What's the best strategy for asset protection and wealth preservation in Panama?

The short answer to the best strategy for asset protection and wealth preservation in Panama involves a Private Foundation.  This is a complex issue and you need to take professional advice.

Be aware that "Joint Ownership with Right of Survival" does not exist as a way to hold title to property in Panama, and the Panamanian version of probate is complex and VERY expensive.  

The short answer to the best strategy for asset protection and wealth preservation in Panama involves a Private Foundation.  This is a complex issue and you need to take professional advice.

Be aware that "Joint Ownership with Right of Survival" does not exist as a way to hold title to property in Panama, and the Panamanian version of probate is complex and VERY expensive.  

The best strategy for asset protection and wealth preservation in Panama is through a Private Interest Foundation.  A Private Interest Foundation is basically a merge between a Panamanian corporation and a trust.  It´s main purpose is to hold and protect assets of all kind; therefore, assets can be real estate (a house, an apartment or land), cars, bank accounts, trusts, valuable items such as jewelry, fine art or anything that has a value to you. 

 

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The best strategy for asset protection and wealth preservation in Panama is through a Private Interest Foundation.  A Private Interest Foundation is basically a merge between a Panamanian corporation and a trust.  It´s main purpose is to hold and protect assets of all kind; therefore, assets can be real estate (a house, an apartment or land), cars, bank accounts, trusts, valuable items such as jewelry, fine art or anything that has a value to you. 

 

The beauty of a Private Interest Foundation is that none of the assets that it owns can be seized for legal commitments different from the ones the Private Interest Foundation acquires. 

 

Furthermore, a Private Interest Foundation works as a living trust.  Through a private and confidential document drafted by your attorney, the founder (owner) of the Private Interest Foundation can indicate who is to get the assets that it holds and in what percentage.  Once the founder dies, the assets immediately are transferred to the heirs without having to go through a Panamanian Court or Probate.  You can make modifications of heirs as many times as you want.

 

Unlike corporations, Private Interest Foundations are not mechanisms to run business on a regular basis.  If you plan to run a business in Panama, the strategy would be to create a corporation and have the Private Interest Foundation own the corporation´s shares, as well as all assets that the owner of the corporation would like to keep as family heritage.

 

Private Interest Foundations are very practical entities.  They can open bank accounts and own property of any kind.  And when used by knowledgeable Immigration Attorneys, Private Interest Foundations can help you get permanent residency in Panama.