Create Private Interest Foundations With the Help of ISOG Lawyer.
Private interest foundations 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.
Creation of Private Interest Foundations:
Through ISOG lawyers you can create private interest foundations 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 private interest foundations are non-profit institutions.
In order to create a private interest foundation, 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 Private Interest Foundations:
The modification of a private interest foundation 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.