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
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Switzerland
Luxembourg
Cyprus
Dubai
Austria
NEWS
- June 2, Ras Al Khaimah: Ras Al Khaimah Investment Authority (Rakia) has issued a total of 370 licences to different businesses between January to April 30 thus registering a 78 per cent growth over the corresponding period last year. (Trade Arabia).
- Dec. 29, Ras Al Khaimah:
Ras Al Khaimah Investment Authority (Rakia), one of the fastest-growing free zones in the region, has announced that it is planning to launch an elaborate concept of themed industry zones. (Gulf News).
- Oct. 14, Dubai: Dubai will be the first location to launch the Miscrosoft newest operating system, Windows 7, during the Gitex Technology week (Gulf News).
- Sept. 9, Dubai: Dubai makes history with the opening of the Metro system at 9pm on Wednesday. The world's largest automated driverless Metro system has been built by 30,000 workers at an unprecedented pace and will serve around 1.2 million passengers every day (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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