Panama Private Interest Foundation with a bank account starting from 3800 USD
A Foundation is a self-owning legal entity: it has managers but no owners. Therefore, a Foundation is a mean of giving separate legal personality to certain defined assets (as opposed to a company, which gives legal personality to a group of people).
It is managed by a Council of Members, appointed by the original Founder. Its object must be to achieve certain specific purposes, for example to manage wealth for certain named beneficiaries. A Foundation should not normally engage in commercial transactions (it should not issue invoices). It is ideal for holding long term assets such as real estate or shares in other companies, both private closed companies and publicly listed companies. It can hold bank and brokerage accounts and all kinds of assets in its own name.
Panama Private Interest Foundations are formed under Panama’s Foundation law, number 25 of 12th June 1995. They can be created by one or more persons or legal entities, which are called the Founder, and who must donate at least USD 10,000 or the equivalent in other assets to the Foundation as its original patrimony.
The Panama foundation is based on the Liechtenstein foundation, having the same advantages but at a lower cost.
Advantages of Panama Private Interest Foundation
- Panama has no exchange controls, since the currency in circulation locally is the US Dollar. Given the country’s strategic location with respect to shipping and trade, Panamanian banks generally accept wire transfers in any currency, although it is not possible to have accounts in all currencies. Major currencies are generally accepted in Panamanian banks.
- Any person (natural or legal, minor or of legal age) may be a beneficiary of the Foundation. It is possible to establish a corporation or legal entity as the beneficiary of the Foundation, or a group of persons, should the Foundation be used for management of a Pension Plan or other type of Employee Benefits.
- A Foundation may be established as a perpetual legal entity. Beneficiaries may be appointed, who are yet unborn. Unlike a common law trust, it is not necessary to establish a time limit or establish a date according to “lives in being” or an event which will terminate the existence of the Foundation.
- Any donations which are made to the Foundation are not taxable in Panama, nor are any benefits aid out by the Foundation to a beneficiary. However, if the beneficiary is in Panama and is considered to be “working” for the Foundation and earning a salary or other regular monthly income, this income will be subject to the usual Panamanian income taxes.
- Foundations are registered at the Public Registry as legal entities.
- All information contained in the Foundation Charter, which is presented to the Public Registry (as well as any amendments thereto) are available to the Public.
It is necessary to register the Foundation with the Tax Department in Panama after incorporation, in order to ensure that in the following years the Annual Renewal Fees (Tasa Única) are correctly applied to the Foundation, so that it is kept in Good Standing.
- It is not necessary to travel to Panama in order to establish a Private Interest Foundation.
The name must include the word “Foundation” or “Fundación”. It may be in any language but must be in the Latin alphabet.
A Foundation should have a minimum authorized capital of $10,000.00. It is not necessary to establish an authorized capital in accordance with the assets which are later donated to the Foundation, so most of the Foundations are left with the original authorized capital of $10,000.00. It is necessary to capitalize the Foundation with the minimum of $10,000.00, but the law does not establish a time limit for how quickly this capitalization must be completed. The law does not establish any “maximum” for the authorized capital. Fees for incorporation are established according to the amount of the authorized capital.
Our experts offer a unique package with discount:
- A full registered Panama Private Interest Foundation with authorized capital of USD 10,000 and 3 nominee Foundation Councilmembers
- Bank account
- A crypto wallet
Total: 4700USD 3800USD
You will receive the following documents:
- Notarized statutes (articles) in Spanish.
- Registration in public registry, with registration certified by stamps.
- Registration tax (tasa unica).
- Appointment of Protector and Standard Internal Regulations.
- Certified English translation.
- Analog of Certificate of Good Standing from the Registry.
After the registration is completed, we will work with several banks in order to get pre-approval. The choice of the bank depends on the needs of your future Foundation, so we will get a professional consultation from a banking specialist of our company in order to choose the most suitable option.
The final decision is up to the bank.
Documents required to register a Foundation:
- Proof of ID (international passport) - certified copy
- Proof of residential address (UB not older than 3month) - certified copy
- Bank reference letter /bank statement
- Professional reference
- Completed and signed KYC1 form and order form (drafts will be provided in due course).
- Documents must be translated into English.
- Documents must be provided in good quality scans for review.
- In case any of the abovementioned documents cannot be provided, we are always open to alternative documents.
A foundation takes approximately 7 days to be established in the Public Registry. However, given that the Foundation is an estate planning and asset protection vehicle, the drafting of the Foundation Bylaws (Regulations) and Private Document (Letter of Wishes), may take longer.
Contact our experts and establish a Panama Foundation, which is the ideal vehicle for asset protection and estate planning.
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