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Panama may be called a hub in two
dimensions: its territory joins North and South America, and
the Panama Canal is a shortcut between North Atlantic Ocean
(via Caribbean Sea) and North Pacific Ocean.
It's a constitutional democracy. The pillars of the local
economy are banking, commerce, mining, and tourism. Though
Spanish is the official language, English is widely used in
business communications.
The extensive national offshore industry has distinguished
itself with advanced underlying legislation (e.g.
GENERAL CORPORATION LAW, 1927 is based upon Delaware corporate
Laws).
Tax system facts:
NO income and withholding tax for offshore operations. The
country has no double tax treaties.
The best
offshore tools in Panama:
1. PRIVATE
FOUNDATION
The clients who ordered from us private foundations are
using this intricate anonymous instrument mostly for the
asset protection
and will substitution purposes. A Panamanian Private Foundation
separates the Founder (Creator of the Foundation) from its
property once and for all and guarantees the interests of
the beneficiary. The Founder and the Beneficiary may be
the same person. If the assets being transferred to the
Foundation are encumbered, the creditors may contest it
as a fraud. However, the rights of said creditors shall
lapse in three years from the date of the contribution or
transfer of assets to the foundation.
Outstanding features:
- Corporate tax: NO
- Names disclosure in public records:
Founders - YES, but Nominees
may be provided,
Beneficiary
- NO,
Shareholders -there are no shareholders in private foundations,
Foundation Council Members (the top administrative body)
- YES, but nominees
may be provided
- Non-resident Foundation Council Members: ALLOWED
- Annual return filing requirements: NO
Applicable legislation: Law No 25 Regulating Private Foundations,
1995
 (download
as a self extracting archive - 124K).
2. CORPORATION
Outstanding features:
- Corporate tax: NO
- Names disclosure in public records:
Founders - YES, but Nominees
may be provided,
Beneficiary
- NO,
Shareholders - NO
Minimum number of Directors - THREE
- Non-resident Directors: ALLOWED
- Corporate Directors: ALLOWED
- Non-resident Foundation Council Members: ALLOWED
- Annual return filing requirements: NO
- Annual accounts filing or keeping requirements: NO
Applicable legislation: Law No 32 Regulating Corporations,
1927
(download
as a PDF - 636K).
In our site you may acquaint yourself with
more detailed information about the Panamanian Private Foundation
and some samples of its practical applications, as well
as with the description
of our relevant services and fees. |
