PANAMA PRIVATE INTEREST FOUNDATION

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PRIVATE INTEREST FOUNDATION.

A Foundation is an independant legal entity to which all kind of assets may be irrevocably vested.  Those assets then belong to the Foundation which may do with them what it pleases, provided that the guidelines of the Foundation charter are complied with.  Foundations may carry out commercial activities in its own right, as long as the profits there from are for the Foundations stated purpose, which can be a very wide ranging.  Alternatively, a Foundation may act as a holding company and own shares in either a Panamanian or other non national company, which can in turn carry out trading activities.  
 
A Foundation is a Trust and a Will at the same time, you only have to know how to use it.  However, a will must be probated in a Court of Law with the consequent erosion caused by legal costs, expenses, lawyers fees and taxes.  Not so an endowment done through a Foundation.  After the Founders death, the Foundation continues its ownership and the administration of the assets without any legal proceedings.
 
A Panamanian Foundation is, in essence, very similar to a trust in its structure.  There is a main difference.  A trust requires a licensed  trustee something that can be expensive.  The Foundations activities are administered by the Council of the Foundation where the grantor and the beneficiaries can be members.
 
The Foundation is operated through private regulations similar to a trust letter of wishes.  It is through the regulations that the Foundation executes the Founders wishes concerning the Beneficiaries and the administration of the Foundations assets.
 
There are many advantages.  First, the assets given under the foundation structure cannot be attached or seized because of their specific protected nature.  Second,  the Founders personal by laws, a private document (letter of wishes)  designating the Beneficiaries cannot be attacked or opposed by the Foundation or others in inheritance matters. Family law may not be applicable to oppose the existence of the Foundation as follows from Article *4 of the Law of  Foundations.  

Third,  a Foundation can be irrevocable or revocable according to the planning of the Founder.  Fourth,  the Foundation can only be attacked by creditors in cases of fraud against the subject creditors.  There is a three year term regarding fraudulent transfer of assets to the Foundation.  The assets given to a Foundation are exempt from any tax.   The income deriving from the activities of the Foundation are also completely tax exempt. 

The assets of a Foundation can be kept in any country in the world.  The Foundations domicile, that is, legal jurisdiction can be changed as required.