Jersey vs Panama: which jurisdiction wins?

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

	Jersey	Panama
Tax headline	0% (10% financial services, 20% utilities)	0% on foreign-sourced income (territorial)
Formation days	5	5
First-year cost	$5,500	$2,200
Treaties	14+	17+
Substance	Economic substance for relevant activities	Light
Banking	Tier-1 (HSBC, Barclays, Standard Chartered)	Local Panamanian banks; USD economy

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