DIFC (Dubai) vs Panama: which jurisdiction wins?

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

	DIFC (Dubai)	Panama
Tax headline	0% on qualifying income (9% otherwise)	0% on foreign-sourced income (territorial)
Formation days	14	5
First-year cost	$12,000	$2,200
Treaties	140+	17+
Substance	Mandatory office, directors, employees in DIFC	Light
Banking	DIFC-licensed banks and prime brokers	Local Panamanian banks; USD economy

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