Foundation of Private Interest
The Panamanian foundation is an institution that starts out when a person or entity, called “founder” donates some wealth for private interest purposes mentioned on a letter of act. That is how the Private Interest Foundation got approved by the national committee in Panama in the year 1995, and it is inspired in a legal figure really similar to Liechtenstein’s foundation.
The Private Interest Foundation offers clear protection of the beneficiary’s assets, and that brings privacy to the customer.
The Panamanian Private Interest Foundation is an excellent solution for the one searching for shelter, privacy, and patrimonial planning. This tool could be used in order to keep assets such as firms, trust, bank accounts, investment account, real estate (properties) and/or any other kind of assets.
The Private Interest Foundation turns into valid once it is incorporated to the Public Register of Panama.
The Private Interest Foundations are neither societies nor association as they do not require the support from two or more parties; in fact, the only aspect needed is the willingness of one natural person or legal entity. Private Interest Foundations are regulated by two basic icons:
- The Foundational Act: That is the document which keeps them alive.
- Regulations: These ones conduct their internal and private aspects.
The last ones are private and they do not need to be enrolled in the Public Register, however, the acts do need to be sent to the Public Register. Among the participants involved in this foundation, we have:
- The Founder(s)
- The Foundational Counsel
- The Beneficiaries