Setting up a private interest foundation in Panama is an acknowledged practice for families and wealthy individuals; there are several different uses that bring their own benefits to protecting your assets. No matter what your situation is, there are ways to protect your assets. Here are five main ways to protect your assets using a Panama Private Foundation.
- Tax Advantages. Keep more of your money instead of paying it in taxes. The Republic of Panama has specific laws that help protect your assets through tax advantages. Income that is not taxable in Panama and anything that is earned or obtained through operations outside of the country are not taxable. This means transferring money in and out of Panama isn’t taxed.
- Privacy. Privacy laws protect your most important asset, your privacy. Beneficiaries of Private Interest Foundations are not registered with the Panama Public Registry, helping to keep their identity confidential.
- Legally Protected. The Panamanian legislation regulating Foundations, confer upon the Foundation excellent mechanisms for the protection of the same against third party claims.
- Low Fees and Set Up Costs. Some countries charge a lot of money to set up private interest foundation or similar entities, but Panama has relatively low charges. To set up the foundation, there is no requirement for a person to travel to the country. Everything can be done via email so that those initial costs are low. Annual maintenance fees are also low. You can protect your assets by knowing that you aren’t spending as much as you’re earning as you keep up the Panama foundation, even if you aren’t actively contributing to it.
- Passing More On. Many people open a Panama Private Interest Foundation for passing down money as an inheritance. When leaving an inheritance through a foundation like this, the beneficiaries receive more of the dollars without dealing with complex legal procedures or inheritance trials.
If you are wondering if opening a Panama Private Interest Foundation is right for you, your family, or your business, reach out to us today. Our firm has a lot of experience dealing with Panama offshore companies, so we are a great resource. We are happy to answer any questions about this type of account or help make recommendations on what type of alternatives are best for your situation.