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How use a Panama Offshore Foundation
Panama Offshore Foundations are used for the benefit of a
person or persons, a family, or for a determined social purpose.
Panama Private Interest Foundations are used who wants maintain
the control of foreign corporations, however, they do not
want be the owners of their corporations directly, for different
reasons. The highly fees of your countries such as the UK,
Canada, USA, Italy, Spain, New Zealand, Australia, etc. require
that their citizens submit tax reports to the authorities,
in which they declare that they are the shareholders of such
foreign corporations.
For this rules, they open a Private Interest Foundation in
Panama that holds the shares of their foreign corporation(s).
The advantage of using the offshore Foundation as a shareholder
for their corporation is to change the name of the ownership
from one's personal name or through a Bearer Share arrangement,
and transfer ownership to the name of a foreign entity which
does not have owners, only privately beneficiaries, which
are anonymous. In this way, there is no question as to who
owns the company, since the company's shares are issued to
the Foundations' name.
Panama Offshore Foundation Benefits
The Panama Foundation can be useful in transferring funds
offshore or receiving funds from offshore. In some cases,
people use Panama Foundations as vehicles for these purposes.
Some people donate their funds to their Panama Foundations
and later use the Foundation to give educational or special
grants to their children, grandchildren, or any one else they
choose. The advantage in this case, is to avoid fiscal regulations
surrounding donations, where some governments impose "gift
taxes" and exhaustive reporting requirements.
When opening corporate bank accounts or investment accounts,
the financial institutions require that you reveal the beneficial
owners of the corporation. Through the Foundation ownership
strategy, one can state that the Foundation is the owner of
the corporation. Again, the objective is to remove ownership
from their personal name, to the name of a foreign entity
whose ownership is anonymous.
In general, Private Interest Foundations may not engage in
habitual profit-making commercial activities as a corporation
can. Nevertheless, they may carry out commercial activities
from time to time, as long as the profits of those activities
are used for the objectives of the foundation. For example,
a Private Interest Foundation may engage in banking or investment
activities, such as investing in bank time deposits (Certificates
of Deposit - CD's), stocks, bonds, mutual funds, options,
money markets, etc. so long as the proceeds from these investment
activities are for the benefit of the beneficiaries of the
Foundation.
Panama Legal Consultants
- Panama Law Firm -
For more information please contact us:
info@panamalegalconsultants.com
Tel: (507) 6714-9326
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