Panamanian Private Interest Foundations (PIF) date back to 1995 and are widely used structures, mainly for family estate planning. PIFs may own physical assets and operate bank accounts inside and outside the Republic of Panama. They are governed by applicable Panamanian law, their foundation charter, and their internal regulations, which is a private document where the identity of the beneficiaries and the way funds and assets are to be distributed upon the death of said beneficiaries are established.

The extensive use of PIFs locally and internationally is due to their great flexibility, since the internal regulations can be entirely adapted to the client’s specific needs and requirements, and may be amended as many times as necessary during the lifetime of the principal beneficiary without major legal formalities. Another great advantage is that they allow greater control of estate planning during the lifetime of the principal beneficiary, while enabling the immediate transfer and distribution of assets to secondary beneficiaries in the exact manner set forth in the Internal Regulations—thus avoiding the costs and time involved in probate proceedings.

Legal advice regarding investing and developing tourist, residential, commercial and other projects.

• Obtaining concessions required from different government entities (e.g., Panama Maritime Authority, Public Services Authority, among others).
• Approval of Environmental Impact Studies before the Ministry of Environment (MIAMBIENTE), including filings before the respective government entities and coordination/negotiation with environmental consultants who prepare the study.
• Approval of preliminary projects, master plans, drawings, land-use allocations, and Horizontal Property regimes before the Ministry of Housing and Land Management, including coordination with surveyors, architects, and other professionals. Obtaining Construction and Occupancy Permits.
• Land segregations, division and splitting of properties, titling and other procedures required before the Public Registry of Panama and the National Land Authority, as well as other government entities, including coordination with surveyors, architects, and engineers.
• Registration before the Tourism Authority to obtain tax incentives (for tourism projects).

Panama’s Corporations Law dates back to 1927; since then, Panamanian corporations have been—and still are—globally recognized and widely used due to their security, ease of management, and effective regulatory system, quite similar to corporations in other foreign jurisdictions.

Today, a great variety of businesses worldwide are operated by thousands of Panamanian corporations. They can be used to operate complex businesses and structures or simply to manage bank accounts, administer any lawful business, or own property, whether inside or outside the Republic of Panama.

Panama’s accession to the 1961 Hague Convention (also known as the Apostille Convention) makes it very practical to use our corporations in all countries that are also parties to the Convention (most countries, including almost all of Europe, the United States, and most of South America), since the apostille on documents allows them to be immediately recognized by banking institutions and public and private agencies in any signatory country.

Panamanian corporations also offer the advantage that their assets constitute a patrimony entirely separate from that of their shareholders or owners, thus providing proper protection and limitation of liability.