For excellent asset protection and estate planning opportunities look to Panama. Panama’s banking laws and the structures of Panama Foundations and Bearer Share Corporations favor asset privacy. A Panama private interest foundation can be used instead of a trust for asset protection in estate planning. Consider asset protection and estate planning in Panama.

Panama Foundation, Asset Protection, and Estate Planning

Use a Panama private interest foundation as a holding entity for asset protection and privacy. Estate planning with a Panama private interest foundation may be easier than a trust and more private.

A Panama private interest foundation has no owner. The founder and council of the foundation will not know your name. You can act as the “protector” and name yourself as the beneficiary. A simple letter naming your heirs as the foundation beneficiaries and protector at your death will suffice to pass all foundation assets to them.

Consider joining a foundation with a Panama bearer share corporation for increased asset protection in estate planning.

Panama Bearer Share Corporation, Asset Protection, and Estate Planning

Why a Panama bearer share corporation? For those who prefer to hold their wealth in anonymity a Panama bearer share corporation may be one of the world’s best vehicles for asset protection and estate planning. Such a corporation can do business, hold assets, buy and sell assets, and do all of this in privacy. Any income derived off shore from Panama is not taxed in Panama. Any banking done in Panama is anonymous as Panama has no banking treaties with other countries and for asset protection the bank account will show the Panama bearer share corporation as the owner of the account and not you. Combining such a corporation with a Panama private interest foundation provides exceptional asset protection.

For asset protection for estate planning a Panama bearer share corporation has no recorded owner. The owner of a Panama bearer share corporation holds physical certificates of stock of the corporation. The Panamanian public registry has no record of the person’s name.

Panama Banking, Asset Protection, and Estate Planning

Setting up a bank account in Panama provides a level of privacy for your bank account not seen in other countries. Panama has no tax treaties with other countries. The privacy of a Panama bank account makes fishing expeditions from your home country very difficult as assets in a Panama bank account are very hard if not impossible to discover.

For another level of bank account privacy and protection of assets in estate planning is that Panama law specifies that any regulatory activities of the banking commission be carried out on a collective basis and not on individual accounts.

If the individual sets up a Panama bearer share corporation for even further asset protection then the corporation and not the individual is the owner of the Panama bank account.

Panama Attorneys, Estate Planning, and Asset Protection

The use of a Panama attorney or law firm to set up both Panama bearer share corporations and Panama private interest foundations provides greater asset protection in estate planning as attorney client privilege guarantees attorney client privilege. Further asset protection for estate planning is afforded by the fact that the law firm or attorney chooses the corporation directors complete with signed letters of resignation. These individuals will not know the name of the person holding the corporation’s stock certificates.

Likewise for a Panama foundation the person who registers the paperwork, the founder, as well as the foundation council are chosen by the law firm and have no knowledge of the identity of the “protector” or the “beneficiary” of the foundation. For asset protection in estate planning this is ideal as the same rules apply to your heirs.

As with All Financial Advice

As with all financial advice seek the council of a reputable attorney in Panama. For more information or a referral please contact ABPanama.