Panama Private Interest Foundation I
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Transcript of Panama Private Interest Foundation I
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PANAMA PRIVATE INTEREST IFOUNDATION
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PANAMA PRIVATE INTEREST FOUNDATION I
This is the first of a two part series about Panama Private Interest Foundations.
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Understanding each and every step is important. Know why you are doing so.
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A Private Interest Foundation created in the country of Panama is one of the world's best means of asset protection
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Parts one and two of this series contain and overview of how such an entity works and how to one is set up.
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Readers should consult with competent authority to set up and maintain a Panama Foundation.
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It doing so it is paramount to deal with or through someone who speaks your language.
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PANAMA PRIVATE INTEREST FOUNDATION I
Part one deals with cost and general use of the foundation,.
Part two lists the various parts of a Panama Private Interest Foundation and the roles of the
various persons involved.
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WHAT DOES A PANAMA PRIVATE INTEREST FOUNDATION COST?
*Minimal investment of capital = $10,000
*Cost of an attorney to set up = up to $2,000
*Yearly cost of attorney = up to 400
*Fees to government = $400 a year
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These are typical costs as of this writing Be sure to consult competent authority for current facts and figures
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Also do not be afraid to shop around. If you are dealing with a native speaker of your language it will make things easier.
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Plan upon doing this right as a properly set up Panama Private Interest Foundation
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is a very useful vehicle that will outlast your lifetime, that of your children, and perhaps of your grandchildren.
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THE VARIOUS USES AND PURPOSES OF A PANAMA PRIVATE INTEREST
FOUNDATION
Think of a Panama foundation as a holding entity for privacy and protection of assets.
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Assets offshore to Panama can be included in a Panama foundation but are not taxed in Panama.
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Foundation assets are only taxed in Panama if they generate income in Panama such as with a company selling goods or services in the country.
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But in such a case the business owned by the foundation is taxed and not the foundation itself.
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The foundation could receive income after taxation from such a business.
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Many use an offshore corporation formed and headquartered outside of Panama
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as an asset of a Panama Private Interest Foundation with increased asset protection as the primary purpose.
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A PANAMA PRIVATE INTEREST FOUNDATION CAN OWN
ASSETS ANYWHERE IN THE WORLD. SUCH ASSETS COULD INCLUDE BUT NOT BE LIMITED
TO:
Bank accounts
Property
Businesses
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Patents
Airplanes
Boats
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Cars
Royalty rights
Stocks
Bonds
Collectables
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ASSET PROTECTION FEATURES OF A PANAMA PRIVATE INTEREST FOUNDATION
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STATUTE LIMITING PROSECUTION FOR FRAUDULENT CONVEYANCE
Individuals and companies may move assets into a Panama Private Interest Foundation for any and all personal and business purposes
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However, it does happen that interests outside of Panama may dispute such transfers after the fact.
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Panama law currently protects the founder and beneficiaries of a foundation in that there is
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a three year statute of limitation on charges of fraudulently conveying assets into such a legal vehicle.
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SEPARATE LEGAL ENTITIES
It is always possible that a business operating in Panama or elsewhere can get into legal trouble, criminal or civil
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Standard advice when including a business in a Panama Foundation is to use the foundation as a holding company.
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If legal issues arise they are dealt with by the company without affecting other aspects and assets of the foundation.
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Here again it is wise to deal with someone fluent in your native tongue and with competent Panamanian legal authority.
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PANAMA PRIVATE INTEREST FOUNDATIONS LAST A LONG TIME
A Panama private interest foundation can continue in existence to provide asset protection in Panama for 120 years.
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SUMMARY
Individuals and companies looking for privacy and asset protection commonly use a Panama Private Interest Foundation.
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One can use a foundation in Panama plus an offshore corporation instead of a trust or a will.
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When considering how to protect your hard earned wealth consider a Panama Private Interest Foundation.
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Read Panama Private Interest Foundation II for more about the various parts and persons involved.
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For more insights and useful information about Panama Foundations and other aspects
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of living offshore, making money offshore, preserving assets offshore, and more visit www.RobertGirga.com.
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