The Panama foundation was introduced by Panama in 1995 and a number of jurisdictions followed this action later on. At the present time, Panama foundation offers a great measure of confidentiality and flexibility and is used for a range of purposes including asset protection, inheritance planning, etc.
The Panama foundation offers some of the best asset protection and estate planning available today, throughout the world. It is a foundation that is completely separate from its creator and is a global solution for an affordable and flexible estate planning instrument which can be used to hold various assets such as companies, bank accounts, real estate, etc.
Now, some of the uses of Panama foundations are
- Panama foundations are mainly used to hold shares, patents, collect royalties, and manage other passive activities
- These are used as offshore asset protection for those who want to diversify out of the US
- Panama foundations are also used in moving assets out of the US estate
- These are also used as investment management and private asset management by firms
- Panama foundations are one of the preferred choices for inheritance planning
There are various advantages of offshore Panama foundations which are as follows
- Guaranteed 100 % confidentiality and complete privacy
- Panama foundations are not subject to or accountable to any foreign laws and judgments
- Panama is a strong and stable democratic country
- The Panama foundation endowment does not have to be paid up at time of registration
- One can easily domicile a Panama foundation into or out of Panama
Now, a Panama foundation can be simple as well as complex as per your requirements and this flexibility is possible because of the Foundation Council of Panama, which is very unique. It is the Foundation Council that allows you to maximize asset protection or separate yourself from structure and assets. Your Panama Foundation Council may consist of three or more persons or one legal entity i.e. a corporation or LLC. One can manage the Panama foundation directly until and unless there is an issue.
Some guidelines related to Panama foundations
- A Panama foundation can be formed using any name. One needs to include “Foundation” in the name.
- A Panama foundation requires a local address and a local agent for service of your process
- Any person or entity can be the founder the of Panama foundation
Lastly, if you wish to form a Panama foundation, search for a trustworthy and competent service provider who can structure and assist you in your affairs and foundation formation. There are also some service providers who can look after your entire Panama foundation formation and can act as a founder on your behalf and will function with your instructions.
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