Characteristics
- It is constituted through a Founder.
- It has its own legal representatives, permitting them to acquire and possess assets of whatever type and to contract obligations, which are administered by the Foundation Council.
- It cannot pursue profitable ends, however they can undertake mercantile activities on a temporary basis.
- Its initial worth can in no case be inferior to a sum of US$10,000.00.
Advantages
- Private Interest Foundations operate free of tax, when their income is generated outside Panama (Article 70, Law 6 of 2005).
- Complete confidentiality in accordance with that established by Article 35 of Law 25 of 2005. Members of the Foundation Council, fiscal organs, as well as public officials should maintain reserve and confidentiality concerning information related with a Foundation.
- Previous formalities are not required for the execution of a Will.
- Beneficiaries of the Foundation can be transferred after the death of the Founder or a beneficiary.
For the type of figure which it is, and for the multiple benefits that Private Interest Foundations offer, it is convenient to indicate that it is a reliable, secure, private and useful instrument allowing the protection of inheritance from third parties.
Roxana Rangel Villarreal can be contact at
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
|
