Panama vs Georgia: which jurisdiction wins?

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

	Panama	Georgia
Tax headline	0% on foreign-sourced income (territorial)	0% on retained earnings (Estonian-style)
Formation days	5	3
First-year cost	$2,200	$1,800
Treaties	17+	56+
Substance	Light	Required for International Company status
Banking	Local Panamanian banks; USD economy	TBC, Bank of Georgia

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