British Virgin Islands vs Panama: which jurisdiction wins?

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

	British Virgin Islands	Panama
Tax headline	0% corporate tax	0% on foreign-sourced income (territorial)
Formation days	3	5
First-year cost	$2,500	$2,200
Treaties	Limited	17+
Substance	Economic Substance Act 2018 — relevant activities must demonstrate substance	Light
Banking	Limited domestic banking; introductions to EMIs and Caribbean/Asia correspondents	Local Panamanian banks; USD economy

Talk to a partner before you incorporate.

Wrong jurisdiction, wrong substance, or wrong bank shortlist is a 12-month problem. A 30-minute briefing fixes 80% of it.