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Panama Foundations

Generally, a Panama company owned by a Panama foundation, which owns a bank account is considered the ultimate asset protection strategy. It is stronger than the old swiss numbered bank accounts.

Many people ask why they need a corporation and not just a foundation. It is true that a foundation can own a bank account BUT a foundation cannot enter into business activities. For this reason it is quite limited.

Having the foundation own a corporation gives you the best of both worlds. It also adds layers to make piercing the corporate veil much more difficult, if not impossible.

This gives you more time if something were to happen to move your assets. In Panama, only criminal activity, according to Panama law, will give a court reason to lift your bank secrecy protection.

What is a Panama Foundation?

The Panama Private Interest Foundation is an asset protection tool par excellence. A foundation is a hybrid asset protection vehicle that encompasses some of the elements of a trust, a corporation and a will all wrapped up into one that is better than any one of them.

What Can a Foundation Do?

It can own bank accounts, stock brokerage accounts, real estate anywhere in the world, art, gold, boats, airplanes, automobiles and it can own corporations. It is similar to a holding company but much more dynamic.

What Can a Foundation Not Do?

A Panama Foundation may not directly engage in commercial activities. However the foundation can own a corporation from Panama or anywhere else and this corporation that it owns can operate commercially.

Does a Panama Foundation Have a Tax Obligation in Panama?

If all the Panama Foundation income is derived outside of Panama there is no income tax due and no need to file a tax return in Panama. Panama has no capital gains tax on bank interest or stock market gains and no inheritance tax.

Who owns a Panama Foundation?

Under Panama law a foundation cannot have an owner, thus ownership is impossible. This enables one to arrange for the Panama Foundation to own the shares of a Panama Bearer Share Corporation.

What our competition is not telling you is that many countries consider the beneficiary to be the owner. These same countries also have foreign ownership reporting laws if you own 10% or more of a foreign entity. Thus many people are breaking the law and they don't realize it, because the law firm they hired didn't bother to tell them what they were doing was illegal in their home country. Fortunately, there is a legal way to setup truly self owned structure. Please call for details.

A Panama Private Interest Foundation is a judicial or unnatural person like a corporation. A offshore trust is not a judicial person; it is merely a written agreement as to how assets are managed.

It has its own assets and liabilities separate from those of the founder, protector or beneficiaries.

Foundation Beneficiaries

The foundation can have a secret letter of wishes that is basically beneficiary instructions. These instructions are not in any public registry and are not filed with the government, thus they are private or secret.

Beneficiaries can be changed at anytime. The beneficiary is not an owner and their debts are not debts of the foundation.

Foundation Founder

Our law firm normally provides a founder for the foundation so you need not be the founder. The foundation founder is not an owner or controller of the foundation.

Foundation Nominee Council Members

These are nominee employees that are very similar to the nominee board of directors of a Panama Corporation. There is very little they can do. They will execute signed but undated resignation letters. They will also generate to you a general power of attorney so you can act carte blanche on behalf of the foundation.

Foundation Protector

This is an office generally held by the one requesting the foundation be formed. It is a position of control but not ownership.

It can be documented with a written employment contract stating duties including signing on the bank account, keeping the books and records and seeing that the overall foundation goals are being met.

We generally have these agreements customer created to suit and they are signed by the nominee foundation council members, then notarized and apostilled.

Foundation Asset Protection

Panama has special laws to protect foundation assets from pre-trial freezes except if the foundation does something directly incorrect like it breaks a written contract for no good cause. We prefer the foundation to just act as a holding entity to avoid this.

Foundation Beneficiaries Fighting

The beneficiary instructions set forth in a foundation will be enforced by the Panama court exactly. You will not hear of the children suing each other and fighting over the estate of the parents. There is no inheritance tax in Panama. The Panama Foundation is the best possible asset protection vehicle.


Created On  1 Aug 2011 9:41  -  Permalink

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Great Britain:

The UK is currently the # 1 choice for foreign investors wishing to settle in Europe. At this there was very many reasons:


Tax:

The corporate tax among the lowest in Europe with 21% tax on corporate profits. But that's not all tax provisions allow companies whose business is located outside British territory to maximize the tax rate as low as 7% or 5% in some cases. It should be noted that there are no other taxes other than corporation tax.

On the other hand, holding companies and holding companies will enjoy significant benefits: Under the European directive on the taxation of companies 'Mothers / daughters' dividends by the subsidiaries are fully exempted European taxation it goes on even capital gains. On the other hand, there is no tax or withholding tax on dividends distributed to non-residents, whether natural or legal persons. Finally, Britain is the country in the world that has the largest number of international tax treaties. For all these reasons the UK is the number 1 choice location for holding companies.


Social:

Payroll taxes are among the lowest in Europe, with approximately 20% of payroll and employer. On the other hand, labor law greatly favors the mobility to achieve full employment by making rules simple and flexible hiring and firing. On the other hand, for non-resident employees Brits not working in Britain, it is noted that payroll taxes are not applicable. Finally, for the Directors and officers nonresidents, payroll taxes are not applicable, the salary is paid in this case "net" of all charges and taxation in Britain.


Legal:

Liability: The liability of a Limited or LLP is actually limited to capital

Capital: Capital Limited is a £ 1,000 minimum, with the obligation to release at least 2 Books (3 euros), which is used to declare an important asset without having to fully pay.

Shareholding: For a Limited one shareholder is sufficient.

The object: All non-regulated or prohibited may be freely exercised without having to amend the articles or perform administrative declarations.

Rapidity of establishment: Build a simple and rapid Limited is without having to move, without advertising. In urgent cases a company may be registered in the same day, without requiring the presence of people.

Privacy: Britain recognizes the legal concept of nominee or nominee, which means that a company can be owned and directed either through a director nominee or through another corporation. These devices ensure the anonymity of the beneficiaries and leaders