The Panama Private Foundation (hereinafter known as PIF) has its origins in the Law 25 of 1995, which in turn was inspired in the PGR or better known as the “Liechtenstein Persons and Company Act”, that contains one of the first references to the private non profit foundations. In Panama, this and the most recent innovations in the Anglo-Saxon Trust enabled the creation of the Private Foundation utilizing the best features and characteristics of both worlds. A PIF is a legal entity that can be created by either a natural person or a corporation that later transfers part or all of his/her assets to the Private Foundation so they can be managed and protected in favour of the Beneficiaries.
USES THAT CAN BE GIVEN TO A PIF.
With regards to uses that can be given to a PIF we can find the following:
- Family support.
- For Tax purposes.
- For the protection and management of assets.
- For educational purposes.
- Testamentary purposes.
- For life annuity purposes.
- For charitable purposes.
- To receive and manage capital and titles.
- For the purpose of serving as guarantee or collateral.
- For the management of insurance.
We must comment that several or all uses mentioned above can be given to a particular PIF, there are no restrictions as to the objects or uses one PIF can be given. For example, one PIF can be created to protect assets, but also with a testamentary use or in any case, with all the above- mentioned uses. However, a PIF cannot engage in commercial or for profit activities as a day-to- day activity.
BANK ACCOUNT NOT INCLUDED
- 3 names for your new company
- your name and address
- an email
- a mobile phone number
- clear scan copy of your passport