Private Interest Foundations & Trusts
Private Interest Foundations & Trusts function as legal entitities designed for the protection of assets. It is the strongest asset protection vehicle currently available in Panama as it provides the founder of the Foundation with complete safeguard of their assets from any circumstance.Panama Private Foundations came into being in1995 regulated through Law 25 of June 12th allowing the Private Foundations to be established for the benefit of a person or persons, a family or a specific social purpose.
- Uses of Panama Foundations
The Panama Private Interest Foundation offers clear advantages for international estate planning, providing the ultimate in privacy, anonymity, and protection to the Protectors, Founders, and Beneficiaries of the Foundation. The Panama Foundation is a global solution to a need to plan economically inheritance, anonymous, private and flexible and can be used to keep assets such as corporations, trusts, bank accounts, investment accounts, real estate or any other type of asset.
A Panama Private Interest Foundation exists register with the Public Registry. It requires no approval from any public authority. The Law No.25 of June 12, 1995 regulating Panamanian Private Interest Foundations.
- Offshore Foundation Structure
- Founder: The founder is the person or entity that establishes the Panama Offshore Foundation. The founder is only recognized as the person presenting the documents of the Offshore Foundation in Panama at the time of registration, so the founder has no control over the operation of the Foundation
- Tip: This is what is regarded as the board of the Panama Offshore Foundation. Council members are registered as public domain as members of the board of the Foundation. The council, which is appointed by the beneficiaries of the foundation, they have no control over the Foundation or any of its assets as they only serve as candidates for the general public for registration. Our firm provides our clients with the services of a Council candidate who can choose to withdraw or substitute at any time they see fit.
- Guard: The person or entity that has control over the foundation and all its assets. The Protector has the power to substitute or replace the members of the Council at any time he / she considers worthy. The appointment of the Ombudsman can be done through a private document before a notary, will remain in the hands of the customer. Therefore, the identity of the protector can remain confidential.
- Beneficiaries: Owners of foundations are not considered shareholders is Panamanian Corporations, designated beneficiaries. Private Interest Foundations can also be set when the Protector is the sole beneficiary to death and the Foundation will designated beneficiaries.