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Panama Private Interest Foundations

Panama Private Interest Foundations

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Published by Panama Expertos
Panama Private Interest Foundations are not charitable organizations and do not solicit funds from the public. Instead, they are virtually bulletproof entites used by the world's rich and famous to protect their own assets.

http://www.panamaexpertos.com
Panama Private Interest Foundations are not charitable organizations and do not solicit funds from the public. Instead, they are virtually bulletproof entites used by the world's rich and famous to protect their own assets.

http://www.panamaexpertos.com

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Categories:Business/Law, Finance
Published by: Panama Expertos on Dec 15, 2009
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Panama Private Interest Foundations
Panama Private Interest Foundations are not charitable organizations and do not solicit funds fromthe public. Instead, they are virtually bulletproof entites used by the world's rich and famous toprotect their own assets.Reasons for their popularity - The PIF (Private Internet Foundations) take the best aspects of atrust, a company, and a will and merge them into a kind of triune shield for your financialpleasure. At once more flexible and effective than trusts, the true owners are also kept secret.From start to finish, the Panama Foundations can be fully completed in two to three days. This isthe same time frame for Panama Corporations, and both can be formed at the same time withinto give you the whole set-up of a Corporation owned by a Foundation.If this is the case, then it cannot be traced back to you because Panama Private InterestFoundations do not have any owners recorded in the government records. It is a dead end for anyfinancial enemies. It gets better. Panama Foundations can be the legal owner of a PanamaAnonymous Bearer Share Corporation. This cuts your legal ties to both entities, something thatmany would find a quite favorable situation.The only natural person that must be linked to this Foundation is a founder, which we provide.You do not need to be a beneficiary of the foundation, though this is an option. You can remain asa protector of the entity, which is not a public position and will not be in any kind of registry. Thisis not seen in the same light as a beneficiary, but rather as a person who protects the interests of a foundation. They aren't performing any financial actions, only overseeing them.A highly detailed explanation follows. Many creative minds went into the legislation behind thePanama Private Interest Foundation and it is not something that can be absorbed or appreciatedwithout study. But it is of interest to all interested in the leading tools of asset protection thatexist today.
The Condensed Version of Panama Foundation Benefits:
 
Using a Panama Private Interest Foundation is a tried and true way to shelteryour assets including real estate, bank accounts, financial instruments,securities, art, family heirlooms, corporations, cars, planes, boats, etc., fromexisting or potential financial enemies. There is no limit to what a PanamaFoundation can own, and, to reiterate, the Foundations are anonymous. Thus, anypersonal debt of the true owner (you) cannot affect the Foundation's assets.There are no legal ties. This is an idea called "Stiftung," derived from theLichtenstein Foundation model
 
The possessions of a Panama Private Interest Foundation cannot be sequestered oraffected by an embargo. What this means to you is that your assets cannot be frozen as apreventive action before the end of a trial. According to our legal dictionary, the definitionof 'sequester' is: a legal writ authorizing a sheriff or commissioner to take into custody theproperty of a defendant who is in contempt until the orders of a court are complied with, ora deposit whereby a neutral depositary agrees to hold property in litigation and to restoreit to the party to whom it is adjudicated to belong to.However, a Foundation entity would be exempt if it, and not any of its beneficiaries orprotectors or council members or even founder, broke the law. For example, if it violated areal estate contract. Only then could an amount equal to the amount due by contract befrozen if a judge were to order this and post a bond. If the actual Foundation did notcommit the offense, it follows that its assets are not at risk. So keep this in mind when
 
