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	Panama Central America & Caribbean	Spain Europe	Uruguay Latin America
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.	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.	Uruguay is a stable South American jurisdiction with structured residency routes, strong civil infrastructure, and notable second-residence appeal for HNW relocators. Bordercase coordinates with licensed Uruguayan partners.
Best for	Second residency USD economy Asset planning Holding structures	Families Remote workers EU access Cost of living	HNW Stable economy Latin America hub Banking
Currency	USD	EUR	UYU
Language	Spanish	Spanish	Spanish
Time zone	UTC-5	UTC+1	UTC-3
EU member	No	Yes	No
Schengen	No	Yes	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	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.	Uruguayan residency routes: Standard residency - proof of income / qualifying activity Investor route Retirement / pensioner route MERCOSUR fast-track for member-state nationals Family reunification
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.	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.	SAS and SA are common structures. DGI tax registration and BPS social-security 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 banking for residents is straightforward; corporate banking depends on activity and structure. Bordercase coordinates introductions for non-standard cases.	Residency unlocks personal banking. Uruguay has historically been a HNW banking destination in the region; standards have tightened materially.
Family	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.	Family reunification is supported. Schools (public, private, bilingual, international) are concentrated in Montevideo and Punta del Este.
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 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	Risks Bordercase watches for in Uruguay: Tax residency triggers (the new-resident tax holiday has conditions) Banking documentation and source-of-funds rigor Apostille + Spanish translation requirements
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 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	Typical Uruguayan documents: Passport Apostilled foreign documents Proof of income or investment Health insurance Spanish translations where required

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