Bermuda vs Panama: which jurisdiction wins?

Bermuda vs Panama — both credible, very different trade-offs. Below: side-by-side on the variables that actually move the decision.

	Bermuda	Panama
Tax headline	0% (15% CIT for in-scope MNEs from 2025)	0% on foreign-sourced income (territorial)
Formation days	7	5
First-year cost	$6,500	$2,200
Treaties	Limited	17+
Substance	Economic Substance Act 2018	Light
Banking	Butterfield, HSBC Bermuda, Clarien	Local Panamanian banks; USD economy

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