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Bancoii Foundation Services
Uses
Panama Private Foundation has its origins in the Law 25 of 1995, which in turn
was inspired in the “Liechtenstein Persons and Company Act”,which
contains one of the first references to the private non profit foundations.
In Panama, this and the most recent innovations in the Anglo-Saxon Trust
enabled the creation of the Private Foundation utilizing the best features
and characteristics
of both worlds.
A Panama private foundation is a legal entity that can be created by either
a natural person or a corporation that later transfers part or all of his/her
assets to the Private Foundation so they can be managed and protected in favour
of the Beneficiaries.
Some of the uses of the foundation are the following:
Family support
To receive and manage capital and titles
For the purpose of serving as guarantee or collateral The foundation cannot engage in commercial or for profit activities as a day-to-day activity.
Advantages
They provide a fiduciary structure for the orderly transfer and disposition of assets to beneficiaries upon the death of the Founder, keeping control of the assets during lifetime
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They may be established to have effects from the date of their constitution or after the death of the Founder
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The assets of the Foundation become legally independent and do not form a part of the private estate of the Founder. Such assets are not sizeable and may not be subject to any precautory action or measure, unless such action or measure pertains to obligations incurred or damages arising from the fulfillment of the Foundations objectives.
Not with standing this, the creditors of the Founder or of a third party shall have the right to contest the contribution or transfer of assets to a foundation when such transfer constitutes an act in fraud of the creditors. The rights and actions of such creditors shall lapse at the expiration of 3 years, counted from the date of the contribution or transfer of the assets to the foundation was done -
According to article 27 of Law 25 of 1995, Private Interest Foundations are exempt from payment of any taxes, contributions, duties, liens or assessments of any kind arising from the acts of constitution, amendment or extinction of the same, as well as acts of transfer or encumbrance of the Foundations assets and the income arising there of, when related to assets localized abroad; Money deposited by natural or juridical persons whose income does not derive from a Panamanian source is not taxable in Panama for any reason; Shares or securities of any kind issued by corporations which income is not derived from a Panama source, or which are not taxable for any reason, even when such shares or securities are deposited in the Republic of Panama.
The transfer of unmovable property, titles, certificates of deposits, assets, funds, securities or shares carried out by reason of the fulfillment of the objectives of the foundation or the termination of the same, in favour of relatives within the first degree of consanguinity or the spouse of the Founders hall also be exempted from all taxes.
Confidentiality
The Law 25 of 1995 innovates in this field when it stipulates on Article 35
that all the members of the Foundation Council, Protector, public or private
servants that have knowledge of the activities, affairs, transactions and operations
of the foundation must maintain reserve and confidentiality at all moments.
The only information made public are the names of the Founder, the member (s)
of the Foundation Council and the name of the Protector, this last if it is
so established on the Foundation Charter, as the Protector can be appointed
by
means of a private and confidential document.
The Foundation Regulations are for internal purposes of the Foundation and are not a matter of public records. Information regarding names of beneficiaries and of the protector and method for distribution of assets can be contained within the Regulations, and thus will not be publicly disclosed.
