Country comparison · Central America investor screen
Guatemala vs Panama: investment risk comparison
Guatemala and Panama have equal all-in investor scores in the current country snapshot, but the reasons are different. Guatemala leads the debt score, 2024 IMF government-debt row and tax score. Panama leads sovereign credit, governance, banking, capital mobility, listed-market evidence and crypto-tax/legal score, while also showing a lower tax-revenue-to-GDP row. Guatemala and Panama now tie at 69/100, both ranked #43. Their strengths still differ by objective. Guatemala has 12/15 score signals, Panama 13/15; both use 10 investor components. Both lack property-price and real-estate scores; Guatemala also lacks measured market depth. Missing values are not zero. Source years and IMF forecasts differ from final observations. Guatemala’s stocks/ETF score 41 uses GDP/person 6598.180 USD (2025) as an economic-capacity proxy: all three measured market inputs are missing. Panama’s 11 uses measured World Bank data (2025): capitalization/GDP 30.049%, 40 companies, trading/GDP 0.588%. The higher Guatemalan model score does not prove deeper markets or broker access.
- Guatemala and Panama now tie at 69/100, both ranked #43. Their strengths still differ by objective. Guatemala has 12/15 score signals, Panama 13/15; both use 10 investor components. Both lack property-price and real-estate scores; Guatemala also lacks measured market depth. Missing values are not zero. Source years and IMF forecasts differ from final observations.
- Guatemala's IMF 2024 government-debt row is 27.589% of GDP versus Panama at 54.148%.
- Panama leads banking, capital mobility, sovereign credit, governance, listed-market evidence and crypto-tax score; Guatemala leads debt resilience and tax score.
Panama
Country signals side by side
Higher scores generally indicate a more favorable country-risk signal in the Hide My Cash model. Broker access, tax-residence outcomes, bank onboarding, property approvals, sanctions checks, residency results and product availability are not inferred from these macro rows.
Investor scoreGuatemala69/100 · rank #43Panama69/100 · rank #43TieGuatemala and Panama now tie at 69/100, both ranked #43. Their strengths still differ by objective. Guatemala has 12/15 score signals, Panama 13/15; both use 10 investor components. Both lack property-price and real-estate scores; Guatemala also lacks measured market depth. Missing values are not zero. Source years and IMF forecasts differ from final observations.
Debt resilienceGuatemala96/100 · IMF debt 27.589% of GDP, 2024 rowPanama72/100 · IMF debt 54.148% of GDP, 2024 rowGuatemalaDebt selects IMF WEO general-government forecasts for 2026: Guatemala 28.795% of GDP, Panama 54.322%, scores 96/72. Neither has World Bank central debt. Historical 2024 debt references are distinct, not selected current observations. Guatemala has the stronger debt score and lower IMF government-debt-to-GDP row.
Tax pressureGuatemala74/100 · tax revenue 11.630% of GDP, 2024 rowPanama72/100 · tax revenue 7.178% of GDP, 2024 rowGuatemalaWorld Bank 2024: Guatemala 11.630%; Panama 7.178%. Historical reference: Guatemala — tax revenue 11.632% of GDP, 2024 row; Panama — tax revenue 7.461% of GDP, 2021 row. Guatemala has the slightly stronger tax model score; Panama has a lower but older tax-revenue row.
Sovereign creditGuatemala60/100 · BB+/BB+/Ba1 · 0 investment-grade agency rowsPanama66/100 · BBB-/BB+/Baa3 · 2 investment-grade agency rowsPanamaPanama leads the compiled sovereign-credit composite and investment-grade agency count. Recorded rating dates differ; credit ratings do not guarantee repayment.
GovernanceGuatemala44/100 compiled governance score (2024)Panama56/100 compiled governance score (2024)PanamaPanama has the stronger compiled Worldwide Governance Indicators composite.
BankingGuatemala46/100 · account ownership 38.282% · private credit 37.235% of GDP (2024 / 2025)Panama65/100 · account ownership 64.095% · private credit 100.154% of GDP, 2020 rowPanamaWorld Bank / Findex: Account ownership — Guatemala 38.282%, Panama 64.095% (2024); private credit/GDP — Guatemala 37.235% (2025), Panama 100.154% (2020); real interest — Guatemala 9.156% (2025), Panama 4.610% (2022). The banking inputs have different years; the score does not guarantee account approval. Historical reference: Guatemala — account ownership 38.282% · private credit 36.783% of GDP; Panama — account ownership 64.095% · private credit 100.154% of GDP, 2020 row. Panama leads the banking model, account-ownership row and private-credit row.
Capital mobilityGuatemala67/100 · internet use 60.221% · remittance cost 2.557%Panama78/100 · internet use 72.771% · remittance cost 2.490%PanamaPanama leads the capital-mobility model, internet-use row and remittance-cost row. Internet use is from 2024; remittance cost from 2023. Sanctions and capital-controls records are missing; unrestricted transfers are not established.
