In Singapore there is no tax on interest income, no tax on dividend income, no capital gains tax, no inheritance tax, very limited income tax with generous deductions that maxes out at 20%, territorial taxation (thankfully Panama is holding onto this by its fingernails as the OECD bullies them to abandon it), no tax on precious metals trading or holdings, and yet Singapore has the highest GDP per capita in the world among industrialized nations whose success is not based on a natural resource endowment.
Singapore has amazing infrastructure, clean and safe streets 24 hours per day, a common law legal system (this is a huge problem in Panama), and their own currency which they manage so well the country is a net creditor, i.e. ZERO net sovereign debt.
Why can't Panama, with the $2B annual revenue from the canal be even better than Singapore? I think we all know why, but no one is willing to say it out loud. Panama's impediments go far beyond just corruption.
But is anyone willing to discuss them out loud? I dare you.