Taxes, banking and companies

Can a foreigner open a bank account in Paraguay?

Yes. To open a personal bank account in Paraguay, you first need the cédula (Paraguayan ID card); after that, each bank sets its own requirements and decides whether to open the account. We assist with a personal account for USD 450 or a business account for USD 500, VAT included.

What banks usually ask for

Besides the cédula, banks ask you to document the source of your funds and your activity, under their anti-money-laundering policies. No one can guarantee that an account will be opened: the decision is the bank’s.

Business account

The Full EAS service already includes bank account assistance. When you open an EAS (Simplified Joint-Stock Company), SUACE (the government’s one-stop business portal) connects with banks so the account can be opened in the same process.