Stocks and ETFsGuatemala41/100 model score · listed-market rows unavailablePanama11/100 · market cap 30.049% of GDP · 40 listed companies · stocks traded 0.588% of GDP (2025)GuatemalaGuatemala’s stocks/ETF score 41 uses GDP/person 6598.180 USD (2025) as an economic-capacity proxy: all three measured market inputs are missing. Panama’s 11 uses measured World Bank data (2025): capitalization/GDP 30.049%, 40 companies, trading/GDP 0.588%. The higher Guatemalan model score does not prove deeper markets or broker access. Historical reference: Guatemala — listed-market rows unavailable; Panama — market cap 21.136% of GDP · 36 listed companies · stocks traded 0.489% of GDP. Panama has visible listed-market rows; Guatemala's detailed listed-market rows are missing in the compiled file.
Real estateGuatemalaProperty-price rows unavailablePanamaProperty-price rows unavailableData gapNo BIS/DataHub property-price row is used for either country, so property outcomes are not inferred.
Crypto legal and tax signalGuatemala80 crypto tax · legal · 10% / 10% compiled ratesPanama100 crypto tax · legal · territorial · 0% / 0% compiled ratesPanamaPanama leads the compiled CryptoNomadHub crypto-tax/legal score. CryptoNomadHub uses the last-known-good version, not a newly verified update. Recorded rates and legal status do not determine personal tax liability.
How to interpret Guatemala vs Panama
Guatemala looks stronger when the research question starts with low public debt, a very high debt score, a stronger model tax score and a solid crypto-tax signal. Panama looks stronger when the question needs a banking-center profile, higher account ownership, deeper private-credit evidence, better sovereign-credit coverage, stronger governance, capital mobility and visible listed-market rows. Neither page answers personal tax, banking, broker, property, sanctions, residency, reporting or product-access questions. Guatemala and Panama now tie at 69/100, both ranked #43. Their strengths still differ by objective. Guatemala has 12/15 score signals, Panama 13/15; both use 10 investor components. Both lack property-price and real-estate scores; Guatemala also lacks measured market depth. Missing values are not zero. Source years and IMF forecasts differ from final observations. Debt selects IMF WEO general-government forecasts for 2026: Guatemala 28.795% of GDP, Panama 54.322%, scores 96/72. Neither has World Bank central debt. Historical 2024 debt references are distinct, not selected current observations. Guatemala’s stocks/ETF score 41 uses GDP/person 6598.180 USD (2025) as an economic-capacity proxy: all three measured market inputs are missing. Panama’s 11 uses measured World Bank data (2025): capitalization/GDP 30.049%, 40 companies, trading/GDP 0.588%. The higher Guatemalan model score does not prove deeper markets or broker access. World Bank / Findex: Account ownership — Guatemala 38.282%, Panama 64.095% (2024); private credit/GDP — Guatemala 37.235% (2025), Panama 100.154% (2020); real interest — Guatemala 9.156% (2025), Panama 4.610% (2022). The banking inputs have different years; the score does not guarantee account approval.
Hide My Cash is an educational country-risk comparison resource. This page is not financial, investment, tax, legal, accounting, immigration, residency or banking advice. It does not recommend hiding assets, evading tax, bypassing sanctions or moving money anonymously.
FAQ
Is Guatemala or Panama better for investors?
The all-in score is effectively tied at 69/100, with both ranked #43. Guatemala leads debt resilience and tax score, while Panama leads banking, sovereign credit, governance, capital mobility, listed-market evidence and crypto-tax score. Guatemala and Panama now tie at 69/100, both ranked #43. Their strengths still differ by objective. Guatemala has 12/15 score signals, Panama 13/15; both use 10 investor components. Both lack property-price and real-estate scores; Guatemala also lacks measured market depth. Missing values are not zero. Source years and IMF forecasts differ from final observations. Guatemala’s stocks/ETF score 41 uses GDP/person 6598.180 USD (2025) as an economic-capacity proxy: all three measured market inputs are missing. Panama’s 11 uses measured World Bank data (2025): capitalization/GDP 30.049%, 40 companies, trading/GDP 0.588%. The higher Guatemalan model score does not prove deeper markets or broker access.
Which country has the stronger banking signal?
Panama. The compiled banking score is 65/100 versus Guatemala at 46/100, with higher account ownership and a much higher private-credit-to-GDP row in the available data. World Bank / Findex: Account ownership — Guatemala 38.282%, Panama 64.095% (2024); private credit/GDP — Guatemala 37.235% (2025), Panama 100.154% (2020); real interest — Guatemala 9.156% (2025), Panama 4.610% (2022). The banking inputs have different years; the score does not guarantee account approval.
Can this comparison be used as tax or investment advice?
No. It is a data-backed research comparison. Personal tax, banking, broker, property, crypto and reporting outcomes depend on current law, provider availability and personal facts.