Panama Foundations for real estate planning and offshore asset protection
Panama Private Interest Foundations is an ideal tool for success planning and asset protection. Or you can be inter vivos (active during your life) or will-wills (lethal action). For example, the Foundation may replace the will of the law, thereby legally avoiding the evidence. In this respect, it resembles a "living will". & # 39;
It can effectively isolate part of its property, which dictates the management and success of specific assets. Needless to say, this is very important from international property, which can not simply be purchased under a conventional will and will.
The key to this work is the selection of beneficiaries. Let's say you want to share your assets equally between your two children – simply designate these two people as beneficiaries. You can choose to tell your heirs or not as you wish.
Of course, secrecy can only exist for one point. While you may decide to hide the entire Foundation completely, it is very important from a practical point of view to leave some details that someone will be informed by the beneficiaries after his death. For example, you can leave detailed deaths in a sealed envelope with a trusted friend or attorney. The best idea, however, is probably to designate a trusted third party for the "Protector" of the Panama Foundation. Remember to designate more Protectors or to make a Corporation more protective.
What is the Panama Foundation's Simple Life Resistance
Foundations are a very attractive alternative to the Trust for separating and protecting assets, and are less prominent and less vulnerable to hostile interpretations of the courts than the asset protection trust. The Panamanian Act clearly means that assets transferred to the Foundation are not can be identified or enclosed and can not be used to meet the obligations of the founder or the beneficiary
However, as always, I do not suggest solely relying on purely legal protection. are completely unknown and invisible to all those of the Foundation Council or the Registered Agent, who may be appealing to the court. What they do not know can not be forced to tell – even in the illegal case where a Panamanian tribunal attempts to enforce a judgment contrary to Panama's laws.
The only exception to this rule is that creditors have the right to challenge a Panama foundation within 3 years of the claim of the foundation. It is important to note that this period starts from the date when the assets were transferred to the foundation and not since the foundation's registration.
The financial affairs of the foundation are no business, but they have to decide who is to talk about the existence of the Foundation. So, in order to increase security, I typically suggest what I call strategic geographic diversification. when establishing a long-term structure for land-use planning.
This simply means you have to open a bank account where most of the Foundation's assets are held outside Panama. European banks are perfectly aligned with the bill, and when it comes to founding a foundation, you need to find the introduction and recommendations of famous European banks that understand the Panama legal documents. Banking outside of Panama provides extraordinary protection.