Cyprus vs Panama: which jurisdiction wins?

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

	Cyprus	Panama
Tax headline	12.5% corporate, NID brings effective lower	0% on foreign-sourced income (territorial)
Formation days	7	5
First-year cost	$3,500	$2,200
Treaties	65+	17+
Substance	Substance for treaty access	Light
Banking	Bank of Cyprus, Hellenic, plus EMIs	Local Panamanian banks; USD economy

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