Tax Planning and Asset
Protection
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Under Panamanian laws there are some legal instruments that, in
a fast, practical, and flexible manner, allow the creation of
tax planning and asset protection structures, apt for its use in
many activities and situations. This is the case of
Panamanian Offshore Corporations or Offshore Companies
and Private Interest Foundations.
PANAMANIAN
OFFSHORE
CORPORATIONS OR
OFFSHORE COMPANIES
Also known as
Offshore Corporations or Companies, these legal entities
facilitate asset trading and tax planning activities, either for
commercial or personal purposes, especially by using the method
of triangulation or re-invoicing goods or services,
a method that will result in great savings.
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PRIVATE INTEREST
FOUNDATIONS
According to Law 25
of June 12, 1995, Private Interest Foundations represent a
different alternative to Panamanian Offshore Corporations or
Offshore Companies, particularly when used for asset protection
and being the perfect instrument for testamentary dispositions
or as a holding company.
Contrary to
Corporations or companies, Private Interest Foundations do not
have shareholders or stockholders and they can not develop
commercial activities in a habitual and continuous manner.
However, they can execute commercial acts in an accidental or
non habitual manner.
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Investments in Offshore Corporations
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Offshore corporations may be organized from any place where the
client may be and orders can be placed with no need to travel to
Panama.
OFFSHORE
CORPORATION'S ORGANIZATION ORDER FORM
This form is sent
after we receive an express demand from the client, to any given
address, and it contains the information required for the
organization of the corporation and our professional fees. Once
completed, it can be sent back to us by email or by fax
(507-264-6336 / 507-265-2379). |
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STANDARD
CORPORATION'S
CHARTER OR ARTICLES OF
INCORPORATION
Once the
information required for organizing the offshore corporation or
company has been given, we will proceed with the drafting of the
Corporation’s charter or the Articles of Incorporation. A
standard model will be used, unless when a particular structure
is required, for reasons related to the activities for which |
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the corporation is
being established and especially in relation to corporate
objectives, partition of shares, board of directors, or others.
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CORPORATE
PACKAGE
Our Law Firm offers
a corporate package, including the following:
1-
Notary services and registration
2-
Original Public Deed containing
the Articles of Incorporation (in Spanish)
3-
Stocks Register Book
4-
Minutes Book
5-
Standard minute authorizing the first stock's issue
6-
Renunciation from subscribers
7-
Five (5) stock's certificates
8-
General Power of Attorney (if solicited within the Articles of
Incorporation)
9-
Resident Agent fees (1st year)
10-
Corporate annual tax (1st year)
TIME FOR
INCORPORATION AND DELIVERY
An offshore
corporation can be incorporated in an average period of 48 to
72 hours, as long as we count with the necessary information
and we have received proper payment.
Time for delivery will depend on the place and availability of
courier services (FEDEX or DHL). Generally,
documents are sent within 24 hours after the incorporation
diligences are finished. |
Private Interest Foundations
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Private Interest Foundations may be organized even when Client
or the Founder is outside Panama and orders may be placed
without the need of traveling to this country.
PRIVATE INTEREST
FOUNDATION'S ORGANIZATION ORDER FORM
This form is sent
pursuant to an express demand from client or petitioner of the
Foundation, to his/her given address, containing the
information required for its organization and our fees. Once
completed, it can be sent back to us by email or by fax
(507-264-6336 / 507-265-2379).
FOUNDATION
CHARTER
After sending all
the required data or information, needed for the organization of
a Private Interest Foundation, we will proceed to make the draft
of the Foundation Charter, which is a standard |
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one, except in
the case where for reasons related to the objectives of the
Foundation, special instructions are given to us.
ORGANIZATION
Private Interest
Foundations are constituted by donations of assets, made by the
Founder or Third Persons, in order to fulfil the objectives
previously established in the Foundation Charter, for the well
being of the persons called the Beneficiaries.
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FOUNDATIONAL
PACKAGE
Our Law Firm offers
a foundational package, containing the following:
1-
Notary Services and Registration
2-
Original Foundation charter Original (in Spanish)
3-
Private Regulations (if solicited)
4-
General Power of Attorney (if
solicited within the Foundation Charter)
5-
Resident Agent fees (1st year)
6-
Annual Tax (1st year)
TIME FOR THE
ORGANIZATION AND DELIVERY OF DOCUMENTS
A Private Interest
Foundation can be organized in a period between 48 and 72
hours, as long as we have the necessary information and
payment of corresponding fees have been received.
Time of delivery
will depend on the place and availability of courier services,
FEDEX or DHL. Documents are usually sent within
the following 24 hours after the Foundation has been
registered.
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Investments in Real Estate
Property
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Panama, a center for
Real Estate Property Investments. During the last years, Panama has
turned into a destiny for investors interested in the real estate
property sector.
There are many good
offers and possibilities for vacation homes, real estate properties
located in retirement communities, small or big sized pieces of land
for constructing and developing hotels, homes, and apartment or
office buildings.
