Panama Private Interest Foundation II
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Transcript of Panama Private Interest Foundation II
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Panama Private Interest Foundation II
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Panama Private Interest Foundation II
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This is the first of a two part series about Panama Private Interest Foundations.
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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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Such a legal vehicle is an effective means of holding assets for the use of its beneficiaries while
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providing a comfortable degree of privacy and asset protection to beneficiaries and its founder.
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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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Understanding each and every step is important. Know why you are doing so.
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Panama Private Interest Foundation II
Part one: deals with cost and general use of the foundation,.
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Part two: lists the various parts of a Panama Private Interest Foundation and the roles of the various persons involved
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Who’s Who and What is What in a Panama Private Interest Foundation?
A Panama Private Interest Foundation contains the following:
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Founder
Foundation Council
Foundation Protector
Foundation Beneficiary
or Beneficiaries
Foundation Registered
Agent
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Foundation Founder
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The founder is the person who files the papers with the Panama public registry in order to register the existence of the foundation.
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This need not be you if you wish to set up a Panama Private Interest Foundation.
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Most commonly the law firm you deal with will hire a trusted person to carry out this task.
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This person will have no knowledge of the assets or activities of the foundation and will have no control of any aspect of the foundation.
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Foundation Council
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Each member of the council of the foundation is recorded in the Panama public registry when the foundation is formed.
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There is no need for council members to know either the person who sets up the foundation or the beneficiaries of the foundation.
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Typically each person provides the lawyer or you with an updated letter of resignation.
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Foundations are set up so that council members have no banking privileges or other control over assets.
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Their primary reason is to appoint a protector for the foundation using a Private Protectorate Document. This document is not registered.
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Foundation Protector
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If a person setting up a Panama Private Interest Foundation so chooses the council can be replaced immediately after appointing the protector.
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It is the protector who exercises control of the foundation.
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The protector will create a private written set of instructions.
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These instructions are not placed in any public record.
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These instructions describe what the foundation will do and how it will do it.
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Panama Foundation Beneficiary
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A Panama Private Interest Foundation does not have an owner. It has beneficiaries.
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Its legal being is to act for the benefit of those named as directed by the foundation protector.
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The beneficiaries can be anyone including the protector.
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A common arrangement is for one to have himself or herself as beneficiary and upon death have ones children become protector and beneficiaries
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Foundation Registered Agent
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The registered agent, as required by law, is a Panama law firm or single attorney.
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Summary
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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 I for information about the cost, uses and purposes of such a foundation.
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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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