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Private Interest Foundations (PIFs)
1. Legal Person: They are legal entities that have the capacity to exercise rights and obligations as other legal entities such as corporations. The PIFs can open and operate bank account, both in Panama and abroad, as in Switzerland.
2. Equity: The property of a Heritage Foundation is a separate and independent of the estate or assets of the Founder, so:
a. In principle, the PIFs do not have to respond for debts of the founder or be exposed to confiscation or seizure of property that intending to pursue the Founder, except in cases where creditors of the Founder show-within the first three years of the Foundation - that the Foundation was established in such fraud against creditors, it is an excellent legal tool to protect your assets.
b. However, the PIFs do have to answer for the obligations undertaken as a foundation, by reason of or in connection with the execution of their aims, for example, because the loans held by the Foundation in your name or by reason of collateral or mortgage granted.
3. Parties involved in its creation: All FIPs is composed of:
a. A founder, who created the foundation, which may be the same client or a third "founder nominal position by the firm" for more privacy.
b. The Foundation Council, which is the Board of Directors of the Foundation, responsible for administering your estate.
c. The Beneficiary, who is who in the end enjoy the assets of the foundation, the beneficiary may be the same client, family and anyone else that it considers.
d. There is an optional set, which is the Protector, which is the supervisory body of the Foundation and its Board of Directors.
4. Regulation: The PIFs have a regulation which contains more of the Founder Private in terms of beneficiaries, the estate or assets and operations of the Foundation.
5. Benefits: In addition to protecting its assets, is an excellent vehicle for family-planning, since his will should comply to the letter. Finally, if your capital is foreign, it will be exempt from tax in Panama.
6. Policy: Its regulation is based on Law 25 of June 12, 1995, as amended by Law 32 of August 1 2006.
If you need any further information feel free to contact us and start enjoying the benefits of having your own Private Interest Foundations.
1. Legal Person: They are legal entities that have the capacity to exercise rights and obligations as other legal entities such as corporations. The PIFs can open and operate bank account, both in Panama and abroad, as in Switzerland.
2. Equity: The property of a Heritage Foundation is a separate and independent of the estate or assets of the Founder, so:
a. In principle, the PIFs do not have to respond for debts of the founder or be exposed to confiscation or seizure of property that intending to pursue the Founder, except in cases where creditors of the Founder show-within the first three years of the Foundation - that the Foundation was established in such fraud against creditors, it is an excellent legal tool to protect your assets.
b. However, the PIFs do have to answer for the obligations undertaken as a foundation, by reason of or in connection with the execution of their aims, for example, because the loans held by the Foundation in your name or by reason of collateral or mortgage granted.
3. Parties involved in its creation: All FIPs is composed of:
a. A founder, who created the foundation, which may be the same client or a third "founder nominal position by the firm" for more privacy.
b. The Foundation Council, which is the Board of Directors of the Foundation, responsible for administering your estate.
c. The Beneficiary, who is who in the end enjoy the assets of the foundation, the beneficiary may be the same client, family and anyone else that it considers.
d. There is an optional set, which is the Protector, which is the supervisory body of the Foundation and its Board of Directors.
4. Regulation: The PIFs have a regulation which contains more of the Founder Private in terms of beneficiaries, the estate or assets and operations of the Foundation.
5. Benefits: In addition to protecting its assets, is an excellent vehicle for family-planning, since his will should comply to the letter. Finally, if your capital is foreign, it will be exempt from tax in Panama.
6. Policy: Its regulation is based on Law 25 of June 12, 1995, as amended by Law 32 of August 1 2006.
If you need any further information feel free to contact us and start enjoying the benefits of having your own Private Interest Foundations.
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