In a shallow bowl or pan, whisk together flour, paprika, white pepper, Cayenne pepper, salt and sugar.

Place eggs and water in a second bowl and lightly beat.

Place coconut and panko in a third shallow dish. Mix well.

Pour vegetable oil in a Dutch oven or other large pot and place over medium-high heat. Heat until it reaches 350°F.

Drop 3 or 4 shrimp into the flour mixture. Turn to coat.

Shake excess flour from the shrimp and dip into the eggs, turning to coat well.

Allow the excess to drip off.

Drop the wet shrimp into the coconut-panko mixture. Press coconut lightly to adhere.

Shake off any excess coconut and place the shrimp on a plate or cooking sheet.

Repeat until all remaining shrimp are coated.

When oil has reached 350 degrees, gently place 1/2 of the shrimp in the oil. Fry, stirring frequently to prevent sticking, until golden, about 2 1/2 minutes.

Using a slotted spoon, spider or tongs, remove the shrimp to a wire cooling rack placed over a baking sheet (to catch the dips) and repeat with the remaining shrimp.

Serve immediately, accompanied by the dipping sauce.