Languages: Spanish
Currency: Panamanian Balboa and US Dollar
Time Zones: GMT - 5 hours
Panama International Airport: 10 miles from the centre of Panama City
Panama Quick Facts
Why Private Foundation?
- Quick incorporation
- High confidentiality
- Competitive price
- Eternal life
- No shareholders
- Multiple Beneficial Owners
- Multiple or no Beneficiaries
Requirements
- Bank Reference
- Proof of Residence
- Notarised Passport Copies
Bank Account
Our firm will assist you with the opening of a Bank Account in
Switzerland
Luxembourg
Cyprus
Dubai
Austria
Switzerland
Luxembourg
Cyprus
Dubai
Austria
NEWS
- November 16, Dubai: Emirates will invest Dh400 million to establish a flight training centre at the Dubai World Central development in Jebel Ali to train local pilots. (Gulf News).
- October 5, Ras Al Khaimah: The Ras Al Khaimah Tourism Investment and Development Authority (RAK TIDA) aims to double visitor numbers to the emirate in the next two years. (Hotelier Middle East).
- September 23, Ras Al Khaimah: RAK FTZ was ranked nr. 4 out of more than 115 international free zones in Middle East (Khaleej Times).
- September 20, Ras Al Khaimah: Ras Al Khaimah registered 800 new licences in the last eight months, a 31% increase over the same period last year, according to the RAK Investment Authority (Rakia).
- September 5, Dubai:
The UAE banks are well capitalised and banking sector in the country will remain on its road to recovery heading into next year (Khaleej Times).
- July 27, Dubai: Dubai International Financial Centre (DIFC) Authority, the firm running the emirate's tax-free business park, said that 64 companies joined the free zone in the first half of the year (Arabian Business).
- June 15, Dubai: Tax-free returns on property income are enticing an increasing number of Indian investors into Dubai's property market (India Infoline).
- May 20, Dubai: DMCC recently announced it had crossed the 3,000 mark in the number of companies that have registered in the free-zone. Since the beginning of 2011, DMCC grew at an average of over 100 companies a month (Gulf News).
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PRIVATE FOUNDATION
Panama Private Foundation has its origins in the Law 25 of 1995, which
in turn was inspired in the PGR or better known
as the “Liechtenstein Persons and Company
Act”, that contains one of the first references
to the private non profit foundations. In Panama,
this and the most recent innovations in the Anglo-Saxon
Trust enabled the creation of the Private Foundation
utilizing the best features and characteristics
of both worlds.
It is a legal entity that can be created by either
a natural person or a corporation that later transfers
part or all of his/her assets to the Private Foundation
so they can be managed and protected in favour
of the Beneficiaries.
Panama Private Foundations act like trusts but operate as
corporations. Hence, everything regarding annual fees, minutes, change
of charter, liquidation, dissolution, is exactly the same as for
Panamanian corporations, which means:
- Private Foundations can be liquidated;
- The procedure is exactly as the one for Panamanian corporations;
- The dissolution is decided by virtue of a Minutes of a meeting of the Foundation Council;
- A minutes of a meeting of the Foundation Council and that's it (see draft attached). We proceed here in Panama with everything else (publication at a newspaper and registration at the Public Registry).
- If a Private Foundation does not pay its annual fees, it is the same as for Panamanian corporations. The foundation continues to exist but is not in good standing. However, it can be reactivated at any time just by paying all outstanding fees, penalties and a reactivation fee.
- The costs for the dissolution are of US$700.00
- Dissolution can be completed within approx. 4-6 weeks (until publication)
- Depending on the individual case my tendency is to formally dissolve a foundation as a dissolution gives clear evidence that the structure does not exist any more.
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