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	Panama Central America & Caribbean	Türkiye Europe	Italy 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.	Türkiye offers a range of residency routes from short-term tourist residency to longer-term investor / family / work routes. Bordercase coordinates with licensed Turkish lawyers for filings.	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.
Best for	Second residency USD economy Asset planning Holding structures	Citizenship by investment Cost of living Regional residency Families	Families Remote workers EU access Long-term residency
Currency	USD	TRY	EUR
Language	Spanish	Turkish	Italian
Time zone	UTC-5	UTC+3	UTC+1
EU member	No	No	Yes
Schengen	No	No	Yes
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	Türkiye residency routes: Short-term residence permit (1-2 years, renewable) Family permit Work permit - employer-sponsored Student permit Citizenship-by-investment via real estate or qualifying deposits / investments	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.
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.	Limited Şirket (LLC) and AŞ (Joint Stock) are common structures. Notary registration, tax registration, and a tax representative are typically required.	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.
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 broadly accessible; non-resident corporate banking has tightened. Source-of-funds and ownership clarity are central.	Resident banking is straightforward; corporate banking and certain non-standard structures require coordination. Bordercase introduces banking partners where useful.
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 routes. International schools (English, German, French, Italian) are available in Istanbul and Ankara.	Family reunification is supported. Public and private schools are widely available; international schools are concentrated in major cities.
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 Türkiye: Restricted residency zones (some districts no longer issue short-term residency to foreigners) Currency volatility on investment routes Shifting policy on the citizenship-by-investment programme Banking documentation requirements tighten regularly	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
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 Türkiye documents: Passport Biometric photos Proof of address Proof of income or savings Health insurance Criminal record certificate Marriage / birth certificates for family Documents apostilled and translated to Turkish.	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.

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