Linclik has a good CPM for all countries. It shows an intermediate page with captcha, plus another one below with a few seconds of waiting. It is not a very popular shortener, but neither is it repudiated by anyone, so we can consider it a reliable shortener, at least as long as it exists.
Working from 2016-08-03. Payments are send via Paypal from 3$ , Payza from 3$ , Payeer from 3$ and Bitcoin from 3$ minimal withdraw.