LOL you can’t be serious. They would just be subject to Panamanian court orders.

Yes, and since Panama has a long history of telling foreign nations to fuck off, data is much safer there than in Switzerland. At least as a non-Panamanian. You claim Switzerland is the “most privacy-respecting country on the planet,” but I’d like to see the evidence. Since they comply with every court order, then I would argue one’s data is no safer in Switzerland than most other European countries. Which is to say, completely unsafe from most Western governments.