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Panama
Private Foundation
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If
you would like to create a highly confidential,
excellent tax,
estate planning and asset protection tool, you should consider a
Panama
private foundation.
Our experienced and
reputable company
offers Panama private foundations, which are considered as the most
advanced asset protection tool. Assets transferred to the Foundation become out of
the reach of creditors after three years.
| Formation of Panamanian Private
Foundation |
$1,250 |
|
Annual
Fee payable from the second year: $750
Basic
Information about Panama
Private Foundation
Panama
has a long reputation for providing offshore services to the international
community. In an effort to provide additional opportunities in this area
Panama adopted legislation establishing and regulating Private Foundations
in 1995.
A
Private Foundation, as a separate legal entity, has the capacity to
execute rights and acquire obligations. The Private Foundation does not
have shareholders or members. It is created by a declaration of the
Founder and generally has as purpose the preservations of assets for
benefit of the Founder or Beneficiaries. The Founder and the Beneficiary
may be the same person. Assets transferred to the Foundation become out of
the reach of creditors after three years. Thus, creditors' claims of
fraudulent transfer must be made within three years.
The
Panama Foundation offers the best of a trust
and the best of an offshore
corporation
and
is an excellent tax and
estate planning and asset protection tool.
Foundations
that are organized pursuant to the laws of a foreign country may continue
their existence in Panama and, conversely, Foundations that are organized
pursuant to the laws of Panama may continue their existence in accordance
with the laws of another country.
Taxes
None.
Foundation
Name
The
name of the foundation can be written
in any language, but must contain the term "Foundation" as part
of the title to indicate that the entity is in fact a foundation
structure.
Time-Scale
for Establishing
The
establishing of
a foundation normally takes 6 to 9 working days.
Shelf
Foundations
Not
available.
Founder
Minimum
number of founders - one.
Residency
requirements - no requirements.
Corporate
founders - yes.
A
& P Intertrust could provide a nominee
founder.
Foundation
Council
Minimum
number of council members - three natural persons or one legal entity.
Residency
requirements - no
requirements.
Corporate
council members - yes.
A
& P Intertrust could provide nominee council
corporate member.
Protector
This
position is optional. A private protector may be appointed by the founder
to oversight managerial actions of the Foundation Council.
Residency
requirements - no
requirements.
Corporate
protector - yes.
Capital
A
minimum of US $10,000 of assets (in cash, property, etc.) must be transferred to the Foundation. It
doesn't need to be done immediately following establishment.
Assets may be increased by
additional contributions of the founder or third parties at any time.
Public
Recording
Founders
- yes.
Council
Members - yes
Beneficiaries
- no
Protector
- no.
Statutory
Accounting Requirements
None.
Audit
Requirements
None.
Foundation
Council Meeting
Not
required.
Virtual
Office Facilities
Available
in Panama, BVI, Nevis and Canada.
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