The use of foundations has become more common than before and are a civil law alternative to trusts.  Foundations are perfect for those who don’t want to lose control.

Using a Private Interest Foundation removes ownership from one’s personal name and transfers ownership in the name of an entity that does not have owners.  The privately appointed beneficiaries remain anonymous.

A foundation is a registered, independent legal entity.  As such, it can purchase and hold assets of any kind; the foundation council manages said assets.

The Private Interest Foundation legislation has very clear provisions limiting claims against the founder.

The Private Interest Foundation is a discreet vehicle which can be used to open and operate bank accounts; offer testamentary protection to administer and distribute family wealth.  A Private Interest Foundation can act as philanthropic organization for religious institutions, and a holding entity that functions as the owner of other corporations.

The Private Interest Foundation has two main parts, the articles of constitution and the foundation charter.  The foundation charter is the key item in the correct administration of a private interest foundation.

Assets transferred into a foundation must be correctly done by the legitimate owner of the assets.  This will ensure the protection sought.  The incomplete or incorrect transfer of assets is the greatest pitfall of both trusts and foundations.

Aspen Legal Services in Panama 

will assist in preparing a correct foundation charter and will ensure that the transfer of property complies with panamanian legal requirements.