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	Armenia Europe	Grenada Central America & Caribbean	Panama Central America & Caribbean	Romania Europe
Overview	Armenia has become an accessible relocation and operational base since 2022, with a maturing IT sector, simple residency routes, and a competitive tax framework. Bordercase coordinates with licensed Armenian partners for filings.	Grenada is a Caribbean jurisdiction with a Citizenship by Investment programme that uniquely supports US E-2 treaty access. Bordercase coordinates with authorised local agents.

Best for	Founders IT professionals Tax simplification Banking diversification Regional hub	Second passport US E-2 access English admin	Second residency USD economy Asset planning Holding structures	Founders Digital nomads EU access Cost of living

Residency	Common Armenian residency routes: Temporary residence - issued for 1 year, renewable; granted for work, study, business, family, or Armenian ancestry Permanent residence - typically 5 years renewable; available after qualifying temporary stay or other qualifying ground Special residence - 10-year status for individuals of Armenian descent or those of significant value to Armenia Family reunification - spouse, children, dependant parents Many nationalities can enter visa-free or with a simple e-visa for up to 180 days, which is often used to plan the right route.	Grenada routes: Citizenship by Investment (CBI) via fund contribution or qualifying real-estate investment Standard work permits Family routes	Panama residency routes: Friendly Nations Visa - now requires economic tie (employment, real estate, or investment) Qualified Investor Visa - qualifying investment thresholds Pensionado / Retiree Visa - qualifying pension income Family routes	Romanian residency routes: Employment-based residence (including the Blue Card) Digital Nomad Visa - remote workers Business / investor routes Family reunification EU citizen-derivative routes

Company setup	Standard Armenian entities and tax treatment: LLC (Sahmanapak Pataskhanatvut`yamb Enkerut`yun) - the default private entity; fast online formation Individual Entrepreneur (IE) - simple setup; Turnover Tax regime at 5% (or category-specific rates) for qualifying small businesses IT Sector incentives - certified IT companies have historically benefited from reduced corporate tax and payroll incentives (programmes are revised periodically) Standard CIT is 18%; dividend withholding is 5% for residents Bordercase coordinates structure choice to match real activity and current incentive frameworks.	Domestic companies and IBCs are common in international structures.	Panamanian corporations (SA) and Private Interest Foundations are widely used. Beneficial ownership reporting, CRS / FATCA compliance, and substance discussions have become material; planning must reflect current standards.	SRL (limited liability) is the standard structure. Formation involves notary and trade registry. Microcompany tax regime may apply for small businesses with eligible activities.

Banking	Personal and corporate banking is broadly accessible through Ameriabank, ACBA Bank, Ardshinbank, and others - typically with USD, EUR, RUB, and AMD accounts. Onboarding is straightforward for clean cases; expect source-of-funds questions for larger flows. Bordercase coordinates introductions where useful.	Banking is selective. Bordercase coordinates banking introductions through current partners.	Panamanian banking has tightened KYC and source-of-funds requirements. Non-resident applications take time; Bordercase coordinates introductions through current banking partners.	Personal and corporate banking for residents is broadly accessible. Bordercase coordinates introductions for non-standard cross-border structures.

Family	Family reunification is supported across most routes. English-language international schools are available in Yerevan. Healthcare is a mix of public and private; private cover is recommended for relocating families.	CBI can include qualifying dependents.	Family reunification is supported on most residency routes. International schools (English-language and Spanish) are available in Panama City.	Family reunification is supported. International schools (English, French, German) are concentrated in Bucharest, Cluj, and Timișoara.

Risks	Risks Bordercase watches for in Armenia: Tax residency triggers - 183 days makes you tax-resident under Armenian rules IT certification scope - incentives apply only to certified, qualifying activities Russia/EAEU exposure - Armenia is part of EAEU; some structures benefit from this, others raise sanctions/banking flags Source-of-funds scrutiny for non-standard transfer corridors Permit renewals - documentation continuity matters across cycles	Risks Bordercase watches for in Grenada: Programme parameters change Due diligence has tightened Reputational and revocation risks if information is misrepresented	Risks Bordercase watches for in Panama: Reputational / de-banking risks for poorly structured offshore-only setups Tax residency analysis for clients with other obligations (CRS / FATCA) Processing delays at Migration UBO reporting is now active	Risks Bordercase watches for in Romania: Tax residency triggers Microcompany regime eligibility Processing variations between counties Schengen entry / exit rules now apply

Documents	Typical Armenian residency documents: Passport (6+ months valid) Proof of basis (employment, business, study, ancestry, family) Proof of accommodation Health insurance Bank statements / proof of income Criminal record certificate (apostilled, where required) Marriage / birth certificates for family routes Apostille and certified translation into Armenian where required.	Typical CBI documents: Passport Due diligence questionnaires Source-of-funds evidence (extensive) Family certificates with apostille and translation	Typical Panama documents: Passport Criminal record certificate (apostilled) Proof of economic tie (employment letter, property deed, or investment evidence) Proof of address Marriage / birth certificates for family All documents apostilled and translated where required.	Typical Romanian residency documents: Passport Criminal record certificate Proof of address Basis for residence Health insurance Family certificates Apostilled and translated to Romanian.