Panama Foundation
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15+ Years Of Experience
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10+ Dedicated Team
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1000+ Happy Customer
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1000+ Companies Formed (in UAE and worldwide)
General Benefits of a PANAMA FOUNDATION
- Confidentiality.
- Removal of assets from the ownership of the founder in connection with potential liability in the future.
- Anonymity and complete discretion.
- Avoids the legal testamentary regulation that implies bureaucratic time and money.
- Centralization and administration of the assets and patrimony
- Tax exemption and a recommended vehicle for international tax planning.
- Avoid problem of international succession related to the domicile of the Founder since Panamanian law is applied.
- Low costs in inheritance planning.
- Convenient control of the assets and maintaining indirect influence of the total administration
- Forced heirship rules of other countries are not applicable to Panamanian Private Interest Foundations.
Characteristics of a PANAMA FOUNDATION
- Panama makes no differences between Family Foundations and the so called Mixed Foundations; any kind of beneficiaries can be appointed;
- The registration of the Panama Foundation Charter is mandatory but not the Regulations (By- Laws) which is optional, therefore a Certificate evidencing its existence may be requested.
- The Foundation Committee may be formed by persons or corporate bodies, Panamanian or foreign with residence in any part of the World.
- Panama Foundation has no minimum endowment needs to be contributed in advance.
- Panama Foundations are subject to only one Annual Franchise Tax of US$150.00 regardless of its total assets.
- Three-(3) years prescription for creditor claims against the Panama Foundation and its transfers.
Renewal of a Panama Foundation
Renewal of Panama Foundation, to be paid in December every year. Failure to do so results in penalties and could result in the striking-off of the company from the Foundation Registry.
Latest valid passport copy and recent utility for address proof of Protector, Foundation Council Members and Beneficiaries are required to be submitted every renewal of the Foundation as a part of enhanced due diligence.
Requirements in Setting Up a Panama Foundation
- Duly filled application form
- Notarized Passport copy with photo & signature
- Two (2) letters of bank reference which state a minimum relationship of 3 years.
- Professional Reference
- Second Identification Card with photo
- Details of beneficiaries, their share & passport copies
- Names of Foundation Council Members, their powers, passport copies & address proof.
- Name of Protector, Auditor etc and their proof of existence / address
- Duly filled Fatca Form
- Notarized US Declaration (if US Person)
FAQ’s on PANAMA FOUNDATION
Yes, the “real Founder” (ie. the Beneficial Owner) can be the sole Beneficiary of the Panama Foundation. We indicate “real Founder” as the name of the Founder is matter of public record, generally our clients request the services of “nominee Founder”. In this regards, the “real Founder” can be the sole Beneficiary, nonetheless the “nominee Founder” will never be a Beneficiary as agent is the “nominee Founder”.
Another matter to take into consideration is the fact that we recommend to clients to always name additional Beneficiaries to the Foundation. They can be named as Secondary Beneficiaries and only have access to the Foundation’s patrimony after the death of the first Beneficiary (the BO).
Yes, the Protector of a Panama Foundation can be a Beneficiary. This is one of the most common ways to structure a Foundation.
Yes, a Beneficiary of a Panama Foundation can be a member of the Foundation Council. Nonetheless this is not recommended as the name of the Foundation Council is of public record. Thus, the name of the Beneficiary will be publicly linked to the Foundation.
(can it be one corporate nominee from agent side and one individual being beneficiary or Protector as also Foundation council member):
The law requires that the Panama Foundation Council be conformed of at least 1 juridical person or 3 natural persons. Can be one nominee from our agent & other from real founder. Nonetheless, please note that this is not very common as the names and details of the Foundation Council are registered in the Public Registry, thus of public record. For confidentiality reasons, clients normally wish to avoid that the names of the Beneficiaries or Protectors be registered in the Public Registry.
Yes.
Yes, the Protector can include or exclude Beneficiaries. It can also indicate conditions for the Beneficiaries to enjoy the Foundation’s patrimony. We can also limit that only the First Protector of the Foundation has the before-mentioned faculties, and that Alternate or Secondary Protectors cannot include or exclude Beneficiaries.
Yes, this can be restricted.
Yes, a Panama Foundation can issue a General Power of Attorney in favor of the Protector.
Incorporation of a Panama Foundation begins from USD 3,675/-
Global Business Services FZCO has helped many individuals and corporate entities to set up a Panama Foundation. Our Company acts as a one stop solution for Panama Foundation incorporation services.
If you are looking for Panama Foundation set up, please get in touch with us for professional assistance.
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1000+
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I had a fantastic experience with the Global Business Services FZCO. their team was knowledgeable, professional, and efficient. they guided me through the entire process of establishing my business. I highly recommend their services to anyone looking to set up a business in Dubai.
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