Make yourself and your family the best Christmas present with a Panama foundation
Are you wondering how to treat yourself this Christmas? The answer is simple: if you're looking for a safe way to protect your assets, get a foundation. For these structures, Panama has excellent low-cost options that provide a high level of protection. Mundo is here to help those wondering how to get a foundation in Panama and who want to find the best asset protection option right in Latin America.
What to do with a foundation and why is this the perfect Christmas present
Building a secure financial structure and achieving your financial goals is no easy task. Buying a house, acquiring investment property, allocating assets in different vehicles, opening a bank account abroad, and putting together an operative company requires time, effort, and money. Hence, at some point, it becomes vital to get a foundation. If you're wondering what to do with your foundation you can think about it as the sister of the trust.
Both structures are based on separating property from the original owner in legal terms thus making the assets available for beneficiaries under certain conditions. Although based on the same principles, trusts and foundations entail some key differences, but this is not the topic of the current article.
On this occasion, we focus on how to get a foundation in Panama and most importantly how can it benefit you. For Christmas what better gift can there be than providing your family with the safety that they need and deserve?
What businesses can I protect under a foundation:
- Bank accounts
- Real estate
- Gold and other assets like works of art
What is a Panama foundation
A Panama Foundation is an entity that's based on the Liechtenstein Foundation. However, the country of the canal presents much lower costs than its European counterpart. Thus, all the assets that you can think of (check out the list above) are 100% safe under the structure. Also, you can appoint a protector who will be in charge of looking after the beneficiaries' interests.
What to do with a foundation
In simple terms, your foundation will protect you from false claims, creditors, or ex-spouses. In the same way, it protects the assets against possible conflicts between the heirs, thus being an excellent estate planning tool.
The Panama foundation is also famous for its outstanding confidentiality. Under the structure, information from protectors and beneficiaries is 100% safe under civil law penalties.
Another major concern of wealthy people is tax erosion. In Panama, if a foundation owns assets abroad these are tax exempt in Panama because the country boasts a territorial tax system. For this, however, one must establish Panama as the tax residency country and it's worth noting that this doesn't exempt you from paying taxes in other countries, especially if you want to invest or buy properties there.
When it comes to requirements, they are quite flexible as there are no nationality restrictions for any of the foundation members.
Regarding prices, get a foundation in Panama and you'll see the advantages. Here you'll find one of the lowest costs when it comes to asset-protective foundations. Check out our comparison between Panama and Liechtenstein foundation costs.
Disclaimer: This article is informative and does not replace legal advice on asset protection, tax, or finances.
Contact Mundo and find out how to get a foundation in Panama 100% safely
Mundo experts boast a deep knowledge when it comes to Panama and all the available services here. We choose Panama for many reasons, especially because it has everything that a business person or nomad capitalist needs.
In Panama, get a residency through any of the available programs which encompass a wide variety of requirements to fit practically each case. Then establish a company under friendly conditions and then open a bank account in a dollarized economy and within a banking system under the highest international standards.
What to do with a foundation in Panama? The answer lies in the previous paragraph. The Panama foundation can be the perfect structure to protect all those cherished possessions and everything that you have achieved through effort and hard work.
Get in touch with your Mundo expert and ask for any of our Panama services, especially how to get a foundation in Panama.
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