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| Panama Foundations |
| Main Features Foundations are often considered as alternatives where the client is in civil law countries where the concept of trust is alien. • Panamanian Private Foundations are corporate vehicles created under specific statute and legislation and enjoys a legal personality. • A Foundation can have perpetual or limited life • A Foundation holds title to its assets • The minimum patrimony (capital) is $10,000 in Panama • Third party such as a professional investment advisor or professional managers can be incorporated into the structure • Foundation Regulations are private documents • "No Sham" as Certainty is created upon registration. Some Examples of uses: • Asset & Family Planning • Inheritance planning • Owners of real estate • Pensions • Collection of royalties • Investment Holding Constitution A Foundation is created when one or more "founders" formalise a document known as the Foundation Charter which is registered at a public registry. Founder(s) One or more (natural or corporate entity) Any nationality Can appoint nominee founder Must undertake to contribute not less than Panama US$10,000 Founder can be council member/protector/beneficiary The Foundation Council Administration of the Foundation is entrusted to the Foundation Council The Council must consist of a minimum of 1 if corporate member or 3 if natural persons with no restriction on nationality and location for Panama. The Council adopts/enforces/acts by the Foundation Regulations Protector(s) Protector can be natural persons or a corporate entity The "Protector" function is specified by the Foundation Charter. Protector can be appointed privately in the Foundation Regulations Beneficiary(ies) Beneficiaries can be natural or corporate entity Beneficiaries are appointed in the Foundation Regulations Beneficiaries have the right to receive income/interest/assets. Control and Management is undertaken by the Foundation Council which can be located wherever may be most tax efficient. Unlike a trust or Hybrid company, a Foundation may not have profit making aims, but may own or partially own a corporate underlying entity to undertake commercial transactions. International Business Corporation (IBC) as well as a Panamanian Foundation If you are looking for asset protection and total confidentiality a Private Interest Foundation can be put in place and acts as a Shareholder of the IBC. Ownership is therefore transferred to another legal entity that owns the assets of the corporation outright. Depending on your country of residence this structure would eliminate reporting requirements on the corporation and provide tax deferral opportunities. Private Interest Foundation Panamanian private foundations are similar to trusts except that they own the assets placed in them. They can provide an alternative to asset protection trusts and they work in almost the same way which can prove to be useful as a sole shareholder or corporations rendering the company foreign owned. Bank Accounts We are able to assist with the opening of bank accounts and have arrangements with a variety of banks ranging from small to large depending on our clients' requirements. Fees Our prices are available on application. |
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Terms & Conditions | © 2006 Western Trust Corporation |