Due to the fact that an automatic exchange of tax information between countries is being introduced at the international level and the concept of banking secrecy is collapsing, one of the reliable ways to protect assets is the Panamanian Fund. A Private Foundation in Panama can be created by a private person or group of individuals, family members, legal entities and public organizations. Based on the Panama Private Foundations Act of 1995, which is constantly updated, the Panama Foundation is considered a separate entity and is independent of the influence of the Founders. It is able to reduce the costs of company owners in the case of managing corporate or trust assets on behalf of the fund, and will also ensure anonymity to the beneficiaries. Benefits of a Panama Private Fund. In many countries, such as: USA, UK, Canada, Spain, Italy and others, there are certain rules for levying taxes (Controlled Foreign Corporation (CFC)). By submitting a declaration to the tax authorities, citizens of these countries are obligated to declare that they are shareholders of certain foreign corporations and as a result of which tax pressure increases. Therefore, a Panamanian offshore Fund can be created with the aim of managing and maintaining the property of foreign corporations so as not to be visible, while the owner can anonymously manage the corporation. Also, the Private Fund in Panama is one of the best tools for distributing capital to its heirs and a worthy alternative to trusts.
To learn about this topic and not only you can here - https://www.irs.gov/charities-non-profits/charitable-organizations/private-foundations
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