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REQUIREMENTS
FOR THE FORMATION OF A
PRIVATE
INTEREST FOUNDATION IN PANAMA |
The
Foundation Charter shall be executed by the Founder by means of a
private document, in which case it should be authenticated by a
Notary Public, or by means of a public document directly before a
Notary Public.
The
requirements that must be contained in the Foundation Charter as follows:
1. Name
desired for the Foundation expressed in any language with characters
of the latin alphabet. The name shall include the word
"Foundation" to distinguish it from natural persons or from
juridical persons of another nature.
2. Initial
patrimony of the Foundation, expressed in any currency of legal
tender, and which shall in no case be less than an amount equivalent
to ten thousand U.S. dollars (US$10,000.00).
3. A complete
and clear designation of the member or members of the Foundation
Council, to which the Founder may belong, including their address.
4. Domicile
of the Foundation.
5. The name
and domicile of the resident agent of the Foundation in the Republic
of Panama, who shall be a lawyer or law firm. The resident agent must
countersign the Foundation Charter prior to its registration at the
Public Registry.
6. Purposes
or objects of the Foundation.
7. The manner
of appointing the beneficiaries of the Foundation, which may include
the Founder.
8. The
reservation of the right to modify the Foundation charter when deemed convenient.
9. Duration
of the Foundation.
10. The
destination to be given to the estate of the Foundation and the
manner in which such estate shall be liquidated in the event of dissolution.
11. Any other
lawful clauses which the founder may deem convenient.
In order for
a law firm to provide full services in the constitution and
management of Private Interest Foundations, the following information
will be necessary:
1. Name
desired for the Foundation to check on its availability.
2. Initial
patrimony if other than the standard of $10,000.00.
3. Names and
addresses of the members of the Foundation Council, which will be no
less than three (3) members (natural persons), unless a juridical
person is appointed, in which case a minimum of one member is
required. The law firm may provide nominees for these positions.
4. Domicile
of the Foundation, if other than Panama.
5. Purposes.
6. Duration,
if other than ilimited.
7. Name of
the protector if required.
Registration
of a Private Interest Foundation takes approximately 3 to 5 working days.
No other
legal or administrative authorization is necessary after the
registration of the Foundation Charter in order to constitute the
Foundation as a legal entity.
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Structure
This
information has been provided by Patton,
Moreno & Asvat
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