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domingo, 29 de abril de 2007

About Panamanian Trust

According to article 694 of the Fiscal Code, the income earned by any person, either an individual or a corporation, from sources outside of Panama, is exempt from taxes. Our legislation expressly provides that the following transactions are not subject to income tax in Panama:
- Distributing dividends from income earned by a company when that income is produced or earned abroad.
- Directing or managing, from an office located in Panama, operations and transactions that are executed, completed or take effect abroad.
- Invoicing to a company abroad, from an office located in Panama, the sale of goods for an amount greater than that at which said goods were invoiced to the office located in Panama, provided those goods are handled exclusively abroad.

The most important features of the Panamanian trust are:
- Article 37 of Law No.1 expressly guarantees the confidentiality for the execution of the trust. It provides that the trustee and his representative or employees or any other person involved in the execution of the trust must uphold the secrecy of the operation. The violation of this provision is penalized with imprisonment of up to six (6) months and a fine of up to US$50,000.
- The trust shall be created in a private document, with the only formality that the signature of settlor and trustee must be authenticated by a Panamanian Notary, so confidentiality is guaranteed. It is not necessary that the trust be executed in a public deed or be registered in any public register unless real property located in Panama is given in trust.
- The trust can contain any lawful clause as the needs of the settlor may require. According to articles 5 and 9 of Law No. 1, the trust may be created for any purpose provided it is not contrary to the law or public policy.
- The trust is not perpetual unless so is stated by the settlor in the trust. The trust should have its duration expressly stated. Also, it may be revocable or terminated before its expiration if it is so provided by the settlor in the trust agreement.
- Both the settlor and the trustee and/or beneficiary may be a corporation. They do not need to be individuals.
- To be consistent with the tax principles already mentioned, Law No.1 expressly states that the acts of executing, modifying and terminating a trust as well as the transfer, conveyance or encumbrance of trust funds and the income or interest produced by the assets and properties given in trust are exempt from all taxes, contributions, assessments or encumbrances, provided the trust involves the following assets:
Also, the Fiscal Code exempts from income tax:

1. The interest paid by banks located in Panama to their customers for savings accounts and time deposits kept in Panama;

2. The salary or fees earned by Directors, Officers and Executives of Panamanian corporations located abroad. These benefits have made of Panama the tax haven that it is today

info@abogadosconsultorespanama.com

sábado, 28 de abril de 2007

About Panama Private Interest Foundation

Is a legal entity that was developed based on the Private Interest Foundation models from three different jurisdictions including the Principality of Liechtenstein, Switzerland, and Luxembourg. The Panamanian Government carefully designed the Panama Private Interest Foundation with the intentions of creating a more modern, more flexible, and more affordable estate planning vehicle for people from around the globe. The assets of the Panama Private Interest Foundation take on a separate legal identity from the personal assets of the Founder, Protector, Council, or Beneficiaries.

The Panama Private Interest Foundation offers clear advantages for international estate planning, providing the ultimate in privacy, anonymity, and protection to the Protectors, Founders, and Beneficiaries of the Foundation. The Panama Foundation is a solution to a global need for an affordable, anonymous, flexible, private, estate planning vehicle that can be used to hold assets such as corporations, trusts, bank accounts, investment accounts, real estate, or any other type of asset.

Foundations come into existence upon registration in the Public Registry. No approval from any public authority is required. Law No. 25 of June 12, 1995 regulates them.

Panama Foundation Include:
Panama Foundation + Nominee Directors and General Power of Attorney
+ All apostilled Spanish and English corporate documents
+ Offshore Corporate Brokerage Account

For Only $1000 + Taxes (Courier)

Please contact us: info@abogadosconsultorespanama.com

About Panama Corporations

Panama corporations can be used for establish and own bank or brokerage accounts, international trade, to settle trusts or foundations, or hold ownership of real estate or any other type of asset. The Panama corporations in some cases are formed for very private and confidential business transactions such as the movement of funds to another jurisdiction for the protection of the assets. For more info, please contact us: info@abogadosconsultorespanama.com

Most other offshore jurisdictions, have bowed down to recent legislation that has begun the removal of bank secrecy in those British colonies around the globe. Panama is a totally independent nation, not governed or controlled by any other country in the globe and offers the most strictest banking secrecy laws available in the world, therefore providing legal protection to your assets and your identity through the private banking transactions and the confidentiality of corporate business.

