🇵🇦 Panama vs 🇲🇨 Monaco
Complete Tax Residency Comparison for Digital Nomads & Entrepreneurs
Quick Comparison
| Factor | 🇵🇦 Panama | 🇲🇨 Monaco |
|---|---|---|
| Tax System | Territorial | Zero Tax |
| Income Tax (Foreign) | 0% (foreign income) | 0% |
| Capital Gains Tax | 0-10% | 0% |
| Corporate Tax | 25% | 25% (non-Monaco revenue) |
| Residency Requirement | Friendly Nations Visa ($5,000) | €500k+ deposit |
| Minimum Stay | None required | None |
| Cost of Living | Moderate ($1,500-2,500/mo) | Very High ($8,000+/mo) |
🇵🇦 Panama
Highlights
- ✅Dollar-based economy
- ✅Strong banking sector
- ✅No forex controls
- ✅Good infrastructure
- ✅English widely spoken
Considerations
- ⚠️Higher cost of living than Paraguay
- ⚠️More bureaucracy
- ⚠️CRS reporting to some countries
Best For
- 👤Entrepreneurs
- 👤International traders
- 👤Banking needs
🇲🇨 Monaco
Highlights
- ✅Zero personal income tax
- ✅Ultra-safe
- ✅Mediterranean climate
- ✅Prestigious address
- ✅EU border access
Considerations
- ⚠️Extremely expensive
- ⚠️Tiny country
- ⚠️Hard to get residency
Best For
- 👤Ultra-high-net-worth
- 👤F1 enthusiasts
- 👤Yacht owners
Which Should You Choose?
Choose Panama if: You prioritize dollar-based economy and strong banking sector. Ideal for entrepreneurs, international traders, banking needs.
Choose Monaco if: You prioritize zero personal income tax and ultra-safe. Ideal for ultra-high-net-worth, f1 enthusiasts, yacht owners.
Not Sure Which is Right for You?
Take our free eligibility assessment to see which tax residency program fits your situation.