Anonymous Accounts in Paraguay

Offshore Account in Paraguay

Open an offshore account in Paraguay and gain privacy for your assets.

Submit your request now to secure discretion for your assets.

Today, we are going to show you how to obtain a bank account in South America that is not part of the CRS or any blacklist.

Because Paraguay generally does not open accounts for non-residents, these accounts are ideal only in three situations:

• You have income or investments in Paraguay;
• You have bills to pay in Paraguay;
• You actually live in Paraguay and would like to use local cards with high cashback percentages.

Now, through our new partnership, it is possible to open a full account at Banco Continental without a RUC tax history; you simply need to provide a tax return from your home country to verify income and the source of funds. This streamlines the process for new residents who do not yet have a local tax history.

Advantages of a Paraguayan Account

Privacy

Paraguay is one of the few countries that does not participate in the CRS. This means it does not automatically exchange bank account information every year through the Common Reporting Standard.

No Maintenance Fees

Many Paraguayan accounts have no maintenance fees, or only charge nominal amounts.

Economic Freedom

Ranked 17th out of 32 countries in the Americas on the Index of Economic Freedom, well ahead of neighbors Argentina and Brazil.

Multiple Currency Options

Manage your account in multiple currencies, including PYG, USD, and EUR.

Moderate Debt

40% debt-to-GDP ratio, compared to 121% in the US and 93% in Brazil. Even lower than Uruguay (61%).

Off Blacklists

Paraguay is not and has never been included on FATF or EU blacklists.

Premium Cards

With a sufficient credit history, it is possible to apply for Premium Visa Infinite, Mastercard Black, or Amex Platinum cards.

Airport VIP Lounges

You are entitled to free visits to airport VIP lounges with Lounge Key.

The Banks

Paraguayan banks offer basic/digital accounts and full accounts.

To open a basic account, you need:

• Have your ID card on hand for photos;
• Have a Paraguayan mobile phone number;
• Have a @gmail.com, @yahoo.com, or @hotmail.com email address.

For full accounts, banks additionally require a RUC, proof of income, proof of address, tax returns (now possible with tax returns from your home country at Banco Continental, without the need for a 6-month local VAT history), and higher minimum deposits (usually 10,000 USD).

We can also assist with opening full accounts. Typically, tax residency certificates are not required.

With a basic account, you will have access to:

• Virtual debit card;
• Possibility of obtaining a credit card with a 1-year fixed-term deposit between 1,000-2,000 USD;
• Balances in Guaranis and/or USD, with no possibility of international transfers via SWIFT.

In general, Paraguayan banks are not ideal for large or frequent international transfers. These are usually only available on full accounts, and even then, banks often pause international transactions until the source of funds is provided.

Paraguayan banks are recommended more for making local payments and transfers, as well as for obtaining cards with high cashback for purchases within the country.

We can assist with opening accounts at the following institutions:

• Itaú: https://www.itau.com.py/
• Ueno: https://www.ueno.com.py/
• Continental: https://www.bancontinental.com.py/
• Atlas: https://www.bancoatlas.com.py/

All of these banks allow for the opening of individual accounts for residents and corporate accounts for Paraguayan companies. You can open both checking and savings accounts. Accounts can be individual or joint.
‍
You will need to come to Paraguay in person. Your presence will be required for 2 business days. Generally, accounts are opened on the same day.
‍
You can easily obtain debit cards at all banks. Credit cards are slightly more difficult and will require you to provide a history of income within Paraguay (we can help structure this when obtaining a RUC). For credit card issuance, the bank grants significant lines of credit only if you are a resident; if you are not a resident, it is possible to use a CDA (fixed-term deposit) as collateral to obtain a significant line of credit.

Below is a simplified overview of each option:

Itaú

• Cards: VISA Infinite, Amex Platinum, and Mastercard Black are available
• International transfers: 22 USD via SWIFT
• International ATM withdrawals: 7.5% fee
• Minimum balance:

• 4,000,000 PGY PGY checking account;
• 6,000 USD USD checking account;
• 2,000,000 PGY savings account;
• 2,500 USD USD savings account;
• 5,000 EUR EUR savings account;

• Available currencies: PGY, USD, EUR.
• Monthly account maintenance fee: Only applicable if the average monthly balance is below the minimum.

