October 19, 2014
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This figure of the Foundations of Private Interest in Panama is created as a Corporation, however with different purposes, as its main function is to act as a real entity protector of family assets. It can be defined as a donation of patrimony for specific purposes, within a document named “Foundational Act”, who is required by a FOUNDER. It can also be identified as a combination between a “Trust” and a “Corporation”, for the protection of family assets and the same can’t be dedicated to realize activities with profit purposes, and has great real uses and practical for all the community.
Among its main attractives are:
- They are exempt of all tributes in Panama.
- Total secret and confidentiality.
- Fast procedures of constitution.
- There no exists any legal requirement of the maximum patrimony allowed.
- They can perform any kind of transaction of civil nature or commercial (of a nonstandard way) in any country of the world.
- The assets that constitute the patrimony of the Foundation are no subject of any lien.
- The Patrimony is separated from the personal assets of the Founder and it becomes autonomous and acquires juridical personal independence.
Among its features can mention the following: They can be created by any person, natural or juridical, doesn’t follow profit interest, The Foundational Act can be established in any language, once its registered it acquires personal juridical independence, for all legal effects the assets of the Foundation create a separate patrimony of the personal goods of its Founder, the laws of hereditary nature are not enforceable against the Foundation, they can be supported to the Foundation assets of any kind, present or future, and other characteristics that distinguishes them most notably.
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