In the previous article we saw that offshore is not illegal and does not mean “Tax Haven”.
You are free to transfer your asset to an offshore centre or to another country with much potential like Paraguay.
Remember that, if you want to benefit from an offshore bank account, you have to live (physically) in the country you choose for at least 183 days each year.
Even you are a small saver, you can benefit of this opportunity to save your asset from an excessive bureaucracy and many increasingly restrictive bank rules.
Internet can offer you a good chance to do it, because there are several online agencies, which propose you to open offshore bank accounts or even start offshore companies. But be careful, because you could find people with insufficient knowledge of tax law and international trade and this could be counterproductive.
Always remember that if you open an offshore bank account or a foreign bank accounts and if you take up residence in another country it is better you choose carefully and rely only on serious and competent professionals.
In addition, the offshore world has changed and it is disappearing in the form we have known it so far.
Unless there is a special reason, to open offshore bank accounts may be counterproductive, even for those who want to commit illegality.
At present rules on money laundering impose strict controls on holders’ activities by bank (and as a result, the identification of the beneficial owner).
Luckily, it is increasingly frequent in the banks the phenomenon of whistleblowers, in other words credit institutions employers who reveal the names of holders’ offshore activities to tax authorities.
And we do not need to mention the increasingly media interest about “Tax Havens” and offshore financial centres…
In short: to open an offshore account is not illegal, but to open it in a blacklist tax haven, like for example Cayman Isles, might raise some questions and there could be controls. Nothing wrong, but you must be sure that your tax return is ok.
It is possible that in future your country will implement strict capital controls in order to reduce your capital movements beyond national borders. And thanks to the people view about offshore, this task will be a success…
HOW TO OPEN AN OFFSHORE ACCOUNT
If you wish to open an offshore account, but you do not have enough money to justify a journey around the world or if you do not have time to travel, be careful: there are numerous banks around the world that will allow you to open a bank account without being on site.
You can do everything remotely.
Here are some options:
- Banking with a multinational: a good solution for you is to open an account with a multinational, which is also present in your country. Often in your country you can open an account in internet or by a branch office. Later your account can migrate abroad, in a foreign country, where the multinational is present. A good example is HSCB, which has more than 3900 offices in 67 different countries in almost every continent. Once you opened your account with HSCB it is easy to open it in every other country, where HSCB is present. Note that many international banks allows you to keep a wide range of values, probably also the value you are using now.
- Local banks which accept a remote bank account opening: there are some countries in which you can open an account remotely. For example, Belize and many other Caribbean countries allow you to do it, because they can carry out the procedures KYC (Know Your Customer) remotely. But there are also some western banks, which allow you to open your bank account remotely, especially the most innovative banks, which are taking root in Europe. A limited number of multinational banks allow you to email or to phone the bank in the country where you want to open your account. Later you have to appear in person there and submit to KYC controls.
- Banking with an online bank: online banks allow you to open a bank account remotely in an easy way. Often you need only your Smartphone app: you have just to fill out some forms and take a picture of your face and of your Identity Card with your Smartphone camera. But note that some online banks do not allow you to open a bank account, if you are a foreign resident. In addition, many online banks do not open company bank accounts, but only private bank accounts. Despite this, online banks are very convenient, because you have at your disposal a technological system, which includes multicurrency bank accounts, tracking information, real and virtual credit/debt cards, family debt cards, free foreign currency exchange etc..
WHY YOU SHOULD OPEN A BANK ACCOUNT AND LIVE IN PARAGUAY
Among foreign countries Paraguay offers many opportunities to entrepreneurs and people who wish to begin a new life as workers or pensioners. In Paraguay you can easily work, even if you come from abroad. Your academic qualification is accepted even without a validation on the ground. So you can easily work in Paraguay, open a bank account and especially take up residence there.
Paraguay is a strongly growing country and has many foreign Start Up.
You can obtain your passport after only three years and you can take up your residence in about six months: procedures are simply and easy if you are well guided . Once you received you residence you can immediately open your bank account in Paraguay.
What can Paraguay offer you? Paraguay is an open country and it is well disposed towards foreign people. Paraguay offers you the best place for investments with a ROI (return on investment) of 20/22%. In addition, Paraguay has a low inflation rate: less than 5% in the last five years and has the most stable currency of South America (Guarani).
Its GDP has grown at an average of 4,5% in the last ten years and the investment possibilities are excellent and very interesting in many areas, especially in tourism. As a matter of fact during 2017 the number of tourists is doubled and Paraguay offers many excellent opportunities for tourism development in several beautiful regions and you may own your land, invest in agricultural products and buy shares of cement plants, sugar refineries or textile industries, just to name some industries.
As a result, the Government and the economy of Paraguay are solvent, reliable and foreseeable.
Once you obtained your permanent residence, you can easily cross the border and go to Argentine, Brazil, Uruguay and other Mercosur countries. Paraguay is one of the founding partners of Mercosur.
In addition, in the common market there are some benefits for permanent residents.
PARAGUAY: NOT ONLY A ECONOMICALLY STABLE COUNTRY, BUT…
Paraguay is not only an economically stable country, but a wonderful land, which every year enchants more and more people. Its rivers (Rio Paraguay, Rio Apa and the famous Rio Paranà), its lakes, its Amazon Forest with its rubber trees and its palm trees, the region of Chaco with its beautiful cactus and much more…
Great plants and animals will surprise you from the start and you will appreciate this mysterious and fascinating country with its amazing nature and its cities and town: Asunción, the capital, or Encarnación, which combine the modernity and the liveliness of European or American cities with the typical and magical atmosphere of South America.
