Estonia vs Panama: which jurisdiction wins?

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

	Estonia	Panama
Tax headline	0% on retained earnings, 20% on distributions	0% on foreign-sourced income (territorial)
Formation days	1	5
First-year cost	$1,500	$2,200
Treaties	60+	17+
Substance	Real management required for tax residency	Light
Banking	LHV, Swedbank, EMIs (Wise)	Local Panamanian banks; USD economy

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