| Panama Foundation Set Up | |
| Setting up a Panama Foundation (also known as a Panama Private Interest Foundation) is an excellent way to protect assets. Healy Consultants can complete the Panama foundation set up process on your behalf, without your need to visit Panama. The following information will help you determine whether Panama foundation set up will meet your personal or business objectives. | |
| Advantages of Panama Foundation Set Up | |
| 1. | Panama foundation set up is a cost-effective structure in a stable jurisdiction. |
| 2. | Provided the income is not sourced locally, a Panama foundation is exempt from all taxes (income, capital gains, interest, sales, beneficiary transfer, capital, property, estate, gift, inheritance, stamp, succession, inventory). |
| 3. | With anonymous ownership and control, the protector and beneficiaries of a Panama foundation do not need to be publicly registered. Panama foundation protectors can be appointed through a private protectorate document, and the beneficiaries can be appointed through a private letter of wishes, written and signed by the private protector. |
| 4. | Setting up a Panama Foundation reqires no other reporting requirements. |
| 5. | The assets in a Panama foundation are immune from the inheritance laws which may be applied in the founder or beneficiaries' domicile. These laws cannot affect the validity or performance of the foundation's objectives. |
| 6. | Panama foundation set up offers excellent control of assets during a lifetime, as well as providing an ordered transfer and disposition of assets to beneficiaries upon the founder's death. |
| 7. | A Panama foundation may undertake commercial activities provided the activities are used to meet the objectives of the foundation. |
| 8. | A Panama foundation has no paid-in capital requirement. |
| 9. | It is possible to re-domicile to a Panama foundation set up in another jurisdiction. |
| Uses of Panama Foundation Set Up | |
| 1. | Panama foundation set up is an excellent means to protect and manage assets for the benefit of a person, persons, a family or a specific social purpose. It can hold assets such as: |
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| 2. | In particular, the set up of a Panama Foundation is a good way for individuals to control a foreign corporation without actually owning it, especially if the individual's home country has controlled foreign corporation (CFC) rules which oblige them to declare shareholding in a foreign corporation. |
| 3. | Panama foundation set up is an excellent way to receive and manage capital and titles. |
| 4. | A Panama foundation may be used to own property |
| 5. | A Panama foundation can also be used as a guarantee or collateral. |
| Disadvantages of Panama Foundation Set Up | |
| 1. | Unlike a corporation, a Panama foundation cannot engage in commercial or profit-making activities on a day-to-day basis. |
| 2. | Every Panama foundation must have a council, similar to the directors of a company. The council members can be either individuals or entities of any nationality and resident of any country. If the council is made up of individual persons, then it requires three council members (president, secretary and treasurer). If the council is an entity, then only one council member is required. Council members' names appear in the public register. |
| 3. | Panama is not an English-language-speaking offshore centre. |
| Healy Consultants Fees for Panama Foundation Set Up | |
| Healy Consultants fees to establish a foundation in Pamana are: Year 1: US$4,500 and Year 2 onwards: US$2,500. These fees include foundation formation costs and registered office address in Panama. Healy Consultants fees to provide a nominee foundation council amount to US$1,600 per annum (together with a one time refundable deposit of US$1,100). | |
| Contact Us | |
| For more information on Panama foundation set up, email email@healyconsultants.com or telephone us at (+65) 6735 0120. | |
| Back to Foundation Jurisdictions and Fees page. | |
Buy the Singapore chapter of Healy Consultants' Asia Business Set Up book for US$100, to order call +65 6735 0120 or e-mail email@healyconsultants.com
