Foundations of Private Interest in Panama
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Private Interest Foundations at J. Gavrilidis
For all legal purposes, the assets of the private interest foundation shall constitute a separate estate from the personal assets of the founder. Therefore, they may not be seized, attached, or subject to legal action or precautionary measures, except for obligations incurred or damages caused in the pursuit of the foundation’s purposes or objectives, or for legitimate rights of its beneficiaries. In no case shall they be liable for the personal obligations of the founder or the beneficiaries.
Establishment of a Private Interest Foundation
- Through a private document signed by the founder, whose signature must be notarized by a public notary in the place of its establishment.
- Directly before a public notary in the place of its establishment.
Regardless of the method of establishment, the formalities established by the law that regulates private interest foundations must be complied with for their creation.
What should the Private Interest Foundation deed contain?
- The name of the foundation, which must include the word ‘foundation’ to distinguish it from other natural or legal persons of a different nature.
- The initial endowment of the foundation, expressed in any legal currency, which in no case shall be less than an amount equivalent to USD 10,000.00.
- The designation, including the address, of the member or members of the Foundation Council, to which the founder may belong.
- The address of the foundation.
- The name and address of the resident agent of the foundation in the Republic of Panama, who must be a lawyer or a law firm, and who must endorse the founding deed before its registration in the Public Registry.
- The purposes of the private interest foundation.
- The method of designating the beneficiaries of the foundation, which may include the founder.
- The reservation of the right to amend the founding deed when deemed necessary.
- The duration of the foundation.
- The purpose that will be given to the assets of the foundation and the method of liquidation of its estate in case of dissolution.
- Any other lawful clause that the founder deems appropriate.
The existence of legal provisions regarding inheritance matters in the domicile of the founder or beneficiaries shall not be enforceable against the foundation, nor shall it affect its validity or hinder the attainment of its objectives as outlined in the founding deed or its regulations.
At Gavrilidis, we specialize in Private Interest Foundations in Panama, providing detailed and personalized guidance to ensure that your foundation complies with all legal requirements. Our team of experts understands the complexities of Panamanian legislation, and we are committed to delivering effective and efficient solutions for the management and protection of your assets.
