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Panama Foundations And Asset Protection |
By:
Alexandra Kensington |
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Panama Foundations and Asset Protection
Alexandra Kensington
Panama has strong enforced laws to protect the various aspects of foundation use. Offshore foundations are beneficially used in many different ways. They are the best way to protect your valued assets.
There are three main executive titles in a foundation. Because Panama law states that foundations can not be owned by anyone, the protector position is created to ensure that someone has bank signing authority and is keeping the books. This position is generally held by the person who is starting the foundation. This is the foundation Protector.
There are foundation nominee council members. This position is a kind of technicality that law firms can work out. Basically they nominate people to act as council members. These members provide to you, the protector, both signed, undated resignation letters and they assign to you the power of attourney so you can control the foundation yourself.
Foundations are used to create total anonymity for the asset holder. Because of Panama law which states that foundations have no owners, no one can ever find out where the assets in the foundation came from. The bank books never become public according to these laws, and private records are never recorded anywhere.
The minimum amount of money that a Foundation can be started with is $10,000. There is no limit to the amount of assets that an offshore foundation can own. Because foundations cannot conduct business dealings they usually own corporations. It is the corporations within the foundations that can conduct any business operations.
A foundation can be used as a sort of will or trust,by way of a secret letter of wishes. This is a letter created at the beginning of the formation of an offshore foundation naming a beneficiary of the foundation. Upon death, there are no estate or inheritance taxes charged to the asset amount.
Another way foundations are used is to create total anonymity for the asset holder. Because of Panama law which states that foundations have no owners, no one can ever find out where the assets in the foundation came from. The books and records never become public.
A foundation can be used for tax planning purposes as well. When a foundation owns a corporation, that corporation could generate income. As long as the income is not generated in Panama there is no income tax put on the amount.
They have special laws to protect foundation assets from being frozen by the courts. Panama law also ensures that the beneficiary instructions are adhered to exactly.The laws in Panama protecting Foundation Assets are strict and adhered to.
Go to OffshoreLegal.org if you would like to learn more about http://www.offshorelegal.org/foundations.html foundations in Panama or http://www.offshorelegal.org/bullet-proof-asset-protection.html protecting your assets Don't reprint this exact article. Instead, reprint a free http://www.uberarticles.com/?id=36127&b=79 unique content version of this same article.
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Article Source: http://www.statssheet.com/articles/article61514.html |
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