Benefits of Panama Offshore Corporations:
- No reporting requirements.
- Direct control of business with complete confidentiality. Names of beneficial owners are not publicly available.
- No filing of changes to ownership schedule after registration.
- A legal address is not required for a Panama offshore corporation.
- No Citizenship or residency requirements of Owners, Directors and Officers.
- Stockholders' and Directors' meetings may be held anywhere in the world.
- Capital Shares may be issued in a nominative form, or to "Bearer" / the ideal protection of the Corporation owner's identity and total privacy.
- Funds and accumulated offshore profits can be deposited or invested in any country in the world without taxation in Panama.
- No Paid-In Capital at all.
- 3 Officers. Directors / natural persons for the Panama corporations.
- Officers and Shareholders may be of any nationality and resident of any country.
- Directors names and identifications must be presented in the public registry when the panamanian corporation is formed.

For purposes of confidentiality an as an optional service for the Panama corporations our office may provide "Nominee Directors". For this reason our clients prefer we provide nominee directors / officers. We deliver our clients with pre-signed, undated letters of resignation from our nominee Directors in our Panama corporation packages so that our client can replace them at any time.

* Panama offshore corporation Include : Panama corporation + Nominee Directors and General Power of Attorney + All apostilled Spanish and English corporate documents+ Offshore Corporate Brokerage Account
For Only $1000 + Taxes (Courier)

Contact us: info@abogadosconsultorerspanama.com

Procedures of Panama Offshore Corporation

Two or more persons of full age, of any nationality even though not domiciled, nor physically present in the Republic of Panama, form the corporation for any lawful purpose. Law #32 of 1927 imposes no restrictions upon ownership of shares by foreign citizens or corporations, nor are there any nationality restrictions nor residence requirements imposed upon directors or officers of Panamanian corporations under the said law.

Panama offshore corporations are formed through nominee incorporators in Panama, who execute the basic instrument (Articles of incorporation) before a Notary Public of Panama registered at the Public Registry office.

Articles of Incorporation may be executed anywhere, within or outside Panama, in any language, as long as the signatures are certified by a Notary Public, or by any other public officer at the place of execution thereof their signatures having to be legalized by a Panamanian Consul or apostilled.

Contents of Articles of Incorporation are prescribed by Article 2 of Law Number 32 of 1927, and may be summarized as follows:

- Name and domicile of subscribers or incorporators.

- Name of corporation, (not to be the same nor similar to that of another existing corporation in Panama), and shall include a word, phrase or abbreviation to indicate that it is a corporation. We request several possible names in order of preference, to avoid expenses and delays in communications.

- General purpose(s) for which the corporation is organized, i.e., commercial, shipping, trading, tourism, etc., and which may be ample and general.

- Proposed capital structure or authorized capital, including number, classes of shares, whether with or without par value, whether bearer or nominative (registered) shares, and if there are to be shares of different classes, number of shares in each class, designations and relative rights, preferences and limitations thereof.

- Authorized capital and par value of shares may be expressed in the currency of any country.

- Number of shares that each of the subscribers agrees to take.

- Domicile of the corporation, which may be in Panama or elsewhere, as well as name and domicile of its Resident Agent in Panama who must be an attorney or an attorney's firm.

- Duration of corporation which may be perpetual.

- Full names and addresses of at least three directors.

- Any other lawful clauses. It is usual practice to include full names of the first officers of the corporation consisting of at least a President, a Secretary and a Treasurer, as this affords a considerable time saving.

info@abogadosconsultorespanama.com

Welcome to Panama Legal Services

We are a Panama law firm with many experience that offers a wide variety of legal services, offshore corporations, private interest foundations, commercial licenses, escrow services and immigration. Also we offer other financial services like open bank accounts assistance, Panama banks, brokerage and merchant accounts, asset protection, estate planning and legal consulting.

We are going to explainning every service, step by step if you are interested only contact us: info@abogadosconsultorespanama.com

Thanks for your atention.