generate instructions based on certain events spelled out in the Foundation secret instructionspertaining to any asset the foundation has.
One who receives property from a deceased individual. The term is used commonly whendiscussing Panama foundations and trusts.
Internet Banking Offshore –
This term references a bank that allows clients to access theirbank account using the internet from anyplace in the world.
This is a term to reference a decision rendered by a court after it has heard a case.It may say so and so has to pay the other entity so much money. In the world of offshore assetprotection judgments from other countries are generally not enforceable in the offshore jurisdiction as is the case with Panama.
The authority of a court to hear and decide a case. Generally in offshore jurisdictions the courts will not hear a case when the events occurred outside of say Panama andthe only reason the case is being brought to Panama is because the entity was a PanamanianCorporation and or there was a Panama bank account involved.
MLAT or Mutual Legal Assistance Treaty –
This is a treaty where certain countries agree tohelp certain other countries obtain evidence in criminal cases. These treaties are full of exceptions, special clauses so there is no universal formula for these, they vary from treaty totreaty.
Natural Person -
This is a common offshore legal term meaning a living breathing person asopposed to an unnatural person such as a corporation.
Nominee Directors –
In an anonymous bearer share corporation or a Sociedad Anonyma,directors of the corporation are recorded in the public registry, owners are not recorded. So whatis done is nominee directors are used who are paid employees and do not know you at all. Thesepeople are generally professional directors sitting on the boards of hundreds of corporationsseriously confusing anyone trying to track down information from the public registry about anycorporation filed in Panama. The nominee directors in Panama are a dead end as far as this isconcerned. We normally supply resignation letters from each nominee director giving you controlover them. If you are the signatory on a bank account in Panama the banks will not addsignatories or remove signatories without the written permission of the existing signatory.
Nominee Panama Foundation Council Members –
These are professional council memberswho sit on hundreds of foundations and do not know you. We normally supply a resignation letterfor each of them allowing you to replace them at will. One can use a Sociedad Anonyma Panamacorporation instead of nominee Panama foundation council members.
This is a term that means outside of your own jurisdiction, water is not a necessaryingredient.
Offshore ATM Card -
This is a card that must be preloaded with funds before the funds areavailable for withdrawing from an ATM machine or used at a POS (point of sale) location for apurchase. These cards do not have a MasterCard or Visa logo and are not credit cards and thuscan not be used online.
Offshore Bank -
The term refers to a licensed bank that is located in a jurisdiction different fromyour own country.