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	Italy Europe	Panama Central America & Caribbean	Spain Europe
Overview	Italy offers EU residency routes for self-employed, entrepreneurs, retirees, and recently a digital nomad / remote worker route. Bordercase coordinates with licensed Italian partners for filings and tax planning.	Panama is a long-established jurisdiction for residency and offshore company structures with a stable USD economy. Bordercase coordinates with licensed Panamanian lawyers and corporate-services partners.	Spain offers structured EU residency routes for individuals, families, and entrepreneurs, including the digital nomad visa introduced under the Startups Law. Bordercase coordinates with licensed Spanish partners for filings.
Best for	Families Remote workers EU access Long-term residency	Second residency USD economy Asset planning Holding structures	Families Remote workers EU access Cost of living
Currency	EUR	USD	EUR
Language	Italian	Spanish	Spanish
Time zone	UTC+1	UTC-5	UTC+1
EU member	Yes	No	Yes
Schengen	Yes	No	Yes
Residency	Italian residency routes: Elective Residency Visa - passive income, no employment in Italy Self-employment visa (within quota) Entrepreneur visa Investor visa Digital nomad / remote worker - for qualified professionals Flat-tax regime (Article 24-bis) and impatriate regime may apply.	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	Spanish residency routes: Non-Lucrative Visa - passive income, no employment in Spain Digital Nomad Visa - remote workers and self-employed (Startups Law) Self-Employed Visa Entrepreneur Visa EU citizen-derivative routes The Golden Visa has been phased out for real estate purchases.
Company setup	SRL (Limited Liability Company) and SRL Semplificata are the standard structures. Italian tax residency triggers worldwide reporting; the flat-tax regime for new residents (article 24-bis) and the impatriate regime may apply to eligible individuals.	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.	SL (Sociedad Limitada) is the standard private company. Registration involves NIE / NIF, notary, mercantile registry, and tax registration. Spanish tax residency triggers worldwide income reporting; the Beckham Law (special tax regime) may apply to eligible relocated workers.
Banking	Resident banking is straightforward; corporate banking and certain non-standard structures require coordination. Bordercase introduces banking partners where useful.	Panamanian banking has tightened KYC and source-of-funds requirements. Non-resident applications take time; Bordercase coordinates introductions through current banking partners.	Personal banking for residents is straightforward; corporate banking depends on activity and structure. Bordercase coordinates introductions for non-standard cases.
Family	Family reunification is supported. Public and private schools are widely available; international schools are concentrated in major cities.	Family reunification is supported on most residency routes. International schools (English-language and Spanish) are available in Panama City.	Family reunification is supported on most residency routes after a qualifying period. Schools (public, private, international) are widely available; the public system is generally accessible to legal residents.
Risks	Risks Bordercase watches for in Italy: Tax residency triggers Flat-tax regime eligibility and possible revocation Regional administrative variation Language and bureaucratic friction Impatriate regime conditions vary	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 Spain: Tax residency triggers - 183 days + centre of interests Beckham Law (special regime) eligibility Autonomous-community tax variation Hacienda audits when planning is unclear Past Schengen overstays must be disclosed
Documents	Typical Italian residency documents: Passport Criminal record certificate Proof of income (significant for elective residency) Health insurance valid in Italy Accommodation evidence Codice fiscale (tax number) Apostille and certified Italian translation where required.	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 Spanish residency documents: Passport NIE (foreigner identification number) Criminal record certificate with apostille Proof of income / assets Health insurance with full cover in Spain Accommodation evidence Marriage / birth certificates for family routes

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