Our country has an important geographical position in the center of America, between the Pacific and Atlantic oceans. Panamá is one of the main international financial centers in the region and has more than 100 local and international banks and, although the official language is Spanish, our professional staff speaks English.
The country is host to the main free trade zones in the world. A world-class logistics center has been created with the Colon Free Zone in the Caribbean and the Panama Pacific Special Area in the Pacific, connected by the Panama Canal, the railway and the hub of the Americas at Tocumen International Airport. The Panamanian economy is based on the provision of logistics services and international trade, financial services and tourism. The balboa is the national currency; however, the US dollar circulates freely as the official currency.
Panama’s maritime registry is one of the largest in the world thanks to the Canal. This magnificent work, initiated by the French and concluded by the Americans, is known as the eighth wonder of the world. The Canal recently underwent an important expansion process, which is providing the country with substantial growth.
Panama is one of the most developed countries in the region, with sustainable economic and tourism growth.
Companies and corporations in Panama
Corporations in Panama are regulated by the provisions of the Commercial Code and Law No. 32, in force since 1927, which has recently been modified to modernize it and adapt it to the new international requirements.
Relevant aspects of companies and corporations in Panama
Private interest foundations
Private interest foundations (PIF) are basically a hybrid between a trust and a public limited company and constitute an efficient and versatile legal vehicle to plan family succession and protect assets, manage bank accounts, carry out stock market transactions, control and exercise stock rights and own real estate, among others.
We have extensive experience in the establishment of private interest foundations and provide our clients with advice to adapt the use of this instrument according to their needs.
The most important benefits offered by a private interest foundation to any investor are confidentiality, protection and control.
Private interest foundations have three basic figures in their structure: the founder, the Foundation Council and the beneficiaries. There is another figure that is the protector, which is optional.
The foundation is a legal entity with full capacity to act alone against third parties. Therefore, all assets transferred to it will be registered in its name, similar to what happens when assets are transferred to a public limited company.
The foundations grant special protection to the assets transferred to it. In addition to becoming a separate and non-seizable estate, any claim by creditors or third parties against contributions of assets to the foundation prescribes three years after the transfer has been made.
The goods transferred in favor of the foundation, as well as the distributions it makes in favor of the beneficiaries and the income it obtains, are exempt from taxes in Panama, as long as they are executed outside the Republic of Panama.