performing actions in the name of the Foundation. You will sleep better at night.Bienvenidos a Panama.
There are ways that a Foundation can be instructed to eliminate its ownership of itspossessions if it were ever engaged in a lawsuit, bankruptcy, a serious crime such asextortion or kidnapping, or if you were to ever be physically or mentally incapacitated. Acertain person would be in charge of managing these assets as the founder instructs. Anew person could be appointed as a provisional protector if you came under duress andthis person would be provided with highly specific instructions if you wish.In this case you would legitimately no longer have the control over the assets and couldnot be ordered to, for example, repatriate funds. When this duress goes away you wouldbe reinstated as Protector with the same power as before.
If you were to say that you don't own a Panama Foundation, you would not be lying. Yourname would not be in any registry that records owners. But this Foundation could own acorporation or its bearer shares that can be used to conduct business.
Family members can be taken care of through these Foundations. You can writeinstructions saying that after your death, the foundation income will go to the survivingspouse until she remarries and then to the eldest child. By Panamanian law, this would beenforceable. You can also shelter businesses, allowing for descendents or incapacitatedfamily members to be benefited by this corporation. It can make payments, distributeincome, pay for education, housing, etc.
Pensions can be issued by the Foundation and it can participate as shareholder of public aswell as private companies, one that can collect royalties.
A contract can be drawn up making you the investment manager or financial manager. AllNominee Council members would sign this agreement as well as notarize and apostille it if necessary. It would contain all terms of the agreement such as compensation, benefits,travel expenses, a general expense account, use of a house owned by the Foundation, paidmedical expenses, etc.
No business license required to have a Foundation or for it to operate around the world
Total annual taxes, starting in year two, are $695
A Foundation can also function as a last will and testament and to shelter against any kindof dispute amongst heirs.
The Foundation can be used for various purposes outside of the private interest spheresuch as philanthropic, educational, charitable, etc.
The Foundation can have bank accounts, and Panama does not have any income tax at all
Copyrights and trademarks can be attributed to Foundations and they can collect royalties.
Restrictions
- There are various things that a Panama Private Interest Foundation cannot dosuch as function as a corporation, though they can own corporations, invest in stocks, bonds,collect interest on bank deposits. The most important condition is that the income earned isappropriated for the Foundation in accordance with its purpose. For example, to support thebeneficiaries, which can be you.
People Involved in a Panama Private Interest Foundation
- The principal people involvedare a Founder, Council Members, Protector, and Beneficiaries.
Founder:
This is the entity or person who forms the Foundation listed in Panama's PublicRegistry. The founder we supply will not know you so that you can remain anonymous.They will also not have any power over the Foundation's activities so that you stayprotected.
Council:
This is comparable to a board of directors and all members appear in the publicregistry as council members. We will appoint all necessary Nominee Foundation Council
 
Members and also provide the necessary nominee directors for corporations. As with thefounder, these council members will not know your identity and they do not have anycontrol of any of the Foundation's possessions or access the bank account since they arenot the signatories on the account. If they were to ever try to alter the signatories, thecurrent signatories on the account would be immediately alerted. The nominees would thengo to jail. Further, they will all give you an undated letter of resignation so that you canchoose to change them at your convenience. All nominees and Panama banks are aware of these consequences.Additionally, instead of having natural persons as the council members, each member caninstead be an anonymous bearer share corporation.
Protector:
The actual control belongs to the Protector. This person is chosen by theCouncil when the Foundation is formed and the Protector then has the ability to remove orchange the nominee council members whenever they wish. No further steps are necessary.A document called a Private Protectorate Document is drawn up and signed by thenominee foundation council members. This keeps the Protector as a private position sinceit is not a public document. Thus, you have total control and extreme privacy.This position is not obligatory and you can use a nominee protector if for whatever reasonyou do not want to be the Protector yourself. In the Foundation charter and regulations wecan say that nominee council members could step into the seat of power with writtenconsent from the Protector. Only with this document that grants them the power couldthey act in the name of the Foundation. This applies to accessing bank accounts orattempting to close them, entering into contracts, etc.
Beneficiaries:
By law, Panama Foundations do not any listed owners, but there arebeneficiaries selected by the Protector. Like the Protector, these are also kept out of registries or databases and all nominations are private. Among the numerous benefits of privacy is the protection against crimes against the beneficiaries like kidnapping, extortion,frivolous litigation, etc. Of course, having additional beneficiaries is optionalthe Protector
 can remain the only beneficiary. If you would like, upon your death, the Foundation couldthen add on beneficiaries, such as your children. The longevity of these Foundations is 120years, and so it spans across multiple generations, all the while safeguarding againstinfighting.
Letter of Instructions
: The Protector writes this instructive letter that lays out precisely how heor she would like the Foundation's possessions to be managed if certain events were to occur,such as the incapacitation or death of the Protector. It clarifies if the Foundation will take on anew Protector, if it will liquidate all its assets, etc. No template exists for this letter that confinesthe format or contents of the letter, and the Letter of Instructions can always be altered wheneverthe Protector would like it to be. This letter does not need to be filed anywhere so there is no riskof the Beneficiaries or the Protector being revealed.
Foundation By-Laws:
These are optional. Though a Letter of Instructions satisfies manytestamentary instructions and desires, it is less formal than by-laws which are written and signedby our law firm and notarized by a notary. They are quite similar in that they both containinstructions about what to do in certain events, when the Foundation should be dissolved andwhen a new Protector should come into power.The main difference is increased formality since the By-Laws must follow a legal precedent. But,these can also be altered at any time according to the wishes of the protector. The option remainsopen to hold these By-Laws privately or register them publicly, the former being the best option ingeneral.

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