Say you wanted to become a resident of Panama (probably made easier by being from a country in the Friendly Nations list). You incorporate your businesses (let’s say they are location independent online businesses) and make the $5k deposit. You get the residency after a few months if all goes well.
If you wanted to become a tax resident of Panama (not just ‘resident’ which can be maintained by infrequent subsequent visits each year), is it the case you need to stay inside the country X number of days/year? I imagine that even if that is the case, it would not be so easy to depart the tax net of your home country (or wherever you are tax resident, let’s say UK in this case). This is because days in/days out is just one of many tests to determine whether your domicile status. So presumably having your corporation set up in Panama as well as perhaps renting a property there (if not outright buying a property there but let’s not go that far) would be needed as proof to your home country that you are no longer tax resident there?
Also, if you did have your corporations set up in Panama, what actual taxes would you pay? Presumably there is no corporation tax (let’s say tax paid on profits made, not withdrawn from the company). But if you are tax resident there, presumably you wouldn’t pay dividend withdrawal tax either? What if you are still tax resident in another country? Presumably the only tax that would be paid would be this dividend withdrawal tax? So in the UK it would probably be considered personal income.