Private Foundation (also known as Family Foundation) – is a universal instrument for the protection of assets and tax planning, which allows families and businesses to structure and manage their funds long term on an advantageous tax basis.
Panama Private Foundation is an offshore foundation and also a legal entity separate from its creators, constituted through one sole donation or several donations that form an independent and autonomous estate for a definite purpose. A Foundation is a body corporate the combination of a corporation and a trust which has no owners (shareholders, members or partners) and has different aims for the benefit of group or a generality of persons.
For the first time Private Foundations appear in Lichtenstein in 1926 and are known as FamilyFoundation (Stiftung).The use of foundations for the management and protection of assets of old European families under the circumstances of world crisis, war and other cataclysms is a common practice in continental Europe.
For Corporate & Tax Law visit RESOURCES
|Foreign Income Taxation – NIL||Beneficiaries Records – Not Required|
|Min Share Capital to be Paid Up – $10,000.00||Disclosure of Beneficiaries – Court Decision|
|Tax Treaties – No access||Documents Kept at Business Address – No special requirements|
|Delivery Time Frame – 25 working days
||Annual Filing of Accounts Requirement – NO|
|Min № of Council Members – 3||Preparing of Accounts Requirement – NO|
|Local Council Member – Not required||Annual Audited Accounts Requirement – NO|
|Corporate Council Member – Allowed||Due Diligence Requirements: visit RESOURCES|
|Min № of Beneficiaries – 1||FATF Black List - Not Listed|
|Public Register of Beneficiaries – NO|