Panama Private Interest Foundation II

Panama Private Interest Foundation II

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This is the first of a two part series about Panama Private Interest Foundations.


A Private Interest Foundation created in the country of Panama is one of the world's best means of asset protection.



Such a legal vehicle is an effective means of holding assets for the use of its beneficiaries while



providing a comfortable degree of privacy and asset protection to beneficiaries and its founder.



Parts one and two of this series contain and overview of how such an entity works and how to one is set up.



Readers should consult with competent authority to set up and maintain a Panama Foundation



It doing so it is paramount to deal with or through someone who speaks your language.



Understanding each and every step is important. Know why you are doing so.




Part one: deals with cost and general use of the foundation,.

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/

Part two: lists the various parts of a Panama Private Interest Foundation and the roles of the various persons involved




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Who’s Who and What is What in a Panama Private Interest Foundation?

A Panama Private Interest Foundation contains the following:


Founder

Foundation Council

Foundation Protector

Foundation Beneficiary

or Beneficiaries

Foundation Registered

Agent


Foundation Founder


The founder is the person who files the papers with the Panama public registry in order to register the existence of the foundation.


This need not be you if you wish to set up a Panama Private Interest Foundation.



Most commonly the law firm you deal with will hire a trusted person to carry out this task.



This person will have no knowledge of the assets or activities of the foundation and will have no control of any aspect of the foundation.



Foundation Council


Each member of the council of the foundation is recorded in the Panama public registry when the foundation is formed.


There is no need for council members to know either the person who sets up the foundation or the beneficiaries of the foundation.



Typically each person provides the lawyer or you with an updated letter of resignation.



Foundations are set up so that council members have no banking privileges or other control over assets.



Their primary reason is to appoint a protector for the foundation using a Private Protectorate Document. This document is not registered.



Foundation Protector


If a person setting up a Panama Private Interest Foundation so chooses the council can be replaced immediately after appointing the protector.


It is the protector who exercises control of the foundation.



The protector will create a private written set of instructions.



These instructions are not placed in any public record.



These instructions describe what the foundation will do and how it will do it.



Panama Foundation Beneficiary


A Panama Private Interest Foundation does not have an owner. It has beneficiaries.


Its legal being is to act for the benefit of those named as directed by the foundation protector.



The beneficiaries can be anyone including the protector.



A common arrangement is for one to have himself or herself as beneficiary and upon death have ones children become protector and beneficiaries



Foundation Registered Agent


The registered agent, as required by law, is a Panama law firm or single attorney.


Summary


Individuals and companies looking for privacy and asset protection commonly use a Panama Private Interest Foundation.


One can use a foundation in Panama plus an offshore corporation instead of a trust or a will.



When considering how to protect your hard earned wealth consider a Panama Private Interest Foundation.



Read Panama Private Interest Foundation I for information about the cost, uses and purposes of such a foundation.





For more insights and useful information about Panama Foundations and other aspects



of living offshore, making money offshore, preserving assets offshore, and more visit www.RobertGirga.com.


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Panama Private Interest Foundation II

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Transcript of Panama Private Interest Foundation II