Panama, Malta, Spain, Georgia: Tax Rates & Startup Funding Compared

Side-by-side breakdown of tax rates, startup funding, visa options, and 6 more dimensions for founders choosing where to incorporate in 2026.

Select Countries

SingaporeCyprusEstoniaUruguayPanamaPortugalCosta RicaBelizeSwitzerlandMaltaUnited KingdomCanadaGreeceItalyParaguaySpainGeorgiaUnited Arab EmiratesGermanyIrelandIndonesiaColombiaNetherlandsArgentinaMexicoThailandSao Tome and Principe
4 selectedClear all
🇪🇸Spain
69
Worldwide
🇵🇦Panama
76
Territorial
🇲🇹Malta
72
Remittance-Based
🇬🇪Georgia
68
Small Business Status / Virtual Zone IT Company

Dimension Profile

Shape = jurisdiction fingerprint. Gap = your decision.

Tax Regime Comparison5
🇪🇸SpainWorldwide47%
🇵🇦PanamaTerritorial25%
🇲🇹MaltaRemittance-Based35%
🇬🇪GeorgiaSmall Business Status / Virtual Zone IT Company20%
Tax system mismatchCritical

Spain taxes all worldwide income once you become a tax resident (top rate: 47%). Panama and Georgia do not - only locally-sourced income is taxed. This is a fundamental structural difference that affects your total effective tax burden.

Exit tax applies in one jurisdictionCritical

Spain has an exit tax. If you establish residency and later wish to leave, you may owe tax on unrealized gains or assets at departure. The other countries in this comparison do not have an exit tax.

27pp personal tax rate spreadReview

Both countries tax worldwide income, but the top personal income tax rates differ materially. Spain: 47% vs Georgia: 20%. Both apply to all global earnings once you establish residency.

CFC rules apply in one jurisdictionReview

Spain has Controlled Foreign Corporation (CFC) rules. Owning a foreign company as a resident may trigger local tax on undistributed profits - even if the company pays no dividends. The other countries in this comparison do not have CFC rules.

Special tax regime available in one jurisdictionNote

Georgia (Small Business Status / Virtual Zone IT Company) offers a qualifying program that may exempt foreign-source income from local tax. This can significantly reduce your effective rate compared to the standard regime.

Not tax advice. Tax laws change frequently. Verify with a qualified professional before making residency decisions.

Field-by-Field Breakdown

Green = best value per row
Metric
🇪🇸Spain69
🇵🇦Panama76
🇲🇹Malta72
🇬🇪Georgia68
Dimension Scores
Corporate Tax
32
100
25
100
Funding
100
60
85
70
Visa
90
90
90
50
Residency
43
73
83
58
Tax Res.
45
80
70
75
Practical
96
81
86
86
Remote Work
64
88
84
80
Family
95
80
100
90
Ecosystem
60
40
50
40
Corporate Tax Details
Corporate Tax Rate25%25%35%15%
Capital Gains Tax28%10%0%15%
Tax Treaties96177756
Territorial SystemNoYesNoYes
Funding Details
Active VCs100121814
Government GrantsYesYesYesYes
EU Funding EligibleYesNoYesNo
Visa Details
Has Startup VisaYesYesYesNo
Processing Time453060-
Min Investment-$200K$27K-
E-ResidencyNoNoNoNo
Digital Nomad VisaYesYesYesYes
Residency Details
Visa Programs Available2333
Citizenship Timeline105510
Dual CitizenshipNoYesYesNo
Immigration Score7879
Tax Res. Details
Tax Residency Days183183183183
Personal Tax Top Rate47253520
Territorial TaxationNoYesNoNo
Special Tax RegimeYesNoYesYes
Exit TaxYesNoNoNo
Practical Details
Banking Difficultyeasymoderatemoderateeasy
100% Foreign OwnershipYesYesYesYes
Company Formation7571
Virtual Office OKYesYesYesYes
Remote Work Details
Nomad VisaYesYesYesNo
Tourist Workgray_areatoleratedtoleratedlegal
Tourist Visa Days9018090365
PE Risk Levelmoderatelowlowlow
Days Before Tax Res.183183183183
Internet Speed220506545
Coworking/mo$250$200$200$100
Family Details
Safety Index72557272
Int'l SchoolsYesYesYesYes
Homeschoolinglegal_with_restrictionslegallegal_with_restrictionslegal
Healthcare Quality82687458
Cost of Living55657238
Ecosystem Details
Unicorns5000
English Business EnvNoNoYesNo
Talent Pool Quality70485552

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