Panama is a well established international financial centre and a secure jurisdiction for private foundations.
Some advantages include:
- Economic stability, strategic location, English and Spanish speaking environment
- Very good international flight connections, in particular to the United States
- First-class infrastructure in Panama City
- Unspoiled nature, beautiful beaches, rich culture
- US Dollar is the official currency
- One of the world's leading banking centres
- Attractive lifestyle
- Attractive conditions for residence
- Possibility to obtain a passport immediately, citizenship after five years
- Tax-free environment for business and residence
In Panama to form a Private Foundation the Charter (equivalent of M&A) must be prepared stating the name (must include the word "Foundation"), and the names of the Foundation Council (like a board of Directors) which must be 3 natural persons or 1 corporate. The initial endowment must be not less than USD$10,000. The council has power to manage the fund.
Combining a Foundation with an IBC or a Panama Corporation is a very effective planning structure. It provides a confidential offshore estate plan to protect wealth, both now and in the future.