Mauritius vs Panama: which jurisdiction wins?

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

	Mauritius	Panama
Tax headline	15% with partial exemption (effective ~3%)	0% on foreign-sourced income (territorial)
Formation days	10	5
First-year cost	$4,500	$2,200
Treaties	46+	17+
Substance	Substance required for GBC status	Light
Banking	MCB, SBM, AfrAsia	Local Panamanian banks; USD economy

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