It may be obtained through the following methods:
Private instrument subscribed by the founder, whose signature must be authenticated by a Notary Public;
Before the Notary Public of the place of constitution. In case the foundation is to be formed to have effect after the founder´s death, testamentary grant formalities are not required.
The foundation instrument must contain:
- Name of the foundation which must not be identical or similar to any other existing foundation in Panama. The word “foundation” must be included in the name;
- Foundation Capital. No less than US$10,000.00;
- Names and addresses of the foundation board members to which the founder may belong;
- Domicile of the foundation;
- Name and domicile of the foundation’s resident agent (lawyer or law firm) who must authorise the foundation instrument before its registration at the Public Registry Office;
- Purposes of the foundation;
- Procedures to appoint the foundation´s beneficiaries, amount which the founder may be included;
- Reserve of the right to modify the foundation instrument when deemed convenient;
- Duration of the foundation;
- Destiny of the foundation assets and liquidation procedure upon dissolution, and;
- Any other lawful clauses the founder deems convenient.
Private interest foundations must seek non-profitable purposes. Nevertheless, commercial activities may be carried out and capital stock rights may be enforced by the foundation as long as the outcome of such activities is destined to the foundation´s purposes.
Private Interest Foundations and transfers to the foundation are irrevocable.
This Board must have a minimum of three (3) members, in the case of natural or juridical persons. Its main function is to fulfil the foundation purposes.
Besides the foundation board, the foundation instrument may provide for the appointment of supervisory organs ( custodians, auditors, or any other similar) appointed by the founder or majority of founders.
Specific causes are established in the Law, but in general they may be perpetual.
Foreign foundations may be registered in Panama and continue its legal existence as private interest foundations in the Republic of Panama. Likewise, private interest foundations constituted according to Panamanian Law and its assets, are entitled to be transferred to another jurisdiction.
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