|
|||
PRIVATE INTEREST FOUNDATIONBesides the Panamanian or Offshore Corporation, the Private Interest Foundation is another appropriate legal vehicle for patrimony protection and tax planning. Law No. 25 enacted in 1995 allows the establishment of a Private Interest Foundation in a similar way to the establishment of Foundations in other jurisdictions such as Liechtenstein for example.
ADVANTAGES OF THE PRIVATE INTEREST FOUNDATIONS IN PANAMAAmong the multiple advantages that this legal figure offers, we can mention the following: - They provide a fiduciary structure for the maintenance of assets for the benefit of designated persons. - They may be established to have effects from the date of its constitution or after the death of the Founder. - According to Law No. 25, inheritance laws that apply in the domicile of the Founder or the beneficiaries shall not be effective against assets of a Private Interest Foundation and these laws cannot affect the validity or performance of the objectives of the Private Interest Foundation. - Private Interest Foundations are established to carry out the objectives set out in the Founding Charter and may additionally undertake sporadic commercial activities, exercise rights pertaining to their holdings, own property, contract obligations and take part in administrative or judicial proceedings. - A Private Interest Foundation should be established with a patrimony destined to fulfill its objectives, which shall be no less than US$10,000.00;it may be increased by additional contributions of the Founder or third parties without the need to publish or register any document. - The assets of a Private Interest Foundation become legally independent and different from that of the Founder. Such assets cannot be subject to any precautionary action or measure, unless such action or measure pertains to obligations incurred or damages arising from the fulfillment of the objectives of the Private Interest Foundation. - Private Interest Foundations are exempted of paying any taxes, contributions, duties, liens or assessments of any kind arising from the acts of constitution, amendment or extinction of the same, as well as acts of transfer or encumbrance of assets and the income arising thereof. - Foundations that are organized in accordance with the laws of another jurisdiction may continue their
existence as a Private Interest
Foundation in Panama, and conversely, Private Interest Foundations
organized under the laws of Panama may continue their existence in
accordance with the laws of another country. For more information about the advantages of building up a Private Interest Foundation in Panama and the necessary requirements please go to our section CONTACT US We´ll help you in the decision of patrimony and tax planning through this legal figure |
|||
|
Copyright © 2007. All
the images in this Web Page are property of Gómez Giraldo &
Associates |