Panama foundation is a private trust that is formed under the laws of Panama. Panama foundation structure was transformed into law in 1995. The foundation is an entity that is normally established to carry out charity works and is not supposed to actively participate in commercial transactions.
However, Panama foundation is not engaged in philanthropy. But, they may carry out indirect commercial activities like owning corporations that are actively engaged in commercial business activities, as long as the profits of those activities are used for the stipulated purposes of the foundation.
Panama foundation can also be involved in passive investments like stock market investments, mutual funds, and bank deposits bearing interest, Forex, bonds etc. provided proceeds are used for foundation purposes.
The
purposes of Panama foundation may range from protecting assets to saving taxes. They also include protection of non-freezable assets, exclusion of forced heir rules etc. The asset is protected under the Panama foundation because this foundation is owned by no body. It has founder, council members, protector and beneficiaries. The founder is the person or entity that establishes the foundation under the Public Registry of Panama. Council members are like board members of a corporation. The council members are each recorded in the public registry with their names and identification as council members of the foundation.
A protector is appointed by the foundation council at the time the foundation is created and he has full control over the assets of the foundation. The Panama Foundation does not have owners, it has foundation beneficiaries. The foundations beneficiaries are appointed by the protector through either a simple private written set of instructions which will keep beneficiaries private out of any registry or database.
Thus, if you think that the Panama Foundation is the best option for you to
protect your assets or save your tax, or for any of the reasons discussed above, Many solicitor firms can help you set up the foundation like Panama foundation, Swiss foundation and private foundation and also in
business trust,
Offshore banking accounts,
Inheritance tax & discretionary trust,
property transfer,
conveyancing services,
solicitors wills,
protect assets from creditors,
transfer of equity
...etc.
Author: John Smit
Pindoria Solicitors has not written this article and hence takes no responsibility or liability for it. Please contact the author directly to know more about Swiss foundation and Panama foundation.
