Panama vs Vanuatu: which jurisdiction wins?

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

	Panama	Vanuatu
Tax headline	0% on foreign-sourced income (territorial)	0% income/corporate tax
Formation days	5	5
First-year cost	$2,200	$2,500
Treaties	17+	Limited
Substance	Light	Light
Banking	Local Panamanian banks; USD economy	Limited

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