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Private Interest Foundations

Private Interest Foundation enacted by law 25 of 12 of June 1995; and decree No. 417 of august 8, 1995, mainly based on The Private Foundations Law of three different jurisdictions (Principality of Liechtenstein, Switzerland and Luxembourg). The Private Interest Foundation in Panama is created to protect the assets of persons unfit to manage their own assets and ensure continuity of family businesses. In addition to this, offers clear advantages for international estate planning, to be the best choice in privacy, anonymity, and protection to the Protectors, Founders and Beneficiaries of the Foundation. The Panamanian Foundation is a solution to a global need for accessibility, anonymity, flexibility, estate planning that can be used to hold assets such as corporations, trusts, bank accounts, investment accounts, real estate, or any other type of asset.

Benefits and uses of the foundation: The Foundation must be used for non-profitable purposes. Nevertheless, commercial activities may be carried out, and capital stock rights may be enforced by the Foundation so long as the proceeds of such activities are exclusively applied to the Foundation's purposes. Foundations are commonly used for:

  • Privacy: To Maintain the anonymity and privacy of the recipients, because their names are not recorded in any public office.

  • Easy Administration:  Not required to file annual earnings or financial statements, complete exemption from taxes of any commercial activity conducted outside the Republic of Panama.

  • Flexibility: The Panamanian Foundation, offers enough flexibility to transfer or manage assets in favor of the founder, or others, family, children or heirs.
    Clear Succession. They have a fiduciary structure for the orderly transfer and disposition of assets to beneficiaries by the death of the founder, keeping control of the property for life.

  • Protection: Inheritance rights that apply in the domicile of the founder or the beneficiaries are not effective against the assets of the foundation of these rights and can not affect the validity or enforceability of the objectives of the foundation.
    It should be noted that one of the main features and to protect the assets of a private interest foundation is that they are in-abducted by any entity unless it is proved that they come from illicit sources.

  • Anonymity: The founder, if desired, may act through society.
    Regulation issued by private document. Beneficiaries and future directions of the foundation may be appointed by a private document called Regulation.

  • Re-registered: A Private Interest Foundation duly organized in another country may be re-domiciled in Panama and adopt the Act 25 of 1995 as a legal provision applicable to it, by recording its founding instrument.

  • Separate legal entity:  A Private Interest Foundation is a separate legal entity and therefore may own movable and immovable property and to open bank accounts.

 

 
 
 
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