Luxembourg vs Panama: which jurisdiction wins?

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

	Luxembourg	Panama
Tax headline	24.94% effective; SOPARFI structuring lowers materially	0% on foreign-sourced income (territorial)
Formation days	14	5
First-year cost	$12,000	$2,200
Treaties	85+	17+
Substance	Substance mandatory post-ATAD	Light
Banking	BIL, BGL BNP Paribas, prime brokers	Local Panamanian banks; USD economy

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