allow you to practice your profession as you do in your country and offer you a pleasant and relaxing life.
Paraguay, a young and dynamic country in the heart of South America, may be the perfect solution for you.
WHY PARAGUAY SUITS YOU PERFECTLY
Below there are some good reasons to choose Paraguay as your second country and decide to take up residence and live there.
- Paraguay promote and protect your investments (Agreement signed in Rome in November 1999)
- In Paraguay there is the principle of territorial location on the income. Therefore, national revenues coming from developed economical activities, from assets located in the country, from rights economically used within the territory of the State, are taxed. This is completely independent of the nationality of people intervening in the economic transactions.
- Residence is alleged if a natural person resides only few days per year in Paraguay. About companies and other legal persons, the legal establishment is in the place where there is the CEO and the Administration, that is where the main centre of its activity is located. In the event that the head office is unknown, and as a result it is not possible to prove the existence of the residence in Paraguay, it is agreed that it will be the place where the economical operative event happened.
- The income tax was introduced by law n°125/1991 and subsequent amendments and integrations. All commercial and industrial activities, provisions of services, and lastly primary sector activities (agricultural activities and pastoralist) are subjected to the income tax. The contributions paid to medical insurances managed by public institutions, the pension contributions (concerning both retirement pensions and pensions managed by distribution and capitalization system), the contributions paid to private pension funds and the incomes coming from investment funds managed by banking institutions governed by the law n.125/1991 ruling the Paraguayan bank system and the public borrowings managed by banking institutions are not subjected to the income tax.
- The incomes from the sale of financial resources placed through the Stock Exchange, as the Government bonds are also not subjected to the income tax.
- Exemptions: non profit social welfare organizations, but also literary, artistic and charitable organizations recognized by the Ministry of Culture and the Ministry of Education are exempt for the generated income.
- The same applies to Educational Institutions (from Preschool to University), whose profits are taxable only in case of distribution to their members.
PARAGUAY: NOT ONLY ECONOMICALLY VIABLE, BUT ALSO A NATURAL PARADISE
Why should you decide to live in a country in the heart of South America? What Paraguay can offer you, your family and your friends?
It is true that few people know much about Paraguay, but this country is a real paradise, that is only waiting to be discovered. Paraguay has about 300 days of sun per years and a mysterious, pure and undiscovered territory with wonderful rivers, (Rio Paraguay, Rio Apa and the beautiful Rio Paranà), lakes and natural reserves (natural Parks belonging to the State and the private protected wild areas).
And more: the Amazon Forest with palm trees, rubber trees and the very fine mahogany; the desert and the region of Chaco with its unmistakable cactus.
Here you will have the opportunity to discover several species of animals and plants. About animals you will see the puma, the south American coaty, the jaguar, the maned wolf, the caiman, the armadillo and many others species of animals of these regions.
Furthermore, if you love birds, remember that in Paraguay you should always take your binoculars with you: you will see many different birds at any time of the day or of the night. You will admire giant parrots and several tropical birds with their wonderful colours.
About plants you will appreciate the typical flower of Paraguay, named “mburucuyà”, an original flower with white and lilac petals, whose fruit is the well-known “passion fruit” with its characteristic smoldering and acid flavour.
The flora and fauna of Paraguay are a veritable marvel and are a great picture of this country, that offer you a wonderful and undiscovered nature.
In Paraguay you may also choose to live in a city, but you will always have at your disposal a natural paradise to visit and to appreciate.
Being in contact with nature is a great fortune and you will be able to get away from stress and enjoy quiet and restful life stages!
