Country vs country

Panama vs Montenegro

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

	Panama	Montenegro
Personal income	0% abroad	9–15%
Company tax	0% abroad	9–15%
Minimum days	183	183
Cost of residency	Medium	Cheap
Tax on €150,000 a year	€0	€22,500
Monthly cost for one person, rent included	€2,050	€1,325
In the EU	No	No
Spanish blacklist	No	No
Crypto gains	Territorial: gains from foreign platforms or foreign assets are foreign-source and not taxed.	No specific crypto rule found; capital gains taxed at 15% under personal income tax law.
Pension	Territorial system: pensions paid from abroad are foreign-source and not taxed.	Progressive PIT 0%, 9%, 15% on monthly income plus municipal surtax; about 11 to 13% on EUR 40,000. Treatment of foreign pensions unverified.

Who wins

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