Panama vs Monaco: which jurisdiction wins?

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

	Panama	Monaco
Tax headline	0% on foreign-sourced income (territorial)	0% personal; 25% corporate on certain activities
Formation days	5	60
First-year cost	$2,200	$25,000
Treaties	17+	35+
Substance	Light	Real residency and substance required
Banking	Local Panamanian banks; USD economy	Tier-1 private banking

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.