-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Rmt6k1b90vAhuHXDaVeB4YPNJQVe9BQ0W/pT3azd3Jh/uj48PWl+MCo/efFpejKL
 dHUOZEYTKPuACcEb6/iTLg==

<SEC-DOCUMENT>0001013594-09-000617.txt : 20090317
<SEC-HEADER>0001013594-09-000617.hdr.sgml : 20090317
<ACCEPTANCE-DATETIME>20090316173238
ACCESSION NUMBER:		0001013594-09-000617
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20090317
DATE AS OF CHANGE:		20090316
EFFECTIVENESS DATE:		20090317

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Paulson Advantage Ltd.
		CENTRAL INDEX KEY:			0001394925
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-128029
		FILM NUMBER:		09685670

	BUSINESS ADDRESS:	
		STREET 1:		C/O BNY ALTERNATIVE INVESTMENT SERVICES
		STREET 2:		18 CHURCH STREET, SKANDIA HOUSE
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM11
		BUSINESS PHONE:		(212) 956-2221

	MAIL ADDRESS:	
		STREET 1:		C/O BNY ALTERNATIVE INVESTMENT SERVICES
		STREET 2:		18 CHURCH STREET, SKANDIA HOUSE
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM11
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0301</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001394925</cik>
        <entityName>Paulson Advantage Ltd.</entityName>
        <issuerAddress>
            <street1>1251 Avenue of the Americas</street1>
            <street2>50th Floor</street2>
            <city>New York</city>
            <stateOrCountry>NY</stateOrCountry>
            <zipCode>10020</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(212) 956-2221</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>E9</jurisdictionOfInc>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2004</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName></middleName>
                <lastName>Paulson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1251 Avenue of the Americas</street1>
                <street2>50th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10020</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>G.</middleName>
                <lastName>Cooper</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Cox Hallett &amp; Wilkinson</street1>
                <street2>18 Parliament Street, Box HM 1561</street2>
                <city>Hamilton</city>
                <stateOrCountry>D0</stateOrCountry>
                <zipCode>HMFX</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Graham</firstName>
                <middleName>H.</middleName>
                <lastName>Cook</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>TMF (BVI) Ltd. TMF Place, Box 964</street1>
                <city>Road Town, Tortola</city>
                <stateOrCountry>D8</stateOrCountry>
                <zipCode>VG1110</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2004-04-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Far Hills Group, LLC</recipientName>
                <recipientCRDNumber>32243</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1180 Avenue of the Americas</street1>
                    <street2>18th Floor</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10036</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <state>CT</state>
                    <state>NJ</state>
                    <state>NY</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>3858740870</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>39</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>56944</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>Commissions paid to recipient for services provided through 2004.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>60000</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>In addition to the above, which reflects formation expenses of the Issuer reimbursed to its Investment Manager and fees to the independent directors, the Issuer pays an annual management fee as a percentage of net asset value on an ongoing basis.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>true</authorizedRepresentative>
            <signature>
                <issuerName>Paulson Advantage Ltd.</issuerName>
                <signatureName>/s/ Stuart Merzer</signatureName>
                <nameOfSigner>Stuart Merzer</nameOfSigner>
                <signatureTitle>Authorized Signatory</signatureTitle>
                <signatureDate>2009-03-16</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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