ILGLaw

Legal Solutions for Innovative Ideas

24/05/2023

🟡Are the assets of a Panama Foundation protected against creditors?

⚫️Yes, for all legal purposes, the assets of the Panama Foundation shall constitute an estate separate from the founder's personal assets and may not be seized, attached, or subject to any precautionary action or measure, except in the case of obligations incurred, or damages caused by actions taken fulfilling the purposes or objectives of the foundation, or of legitimate rights of the foundation's beneficiaries. In no event shall such assets be affected or utilized to respond to the personal obligations of either the founder or the beneficiaries.

Traditionally, all the assets of a person are exposed to the payment of every one of their obligations to creditors, each creditor with an order of priority, which obviously generates uncertainty in relation to the financial situation of an individual, his family, or business. Foundation’s characteristics and structure make it possible to separate certain assets from the founder's personal assets, guaranteeing the legal autonomy of those assets. Based on this, the founder's creditors may not attack the assets of the foundation due to the founder's personal obligations. Once the foundation is created, the creditors can only attack the assets due to the debts of the foundation itself and not of its founder or beneficiaries

This is not to say that a foundation is immune from legal action. It does, however, imply that any lawsuit must be brought in that specific jurisdiction and must meet the legal requirements of the causes of action recognized in that country. Even in circumstances where a cause of action may be brought, the specific jurisdiction may limit the time period during which this can occur. The right to pursue legal action is legally eliminated once the statute of limitations time has passed.

17/05/2023

🟡Who may establish a Panama Foundation?

⚫️Panamanian law provides major flexibility to the Founder as he/she/it:
- can be a Panamanian national or a foreign individual;
- can be an individual or legal entity;
- can act directly or through third parties;
- may be domiciled in any jurisdiction;
- does not need to present in Panama to create the Foundation; and
- there can be one Founder or multiple founders.

As such, a Panama Private Interest Foundation can be formed by one or more individuals or entities operating in their own name or through another person (for example, a client's representative in Panama which can be provided by our firm).

10/05/2023

🟡Can a foreign foundation change its jurisdiction and become a Panama Foundation?

⚫️Yes, foundations established under foreign law may continue to operate as Panama foundations by meeting the Foundation Law's flexible conditions. This is known as the "re-domiciliation" of the Foundation and it's a straightforward process., As a result of this, a number of Liechtenstein foundations have already chosen to change their jurisdiction and continue operating as Panama foundations

09/05/2023

🌴The Panamanian crypto artist Itzel Yard, better known as Ix.shells, expert in generative and digital art, designed the recent cover of Fortune magazine, in NFT format.

🌴This is the second-ever NFT cover dropped by the magazine Fortune . The piece, titled titled "Fortune: Crypto Climbs Back From The Worst Year Ever", contains an animated NFT version of the historic cover, which will be distributed as a limited edition for the April/May 2023 U.S. of the magazine and the sole cover of the Europe and Asia editions

🌴 Ix Shells, is a self-taught creative coder and artist based in Panama who has become one of the most well-known names in contemporary generative art. Yard’s artwork symbolizes hope for the crypto community, which has become a significant component of her artistic practice.

🌴“The algorithm I used to make the artwork is something that expands pixels and can convert a small black square into a more extensive geometric shape,” said Yard. “For me, it looks like when I’m walking in the middle of a city and I look up and see all the buildings.”

08/05/2023

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Our guide is packed with valuable information on how to establish and manage a private interest foundation in Panama. From understanding the legal requirements to choosing the right foundation structure, we cover everything you need to know to get started.

Don't miss out on this valuable resource – download our Guide on Private Interest Foundations in Panama today and gain the knowledge and tools you need to succeed. Whether you're an entrepreneur, investor, or simply interested in learning more about private interest foundations, our guide is an essential tool for success.

So what are you waiting for? Take action now and download our guide today! With our expert insights and guidance, you can navigate the world of private interest foundations in Panama with confidence and ease.

📲📲📲Send us a DM with the Code PIF2023 and your email address to receive the complete information and set up your .

03/05/2023

Having a nominee directorship agreement allows you to have flexibility

As a beneficiary, you will instruct how exactly nominee directors will vote and execute specific actions.

The nominee directors may not exercise the voting rights and other rights inherent and derived from the condition of the director of an entity, except in accordance with the written instructions given by the beneficiary.

