Labuan vs Panama: which jurisdiction wins?

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

	Labuan	Panama
Tax headline	3% on audited net profits	0% on foreign-sourced income (territorial)
Formation days	14	5
First-year cost	$5,000	$2,200
Treaties	70+	17+
Substance	Substance Regulations 2018	Light
Banking	Labuan banks plus Malaysia intros	Local Panamanian banks; USD economy

Talk to a partner before you incorporate.

Wrong jurisdiction, wrong substance, or wrong bank shortlist is a 12-month problem. A 30-minute briefing fixes 80% of it.