Panama vs Liechtenstein: which jurisdiction wins?

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

	Panama	Liechtenstein
Tax headline	0% on foreign-sourced income (territorial)	12.5% corporate
Formation days	5	14
First-year cost	$2,200	$8,500
Treaties	17+	22+
Substance	Light	Real substance required
Banking	Local Panamanian banks; USD economy	LGT, VP Bank, LLB

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