Panama Private Interest Foundation Formation.
Private foundations can be found in many jurisdictions. The Panama private interest foundation and Liberia private interest foundation take advantage of the benefits of anonymous companies, trusts and testament. It is single legal instrument that brings together the best of each of these legal figures, thus providing our clients an important tool for the protection, administration, and/or disposition of their assets.
Private interest foundations have a key role in asset protection planning and we consider it the best instrument to protect your family assets.
Panama Private Interest Foundation Formation:
Through ISOG lawyers and attorneys at law you can form private interest foundations in Panama with the purpose of protecting your personal assets from being encumbered of any burdens that can affect them; or of distributing your assets to your future heirs without them going through long and tedious testamentary judicial processes.
It is important to remember that Panama private interest foundations and Liberia private interest foundations are non-profit institutions.
For the Panama private interest foundation formation, it is necessary to fulfill the following requirements:
- Name of the Foundation: The name of the Foundation, which can be in any language with characters of the Latin alphabet, must not have been already registered at the Public Registry of Panama, and must be followed by the word “FOUNDATION.”
- The initial capital should be a minimum of USD 10,000.00.
- The appointment of the members of the Council of the Foundation, to which the Founder might belong. The designation should indicate the name and address of the members and should be in a complete a clear form.
- The address of the Foundation.
- The ends of the Foundation.
- The form in which the beneficiaries of the Foundation, which might include the Founder himself, should be designated. The beneficiaries could also be designated in the Incorporation Act of the Foundation.
- The duration of the Foundation.
Modifications to the Foundational Act of a Panama Private Interest Foundation:
The modification of Panama private interest foundations can be done by resolution of an ordinary or extraordinary meeting of the council of the foundation or simply a new fundational act modified by the founder.