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	Panama Central America & Caribbean	Uruguay Latin America	Spain Europe	Bulgaria 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.	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.

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	Uruguayan residency routes: Standard residency - proof of income / qualifying activity Investor route Retirement / pensioner route MERCOSUR fast-track for member-state nationals Family reunification	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.	Bulgarian residency routes: Employment-based residence Business / self-employment routes Retirement / pensioner residency Family reunification EU citizen-derivative routes Permanent residence typically after 5 years.

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.	SAS and SA are common structures. DGI tax registration and BPS social-security registration follow.	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.	OOD (LLC) and EOOD (single-shareholder LLC) are common structures. Formation is well-documented. Corporate tax is at a flat rate; VAT registration depends on activity.

Banking	Panamanian banking has tightened KYC and source-of-funds requirements. Non-resident applications take time; Bordercase coordinates introductions through current banking partners.	Residency unlocks personal banking. Uruguay has historically been a HNW banking destination in the region; standards have tightened materially.	Personal banking for residents is straightforward; corporate banking depends on activity and structure. Bordercase coordinates introductions for non-standard cases.	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. Schools (public, private, bilingual, international) are concentrated in Montevideo and Punta del Este.	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, English, German, French) are concentrated in Sofia, Plovdiv, and Varna.

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 Uruguay: Tax residency triggers (the new-resident tax holiday has conditions) Banking documentation and source-of-funds rigor Apostille + Spanish translation requirements	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 Bulgaria: Tax residency triggers VAT classification on cross-border services Processing variations between regions Euro adoption is in progress - operational planning needed

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 Uruguayan documents: Passport Apostilled foreign documents Proof of income or investment Health insurance Spanish translations 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 Bulgarian residency documents: Passport Criminal record certificate Proof of address Basis for residence (employment, business, etc.) Health insurance Family certificates Apostilled and translated to Bulgarian.