Paraguay vs Panama: which jurisdiction wins?

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

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

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