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The Private Foundation was introduced in Panama by law N° 25 on June 12, 1995. Since then, more than 50,000 Foundations have been constituted in order to facilitate the transfer of wealth between family generations. Because of its flexibility and low cost, it has become the preferred instrument of those who wish to keep stern control over the management of assets, while establishing the rules of succession and guaranteeing that the Founder’s wishes will be respected and executed upon his demise.
The Panamanian Private Interest Foundation is a separate juridical person constituted with a purpose to be stated in the Foundation Deed; it can hold assets in its own name, and like a Trust, it has Beneficiaries whose rights to the foundation fund are established in a private document called the Foundation’s Regulations.
Axios offers expert advice on all aspects of the drafting and creation of the Foundation and works with clients and/or their advisors in establishing a clear plan for the preservation of wealth across generations.
In addition to the actual creation of the Private Foundation, Axios provides clients the services of Foundation Council and Protectorship of Private Interest Foundations. In this role, it guarantees that, upon the death of the Founder or the happening of another event established in the Foundation Charter, assets will be distributed to the Beneficiaries named in the Regulations, in the proportion, the manner and at the time therein specified. In the case of minors, elders or disabled persons, Axios is able to manage the assets and arrange for the payment of living, medical, education or other necessary expenses.
Axios may also work together with the investment advisor or manager appointed by the Founder in order to design an investment strategy that will enable the attainment of the purposes of the Foundation.