Country vs country

Panama vs Cyprus

Side by side for a genuine tax resident, with €150,000 a year in dividends or foreign income.

	Panama	Cyprus
Personal income	0% abroad	0% div.
Company tax	0% abroad	15%
Minimum days	183	60
Cost of residency	Medium	Medium
Tax on €150,000 a year	€0	€3,975
Monthly cost for one person, rent included	€2,050	€1,950
In the EU	No	Yes
Spanish blacklist	No	No
Crypto gains	Territorial: gains from foreign platforms or foreign assets are foreign-source and not taxed.	Since 1 Jan 2026 gains on disposal or exchange of crypto assets taxed at flat 8%; losses offset only within same year.
Pension	Territorial system: pensions paid from abroad are foreign-source and not taxed.	Option of 5% flat on foreign pension above EUR 5,000 (from 2026), plus 2.65% GESY. About 4.4% tax plus GESY.

Who wins

It depends on your case: your nationality, the country you leave and how you earn your money change the answer.