Do you have any questions about nominees, do not hesitate to contact us

01/05/2023

Happy International Labor Day! Today we honor and celebrate the hardworking individuals who make our world go round. From the farmers who grow our food to the healthcare workers who keep us healthy, every job is important and deserves recognition. Let's take a moment to thank and appreciate the labor force for their tireless efforts in building a better future for all of us. Remember, together we can achieve anything! 🌎💪🏼

28/04/2023

🟡STEPS TO CREATE A PRIVATE FOUNDATION IN PANAMA 🇵🇦
The process of opening a in Panama can be divided into three stages:
1️⃣ Draft the Charter
The first stage requires a unilateral declaration of the Founder(s), this is a solemn but flexible act. The solemnity is that the founder’s declaration must be expressed in written form in an act called the foundation charter. In accordance with Panamanian Law, to establish a Private Interest Foundation, only a foundation charter is required, which can be drafted anywhere in the world and in any language, and which must be signed by the Founder(s). The foundation charter requires complying with Art. 5 of the Private Foundation’s . After the foundation charter is written, it requires an ad probationem formality, which is the authentication of the signature of the Foundation Charter by a Public Notary.
2️⃣ Notarize and Register the Foundation
The second stage centers on the approval of the foundation’s legal personality. The Law requires as a formality of publicity, meaning that the Foundation Charter should be protocolized by a Public Notary of Panama by a public deed, and then required to be registered in the Panamanian Public Registry. It is from the time that the registration in the Public Registry is finished, that the Foundation acquires legal personality and has effects against third parties. The foundation then needs to obtain a tax registry number from the Ministry of Economy. It is from this moment that the Foundation can acquire all kinds of assets, and contract obligations and be part of transactions independently from its Founder.
3️⃣ Transfer the
The last stage regards the constitution of an autonomous and separated foundational patrimony. Once the foundation acquires legal status, the Founder(s), or third parties, will transfer of the assets to the foundation, to constitute the foundational patrimony. The transfer of the assets is done by a public or private document, depending on the nature of the goods. When the transfer of assets is formalized, then those assets officially cease to be part of the founders(s) and now are owned by the foundation.

26/04/2023

You can set up a legal structure in Panama without the need to be physically present in the country, this includes and .

The documents can be signed with or signature. If you choose to use an electronic signature, the e-signature certificate is needed accordingly.

25/04/2023

⚪ The European Union became the first significant jurisdiction in the world to enact a new crypto licensing regime, Markets in Crypto-Assets (MiCA), by a vote of 517 to 38, with 18 abstentions.

🟡 After two successive delays, the European Parliament has finally held the final vote on the Markets in Crypto-Assets Act, known as MiCA. The law, which was initially submitted in 2020, must now receive approval from the European Council in order to be published as an actual regulation.

⚪ With MiCA, European officials hope to create a uniform legislation that will establish unified regulations for digital assets at the EU level, giving digital assets legal security. The rule would create standards for the management, organization, and governance of token issuers for digital assets. Additionally, it will provide guidelines for the disclosure and transparency standards for crypto issuing and trading.

🟡 Most people see the regulation with cautious hope. However, the 400-page document, which was mostly put together a few years ago, has a few problems. Decentralized finance (DeFi) is typically not included in the current draft, nor is the expanding industry of cryptocurrency lending and staking, nor are there any restrictions for nonfungible tokens. (NFTs).

⚪ Janet Ho, head of EU policy at Chainalysis, made the observation during a recent panel discussion during Paris Blockchain Week 2023, noting that the success of MiCA will depend on robust input and the revision of specific portions of the documentation. Nadia Filali, the director of the Caisse des Dépôts Group's blockchain program, joined him and emphasized the significance of governments, regulators, and industry players defining the rules jointly.

21/04/2023

Here is the list of -Friendly Banks/ / around the globe🏦🌎

🌎EUROPE
🇫🇷 France
Delubac & Cie
Société Générale
SG Forge

🇩🇪 Germany
Bankhaus Scheich
Hauck Aufhäuser Lampe
N26
Solarisbank
Wertpapierspezialist AG

🇪🇪 Estonia
LHV
Striga

🇱🇮 Liechtenstein
Bank Frick
LGT Bank
Mason Privatbank

🇲🇹 Malta
Agribank
Paytah

🇨🇭 Switzerland
SEBA
Sygnum Bank

🇬🇧 UK
Barclays
BCB Group
ClearJunction
Copper
Royal Bank of Scotland
Standard Chartered

🌎Middle East
🇦🇪 United Arab Emirates:
Emirates NBD:
RAKBANK

🌎Asia
🇯🇵 Japan
Bitbank
Minna no Bank
Nomura
Sumitomo Mitsui Trust
The Shikoku Bank
Tokyo Kiraboshi Financial Group

🇸🇬 Singapore
DBS
Juno
OCBC
SEBA

🇨🇳 China (for Hong Kong)
Bank of China
Bocom
Development Bank
Shanghai Pudong

🇰🇷 South Korea
Kookmin Bank
NH Nonghyup
Shinhan
Woori

🌎Americas
🇺🇸 United States
Bank of New York Mellon
Citigroup
Coinbase
Customers Bancorp
First Republic
Genesis Global
Gemini
JPMorgan Chase
JPMorgan/onyx
Kraken
Pathward Financial
Signature
Western Alliance

🇨🇦 Canada
Black Banx

🇵🇦 Panama
Towerbank

🇧🇷 Brazil
Banco do Brasil
Itaú Unibanco

🌎Australia
🇦🇺Australia
Chrono Bank
Macquarie Bank
Westpac

Dirección

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0800

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+50762531634

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