Overview
Panama trust is governed by Law No. 1 of 1984. The law defines trust as "a legal act that transfers the property of the founder to the name of the trustee, and the trustee manages and disposes of the asset for the benefit of the beneficiary. The beneficiary can be the founder himself". Trust is regulated not only by this special law, but also by the general law involving contracts and obligations in the civil code and the trust contract itself. The trust trustee established in Panama is regulated by administrative regulation No. 16 and strictly supervised and managed by the bank supervision authority.
Panama trust is no different from Anglo Saxon trust in structure. Both are composed of the founder, trustee and beneficiary; The beneficiary and the protector may be the founder himself; Can be revocable or irrevocable. When the purpose of the trust set by the founder is impossible to achieve, the trust is revocable. However, Panamanian trusts must meet various procedures and be established through written documents. Therefore, trusts established by implication or orally are not recognized.
Among the many advantages of trust, the most important one is the trust of the trustee approved to practice. The approved trustee is managed and supervised by the same institution that regulates the operation of Panamanian bank. Secondly, the law grants tax immunity to the trust's income outside Panama.
Our company is a company with trust trustee service qualification approved in Panama. It is second to none in Panama and manages US $600 million of customer assets.
Advantage
• privacy according to the trust related laws of the Republic of Panama, the establishment of the trust does not need to be registered with the government. Therefore, the personal information of the settlor and beneficiary of the trust will not have public records;
• section 22 of the confidentiality Trust Act provides that violations of trust confidentiality are punishable by up to six months' imprisonment or a fine of $50000;
• the use of testamentary trust can avoid the cost, time delay and disclosure of the founder's assets in court proceedings;
• the trust can be used to hold the company's shares. Although the shareholders themselves transfer the ownership of the company's shares from the legal level, they still have the right to control the company's assets.
• professional management and control tool trust is an excellent property management and planning tool, which can more effectively manage the assets of the founder of the trust for the benefit of the beneficiaries;
• effective asset preservation tools, because assets under the trust can not be used to repay the debts of the founder or beneficiary, and assets under the trust can not be seized or disabled
Information and documents required for the formation of the trust:
Trust name (if required): we need at least 3 alternative names in order to approve the name more timely;
Notarized identity certificate: notarized copy of passport or ID card of the trust founder and beneficiary (reflecting complete personal information and current signature), in duplicate; If it is a legal person, a notarized copy of its establishment certificate must be provided. The founder of the trust must be a natural person or a legal person who has reached the age of 18 (including 18);
One bank credit certificate and one business recommendation letter respectively. Our company can provide samples of business recommendation letters;
Copy of notarized address certificate: bank bill and water and electricity payment document in duplicate
Registration application procedure:
Fill in form M - new customer registration form and provide credit certificate or business recommendation letter;
Fill in the form icas-mmg trust trust trust / fund registration application form, and the selected trust name can be confirmed after 1 working day;
Confirm the required service content, sign the agreement and pay;
The establishment will be completed within 15 working days, and a full set of trust documents will be sent to the customer by express mail
Other information:
Panama trust may not have a name, and its name has no legal effect and is only used to distinguish various trusts;
The settlor of the trust may not be the beneficiary of the trust, and they may be natural or legal persons of any nationality;
Natural persons under the age of 18 may also be recognized as beneficiaries, but their rights and interests will be temporarily represented by their guardians;
The purpose of establishing a trust is diverse and can be carried out according to the special needs of customers. The lawyer's fees will be calculated separately based on the workload;
If the place of registration changes the International Trust Law and increases other expenses, the increase shall be borne by the customer.