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The Benefits of Asset Protection using Panama Foundations

If you are considering a Panama offshore foundation for protection of your assets, consider the following to ensure that they will cover your requirements.

There are three main executive titles in a foundation. There is the Foundation Protector. This position is generally held by the person who is starting the foundation. Because Panama law states that foundations can not be owned by anyone, the protector position is created to ensure that someone has bank signing authority and is keeping the books.

Another position is a kind of technicality that law firms can work out. These are foundation nominee council members.These members provide to you, the protector, both signed, undated resignation letters and they assign to you the power of attourney so you can control the foundation yourself.Basically,your lawyer nominates people to act as council members.

Law firms can also appoint one to further the anonymity of the foundation.This is a foundation founder. The Foundation founder has no control of the foundation or its assets. In order to facilitate your anonymity, you do not need to be the foundation founder. One is simply appointed for you.

There is no limit to the amount of assets that an offshore foundation can own. Because foundations cannot conduct business dealings they can also own corporations. It is the corporations within the foundations that can conduct any business operations. The minimum amount of money that a Foundation can be started with is $10,000.

A foundation can be used as a sort of will or trust,by way of a secret letter of wishes. This is a letter created at the beginning of the formation of an offshore foundation naming a beneficiary of the foundation. Upon death, there are no estate or inheritance taxes charged to the asset amount.

A foundation needs to have three council members. Your lawyer can nominate people to act as nominee council members.These members provide to you, the protector, both signed, undated resignation letters and they assign to you the power of attourney so you can control the foundation yourself.

A foundation can be used for tax planning purposes as well. When a foundation owns a corporation, that corporation could generate income. As long as the income is not generated in Panama there is no income tax put on the amount.

As you can see, offshore foundations are beneficially used in many different ways. Panama has strong enforced laws to protect the various aspects of foundation use. They are the best way to protect your valued assets.

Article Source: http://www.inpop.net

Visit OffshoreLegal.org to get more information about panama foundations or asset protection

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