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	Panama Central America & Caribbean	Serbia Europe
Overview	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.	Serbia is an attractive non-EU European jurisdiction for founders, IT professionals, and remote workers - with accessible residency and competitive costs. Bordercase coordinates with licensed Serbian partners for filings.
Best for	Second residency USD economy Asset planning Holding structures	Founders IT professionals Cost of living Regional hub
Currency	USD	RSD
Language	Spanish	Serbian
Time zone	UTC-5	UTC+1
EU member	No	No
Schengen	No	No
Residency	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	Serbian residency routes: Temporary residence via employment Self-employment / business Real-estate ownership Family reunification IT-focused residency framework Permanent residence typically after 3 years of continuous temporary residence.
Company setup	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.	DOO (limited liability) is the standard structure. Formation is well-documented, with online steps available. Tax registration (PIB) and APR (Business Registers Agency) registration follow.
Banking	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. Source-of-funds documentation matters for non-standard cases. Bordercase coordinates banking introductions.
Family	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, Russian) are available in Belgrade.
Risks	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 Serbia: Tax residency triggers VAT registration timing Processing variations between MUP offices EU Schengen access requires planning for cross-border travel
Documents	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 Serbian residency documents: Passport Criminal record certificate Proof of address Basis for residence (employment, business, etc.) Health insurance Family certificates Apostilled and translated to Serbian.

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