Other Benefits of a Panamanian Foundation

A Panamanian Foundation offers many benefits for asset protection:

• The foundation won’t be taxed in Panama and no local accounting or audit will be required.
• As long as the foundation’s income is originated outside of Panama, this income will be tax free.
• The Panama Foundation is a hybrid entity in between a trust and a corporation. Therefore, it may act as an offshore trust, but it is far more cost effective to establish and operate than other international trust arrangements. The Panamanian Foundation is a separate entity and, as such, may enter into contracts and agreements on behalf of its founder (you).
• The foundation can hold bank accounts and brokerage accounts in Panama.
• Beneficiaries may be any person(s) or company(ies).  Beneficiaries are not public record.
• You may control the disposition of assets by lodging a simple or complex list of instructions with the Foundation Council.  This “wish list” will tell the banks, brokerages, and property managers what to do with your assets upon your passing, and may be changed or updated as often as you like, usually at no cost.
• The Panamanian Foundation requires no annual meeting or formalities.  With a U.S. structure, if you fail to keep up appearances, creditors may pierce the corporate veil and get to your assets.  In Panama, no such laws apply and your assets are always secure.  As stated above, no audit, accounting, or tax filing will be required in Panama.
• The Founder of a Panamanian Foundation may be any person or entity (a
  foreign or domestic corporation, trust, LLC, etc.).