Panama’s Private Interest Foundations are intended to protect the assets and capital of the beneficiaries.
Panama’s Private Interest Foundations are also a tool for estate and testamentary planning. This means that they protect the assets of the beneficiaries during their lifetime and transfer them to the designated beneficiaries in case of death or permanent incapacity. Yes, we said designated! So, if you want to leave your spoiled spouse or descendant out of the estate, you are free to do so.
In theory, the Panama’s Private Interest Foundation cannot do business, but nothing prevents it from owning shares of a company and doing business through it. The beneficiary does not appear in any public register and is therefore anonymous. However, it is still necessary to fill out a compliance form and provide data and documents.
The Panama’s Private Interest Foundations are administered by the Foundation Council, which normally provides the attorney to maintain the anonymity of the beneficiary. This, of course, can be chosen by the beneficiary. Everything is set out in a regulation in which the board appoints a Protector, who is normally the beneficiary with full powers. In addition, a plenipotentiary power of attorney is issued, which allows any transaction and/or sale/purchase to be carried out.
To maintain as much privacy as possible, it is always advisable to consult a lawyer who will advise you on how to operate to maintain anonymity. Consultations (fair use) are free of charge to clients.Panama’s Private Interest Foundations