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Panama Private Interest Foundation I
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.
Part two lists the various parts of a Panama Private Interest Foundation and the roles of the various persons involved.
What Does a Panama Private Interest Foundation Cost?
Minimal investment of capital = $10,000
Cost of an attorney to set up = up to $2,000
Yearly cost of attorney = up to 400
Fees to government = $400 a year
These are typical costs as of this writing Be sure to consult competent authority for current facts and figures. Also do not be afraid to shop around. If you are dealing with a native speaker of your language it will make things easier. Plan upon doing this right as a properly set up Panama Private Interest Foundation is a very useful vehicle that will outlast your lifetime, that of your children, and perhaps of your grandchildren.
The Various Uses and Purposes of a Panama Private Interest Foundation
Think of a Panama foundation as a holding entity for privacy and protection of assets. Assets offshore to Panama can be included in a Panama foundation but are not taxed in Panama. Foundation assets are only taxed in Panama if they generate income in Panama such as with a company selling goods or services in the country. But in such a case the business owned by the foundation is taxed and not the foundation itself. The foundation could receive income after taxation from such a business. Many use an offshore corporation formed and headquartered outside of Panama as an asset of a Panama Private Interest Foundation with increased asset protection as the primary purpose.
A Panama Private Interest Foundation can own assets anywhere in the world. Such assets could include but not be limited to:
Asset Protection Features of a Panama Private Interest Foundation
Statute Limiting Prosecution for Fraudulent Conveyance
Individuals and companies may move assets into a Panama Private Interest Foundation for any and all personal and business purposes.