Abel Gomez, Attorney at Law December 18th, 2017
Private Interest Foundations in Panama constitute an alternative to Offshore Corporations or Companies and to Limited Liability Companies, because they are meant to provide asset protection, playing an important role, similar to that of a Trust. For this reason Foundations directly compete with Trusts as a vehicle for wealth and estate management, permitting separation of assets between the founder and the beneficiaries, but without necessarily losing control of such assets, as it happens in Trusts.
A Private Interest Foundation is the combination between a corporation and a will. In general, a foundation has some similarities with companies; once registered in the Public Registry of Panama, the assets of this legal entity are maintained separated from the incorporators, considering that they are created to maintain the confidentiality of the owners of the mentioned assets.
Foundations differ from corporations in relation to the presence of an owner or the need to issue share certificates (corporations). Unlike a Corporation, a Private Interest Foundation can be created as a living will tool.
A big advantage of Foundations is their irrevocable nature, which allows them to continue operating for many generations, establishing certain provisions for their operation in the by-laws. In case the intervenients no longer wish to continue the Foundation, they can provide for its dissolution. In contrast, testaments are only intended for a single and particular event.
Feel free to email us if you have any further questions. We will be pleased to assist you and guide you through the process of incorporation of your Private Interest Foundation in Panama and any related services.
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Gomez Tomiczek International Group
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