• PGY checking account: 220,000 PGY.
• USD checking account: 77 USD.
• PGY savings account: 99,000.
• USD savings account: 44 USD.
• EUR savings account: 33 EUR.

• Interest rates: 0.01 - 8% on PGY savings accounts, 0.01 - 3% on USD savings accounts, 0.1% on EUR savings accounts.
• Full fee schedule: Banco Itaú

Ueno

Individuals and companies residing in Paraguay. In principle, accounts can be opened for individuals from anywhere, except for restricted countries (Syria, Iran, Afghanistan, etc.). While no ties to Paraguay are required for basic accounts, having a RUC and VAT filings are necessary for various full accounts.

• Cards: Mastercard Debit, Visa, and Mastercard Credit Gold.
• International transfers: SWIFT not yet integrated.
• International ATM withdrawals: 7.7% fee.
• Minimum balance: 0 PGY, 0 USD.
• Available currencies: USD, PGY.
• Monthly account maintenance fee: Only applicable if the average monthly balance is below the minimum of 2,000,000 Gs or 3,000 USD.

• PGY checking account: 200,000 PGY.
• USD checking account: 30 USD.

• Interest rates: 0.01% - 10.00% on PGY savings accounts and 0.01% - 5.00% on USD savings accounts.
• Full fee schedule: Banco UENO

Continental

• Cards: Mastercard Black, Visa Infinite.
• International transfers: Outgoing: Same day 66.00 USD; 24 hours 55.00 USD; 48 hours 44.00 USD. Incoming: 44.00 USD per transaction.
• International ATM withdrawals: 7.7% fee.
• Debit card usage abroad: 5.50 USD per transaction.
• Minimum balance: Must remain positive at the end of each day:

• 1,000,000 PGY for PGY savings accounts.
• 1,000 USD for USD savings accounts.
• 1,000 EUR for EUR savings accounts.
• 4,000,000 PGY for PGY checking accounts.
• 5,000 USD for USD checking accounts.

• Available currencies: PGY, USD, EUR.
• Monthly account maintenance fee: Only applicable if the average monthly balance falls below the minimum.

• 220,000 PGY for PGY savings accounts.
• 65 USD for USD savings accounts.
• 65 EUR for EUR savings accounts.
• 330,000 PGY for PGY checking accounts.
• 110 USD for USD checking accounts.

• Interest rates: 0% - 8% for PGY accounts, 0% - 4% for USD accounts. USD savings accounts earn 4.30% APY with a minimum deposit of 3,000 USD (this makes the bank more flexible and consumer-oriented).
• Full fee schedule: Banco Continental

Atlas

• Cards: Mastercard Black and Visa Signature.
• International transfers: 38.5 USD to receive, 25-50 USD to send.
• International ATM withdrawals: 7.7%.
• Minimum balance:

• 200,000 PYG for PYG savings accounts.
• 500 USD for USD savings accounts.
• 2,500,000 PYG for PYG checking accounts.
• 2,000 USD for USD checking accounts.

• Available currencies: PYG, USD.
• Monthly account maintenance fee: Only applicable if the average monthly balance is below the minimum.

• 75,000 PYG for PYG savings accounts.
• 16.5 USD for USD savings accounts.
• 220,000 PYG for PYG checking accounts.
• 55 USD for USD checking accounts.

• Interest rate: 0.05% - 8.00% for PYG savings accounts and 0.01% - 3.00% for USD savings accounts.
• Full fee schedule: Banco Atlas

Document Requirements

• Paraguayan ID card (for photos).
• Paraguayan mobile number.
• Valid email address (@gmail.com, @yahoo.com, or @hotmail.com).
• For a full account at Continental: RUC (optional with alternative), proof of income, proof of address, tax returns (can be from country of origin, no local VAT history required), $10,000 USD minimum deposit.
• If needed, we can assist with proof of Paraguayan address.

Open your account in Paraguay today