The private interest foundation (P.I.F) was created by Act 25 of 1925. It is used primarily to protect property and family property, because they can not be seized or embargoed, so we guarantee total protection.

 

The foundation can not exercise commercial activities that are not licensed to carry on in Panama.

P.I.F. is also used for distribution of assets or properties among heirs without going through a succession trial. It constituted so it has effect from the time it was created and after the death of its founder.

 

USE AND BENEFITS

1. No tax payment required on inherited wealth.
2. Total anonymity.
3. There is no limit on assets or capital.
4. The property and assets are not subject to seizure or freezing, to respond to the personal obligations of the founder.
5. Guaranteed Protection of the defenseless ones (under age children, children out of wedlock or disabled).
6. Once the foundation if fully constituted, this immediately grants the legal capacity to acquire and hold property and assets of any kind.
7. The assets of the foundation are not owned by the founder.
8. The assets of the foundation are separated from the personal assets of the founder.
9. Enjoy the same tax privileges that corporations.
10. When the founder dies, the beneficiaries or heirs will receive immediately the hereditary title.
11. There is no need to open a succession trial before a judge.
12. Protection of your assets.

REQUIREMENTS

1. Name of foundation.
2. Foundation Council: can be constituted by legal entity or consist of at least 3 members (chairman, secretary and treasurer).
3. Beneficiaries: If there are assets, properties or money to inherit.
4. The initial capital or assets must not be less than ten thousand dollars ($ 10,000.00).
5. The place of residence will be where you manage the assets.
6. The Resident Agent can be a lawyer or a Law firm (Carrizo & Associates).
7. The purpose of the foundation.
8. The lifespan of the foundation may be in perpetuity.
9. The destination where the assets or properties should be sent to if such exists.
10. Any clause that the founder want to add to the distribution and managing of his assets.
11. Payment of an annual tax of ($ 300.00).
12. The founder is the only one who can modify the foundation act.
13. It has independent legal stand.
14. Creditors of the founder have a term of 3 years to sue for acts committed in fraud of their rights.
15. There is punishment the one who violates the confidentiality secrecy of the foundation assets.

Members who are involved in foundations of Private Interest

1. Founder is the natural or legal person or entity that created the foundation and may provide the rules on how the foundation will manage their assets.
2. Foundation Council: We need at least that this consists of three (3) individuals (President, Secretary and treasurer) or by a legal person (company) it is not required to be Panamanian or have residence in Panama.
3. The Protector: He is appointed by the founder and is the person responsible for supervising and controlling that bodies of the foundation fulfill its tasks.
4. Beneficiaries: They are natural or legal persons, depends on its constitution, according to founder in the founding act or regulations.

Documents required for the Private Interest Foundation

1. Founding Act is the deed that makes the foundation to be created and can be written in any language.
2. Regulation of the Foundation: The written statement of assets and beneficiaries of the foundation; not required to be registered, which ensures your privacy. Contains properties related to the assets of the foundation. It acts as a testament.

The most important issue is the confidentiality of the Private Interest Foundation as the following article 25 of the Act of 1925 estipulate:

 

Article 35: Members of the Foundation Council and controlling agencies, public officials, individuals and employees of private entities that have knowledge about the activities, transactions or operations of the foundations are committed to maintain confidentiality and reserve on the same at all times, except where expressly stated in the law. The infringement of this restriction will be punished by 6 months imprisonment and a fine of fifty thousand dollars $ 50,000.00.

 

INFORMATION REQUIRED FOR THE CONSTITUTION OF A COMPANY OR CORPORATION

1. Fill out the form.
2. Customer information (name, nationality, passport, phone, address).
3. Copy of passport.
4. Copy of a water, light or phone bill from the country where you reside.
5. Copy of a bank statement.
6. Letter of reference.

PAYMENT REQUIREMENTS

 

There is no need for customers traveling to Panama for the corporation constitution.

Can be made as follows:

1. Application form required with the entire customer’s data.
2. Bank transfer which will cost $ 30.00.
3. Via courier.

Once you have complied with everything and the corporation is registered, it would be delivered by courier to the address indicated by the client.

 

 

Conficentiality

and

Professionalism

 

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