Panama vs Paraguay: which jurisdiction wins?

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

	Panama	Paraguay
Tax headline	0% on foreign-sourced income (territorial)	10% corporate, territorial in practice
Formation days	5	14
First-year cost	$2,200	$2,500
Treaties	17+	4+
Substance	Light	Substance required for residency
Banking	Local Panamanian banks; USD economy	Local banks

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