🇵🇦 Panama vs 🇹🇨 Turks and Caicos
Complete Tax Residency Comparison for Digital Nomads & Entrepreneurs
Quick Comparison
| Factor | 🇵🇦 Panama | 🇹🇨 Turks and Caicos |
|---|---|---|
| Tax System | Territorial | Zero Tax |
| Income Tax (Foreign) | 0% (foreign income) | 0% |
| Capital Gains Tax | 0-10% | 0% |
| Corporate Tax | 25% | 0% |
| Residency Requirement | Friendly Nations Visa ($5,000) | PRC ($300k property) |
| Minimum Stay | None required | None |
| Cost of Living | Moderate ($1,500-2,500/mo) | High ($4,000-7,000/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
🇹🇨 Turks and Caicos
Highlights
- ✅Zero taxes
- ✅Beautiful beaches
- ✅British territory
- ✅Close to USA
- ✅Low crime
Considerations
- ⚠️Expensive
- ⚠️Small population
- ⚠️Hurricane risk
Best For
- 👤Beach lovers
- 👤US-adjacent tax planning
- 👤Retirees
Which Should You Choose?
Choose Panama if: You prioritize dollar-based economy and strong banking sector. Ideal for entrepreneurs, international traders, banking needs.
Choose Turks and Caicos if: You prioritize zero taxes and beautiful beaches. Ideal for beach lovers, us-adjacent tax planning, retirees.
Not Sure Which is Right for You?
Take our free eligibility assessment to see which tax residency program fits your situation.