Isle of Man vs Panama: which jurisdiction wins?

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

	Isle of Man	Panama
Tax headline	0% (10% banking/retail)	0% on foreign-sourced income (territorial)
Formation days	5	5
First-year cost	$4,800	$2,200
Treaties	11+	17+
Substance	Substance requirements aligned with EU code of conduct	Light
Banking	IoM banks plus UK introductions	Local Panamanian banks; USD economy

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