The Foundation of Private Interest is a legal entity created by Law No.25 of June 12, 1995. The Founder - who can be a natural or legal person - creates a private interest foundation constituting for this intention a patrimony destined to the objectives or aims specifically established down in the Foundation Charter. Private Interest Foundations cannot pursue profit aims but can carry out business activities in a no habitual form or exert the originating rights of the representative titles of the capital of commercial corporations that integrate the patrimony of the foundation, whenever the result or economic product of such activities are dedicated exclusively to the aims of the foundation.
FOUNDATION COUNCIL
The Foundation must have a Foundation Council whose attributions and responsibilities are established in the Foundation Charter or in the regulations. Unless the council is a juridical person, such as a Panamanian corporation, the number of members in the Foundation Council, shall be not less than three.
The Foundation Council shall be entrusted with the fulfillment of the aims and objectives of the foundation and has between his obligations and general duties:
1. To administer the assets of the foundation.
2. To celebrate legal acts, contracts or businesses those are necessary to fulfill the objects of the foundation.
3. To inform to the beneficiaries of the economic condition of the foundation.
4. To give to the beneficiaries, the resources established in their favor in the Foundation Charter or in the regulations.
FOUNDATION ASSETS
Private Interest Foundations may own any type of assets. The assets may be located in any part of the world. Foundation assets represent a separate patrimony from the personal asset of the founder. Therefore, they cannot be seized, attached or subject of a precautionary action, except for obligations incurred or for damages caused by virtue of the execution of the objectives of the foundation or by legitimate rights of the beneficiaries. In no case, shall such assets respond for personal obligations of the founder or the beneficiaries.
ANNUAL FEES
Private Interest Foundations must pay at the time of incorporation an initial tax of two hundred fifty dollars (US$.250.00). In the following years, the annual tax is three hundred dollars (US$.300.00). Every foundation should have a resident agent in the Republic of Panama. The resident agent is a Panamanian lawyer of law firm. The resident agent fee is US$250.00.
FOUNDATION COUNCIL
The Foundation must have a Foundation Council whose attributions and responsibilities are established in the Foundation Charter or in the regulations. Unless the council is a juridical person, such as a Panamanian corporation, the number of members in the Foundation Council, shall be not less than three.
The Foundation Council shall be entrusted with the fulfillment of the aims and objectives of the foundation and has between his obligations and general duties:
1. To administer the assets of the foundation.
2. To celebrate legal acts, contracts or businesses those are necessary to fulfill the objects of the foundation.
3. To inform to the beneficiaries of the economic condition of the foundation.
4. To give to the beneficiaries, the resources established in their favor in the Foundation Charter or in the regulations.
FOUNDATION ASSETS
Private Interest Foundations may own any type of assets. The assets may be located in any part of the world. Foundation assets represent a separate patrimony from the personal asset of the founder. Therefore, they cannot be seized, attached or subject of a precautionary action, except for obligations incurred or for damages caused by virtue of the execution of the objectives of the foundation or by legitimate rights of the beneficiaries. In no case, shall such assets respond for personal obligations of the founder or the beneficiaries.
ANNUAL FEES
Private Interest Foundations must pay at the time of incorporation an initial tax of two hundred fifty dollars (US$.250.00). In the following years, the annual tax is three hundred dollars (US$.300.00). Every foundation should have a resident agent in the Republic of Panama. The resident agent is a Panamanian lawyer of law firm. The resident agent fee is US$250.00.
No comments:
Post a Comment