Hong Kong vs Panama: which jurisdiction wins?

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

	Hong Kong	Panama
Tax headline	16.5% profits tax, territorial system	0% on foreign-sourced income (territorial)
Formation days	7	5
First-year cost	$3,200	$2,200
Treaties	47+	17+
Substance	Offshore claim requires substance and operational evidence	Light
Banking	HSBC, Standard Chartered, plus VASP-licensed banks since 2024	Local Panamanian banks; USD economy

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