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Either in Panama
City, next to the beautiful coast line and beaches of the
Republic of Panama, or in different places located in many of its
provinces, you may find the property of your dreams. Besides Panama
city, worth mentioning are the town and surrounding areas of
Boquete, in the Province of Chiriqui, the area of Colon
Island, in Bocas del Toro, in the Caribbean Sea,
or rather, in the most southern part of the Provinces of Veraguas
and Los Santos, located in Azuero Peninsula, and the areas
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the National Park in
Coiba Island or in Las Perlas Archipelago, in the
Pacific Ocean, among others.
In all these places,
there is a construction boom for residential and tourism projects,
especially for pensioners or retirees, as second home options or
vacation resorts.
In Panama City there is
a concentration of projects consisting of medium to high level
apartment buildings, such as the ICE Tower, Palacio de la Bahía (Bay
Palace), or the well known Trump Ocean Club.
OUR OBJECTIVES
Having the experience
sufficient to help and guide you in the process of buying, renting,
promoting, finding, trading, and negotiating all contracts related
to real estate property investments that may be executed, our
objectives are to collaborate with you during the whole investments
process, helping you turn the transaction into a secure and simple
one, offering all the assistance, counselling, and necessary
information.
AUTHORIZED REALTORS
Attorney and founding
partner of this Law Firm, Ana Isabel Brin is an authorized Realtor,
under License No. 1385, duly issued by the Technical Board of Real
Estate Properties of Panama’s Ministry of Commerce and Industry. She
will assist you in finding a real property to buy, rent, or develop
in Panama.
¡Just
ell us what kind of property do you need and we will find it for
you!
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Investments in Bank Accounts
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OUR SERVICES
Our Law Firm also
offers the service of intermediation for helping investors with the
possibility of opening a bank account and making deposits of moneys
or values, in a safe manner, for the investor and for the Bank
accepting the investor as a new client.
Our duty is to give all
the information required for the fulfilment of the requisites
established by Banks, the Banks’ Supervisory Board, or the laws of
the Republic of Panama, serving as a communication bridge and
facilitating the process, especially, offering guidance and
assistance at the time of completing the required documentation.
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BANK WE WORK
WITH
The Law Firm Brin
Fábrega & Corbetti works with the most important international
and local banks in this country, such as HSBC, Banco
Atlántico, BBVA, Banvivienda, MultiCredit Bank,
and Banco General, among others.
TO KNOW THE CLIENT
In the process of
opening a bank account, it is our duty to comply with the required
legal principle of “knowing our client”. Therefore, we are
obliged to ask for commercial and/or personal information and
references from those persons who want to open a bank account in
Panama.
CONFIDENTIALITY
Our Firm will keep and
maintain the confidentiality required by Clients about their banking
operations and accounts. Administration and control of those bank
accounts belong to the client, directly, as a result of the
immediate relationship established between bank and client.
DO I NEED TO TRAVEL
TO PANAMA TO OPEN A BANK ACCOUNT?
With some banks, all
paperwork can be done from any country outside Panama. Generally,
Banks will require information and references about the applicant’s
commercial and banking history. And, sometimes, an interview or a
personal meeting with the future Officer of your bank account in
Panama may be necessary, at the Bank’s will or consideration.
HOW CAN I MANAGE MY
BANK ACCOUNT?
Once your application
is approved by the Bank, you may deposit and withdraw funds, order
money transfers, or give orders for investments, and receive check
books, credit cards, etc., even being outside Panama, usually,
through Online services.
CLIENT WILL HOLD
EXCLUSIVE MANAGEMENT OVER HIS ACCOUNT
Once the process of
opening the bank account has been finished, the Bank notifies us of
the approval and then, our duties finish, not having other
relationship or responsibility whatsoever with the account movements,
management, or transactions done in relation to it, due to the
discretion and confidentiality protected under the banking secrecy
laws effective in Panama.
REQUISITES FOR THE
OPENING OF CORPORATE OR PERSONAL BANK ACCOUNTS
The following
requisites must be completed:
1-
Two (2) bank and/or commercial reference letters duly legalized (with
the
Apostille seal or by a
Panamanian Consulate in the place where the letter has been issued),
on every person involved and for corporations, from each director,
shareholders, legal representative, and from all persons having
authorized signature in the account.Notary Services and Registration
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Copy duly legalized (in the same manner explained above) of the
passport
and another identification
document (i.e. drivers’ license) of all directors, shareholders,
legal representatives, and persons having authorized signatures on
the bank account. Original Foundation charter (in Spanish)
3-
Signatures on the application forms
4-
Information about the origins
and use of the moneys, as well as the monthly
or annual average
amounts to be received and maintained in the account (if solicited within the Foundation Charter)
5-
Signatures on all additional
forms required by the Bank (banking contracts,
authorizations, waivers,
etc.) |
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