Seychelles vs Panama: which jurisdiction wins?

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

	Seychelles	Panama
Tax headline	0% on foreign-sourced income (IBC)	0% on foreign-sourced income (territorial)
Formation days	3	5
First-year cost	$1,500	$2,200
Treaties	28+	17+
Substance	Light substance for IBCs	Light
Banking	Limited; rely on EMIs and intros	Local Panamanian banks; USD economy

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