PATTON MORENO & ASVAT
 
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Business Letters
Getting the Deal Through – Loans & Secured Financing 2016 with contributions from Ms. Ivette Martinez. Reproduced with permission from Law Business Research Ltd. This article was first published in Getting the Deal Through: Loans & Secured Financing 2016, (published in August 2015; contributing editor: George E Zobitz, Cravath, Swaine & Moore LLP) For further information please visit Click Here
Tax Regulations in Panama: The Place to invest in the Americas by Elias Solis Gonzalez. This article appeared in the Lawyer Issue Magazine 2015 Click Here
The International Comparative Legal Guide to Shipping Law 2015 with contributions from Ms. Khatiya Asvat and Ms. Nadya Price

"This article appeared in the 2015 edition of The International Comparative Legal Guide to: Shipping Law; published by Global Legal Group Ltd
(http://www.glgroup.co.uk/), London.” (please hyperlink www.iclg.co.uk)
Getting the Deal Through - Aviation Finance and Leasing 2015 with contributions from Ms. María de Lourdes Marengo.

Reproduced with permission from Law Business Research Ltd. This article was first published in Getting the Deal Through: Aviation Finance & Leasing 2015, (published in June 2015; contributing editor: Mark Bisset, Clyde & Co LLP). For further information please visit
www.gettingthedealthrough.com
Adding new talents

Ensuring our firm’s commitment for continued growth, we are pleased to announce the addition of new associates and assistant attorneys to strengthen our legal team to guarantee our customers an efficient and timely service.

We welcome Demetrio Rodriguez, Harry Aswani, Jorge Ventre and Michele Hibbert, who with their talent, experience and dedication will join the legal teams in the Practice Areas of Administrative Law, Commercial Law, Immigration and Labor Law, Real Estate and Corporate Law, among others.
This article appeared in the 2014 edition of The International Comparative Legal Guide to: Shipping Law; published by Global Legal Group Ltd, London (http://www.glgroup.co.uk/)
Reproduced with permission from Law Business Research Ltd. This article was first published in Getting the Deal Through – Aviation Finance & Leasing 2014, (published in June 2014; contributing editor: Mark Bisset, Clyde & Co LLP) For further information please visit www.GettingTheDealThrough.com
This article appeared in the 2014 edition of The International Comparative Legal Guide.
New Law To Regulate Spin-Offs As Corporate Reorganization Scheme.
Securities Update: Regulation Of Forex Activities In Panama
Securities Update: Recognized Jurisdictions
Solar Energy Article
AMP Newsletter
This article was first published in Getting the Deal Through – Restructuring & Insolvency 2013, (published in November 2012; contributing editor: Bruce Leonard of Cassels Brock & Blackwell LLP). Reproduced with permission from Law Business Research Ltd. For further information please visit www.GettingTheDealThrough.com
A Practical Insight to Cross-Border Securitisation in 41 Jurisdictions
Tax update: Law 31 of 2011
Panama Chapter RI 2011
PMA Tax Update - Ley 49 - 2009
Offshore Banking Regulations in Panama
Hedge Fund Admin. Roundtable
Article published in Global Property Guide
Panama’s New Limited Liability Corporation Law
Article was first published in Getting the Deal Through – Restructuring & Insolvency 2009
Newsletter Immigration Law
"This article appeared in the 3rd edition of The International Comparative Legal Guide to: Securitisation ; published by Global Legal Group Ltd, London www.iclg.co.uk"

Private Interest Foundations

Panama created the Private Interest Foundation ("PIF") in 1995 taking characteristics from our corporations and merging them with elements from the European and Common Law Trusts.

FIPs are modern and flexible and at the same time their creation and maintenance big virtues in comparison to their cousins from the old continent. This makes them more attractive to those looking to protect their patrimony in an organized, confidential and budgetary manner.

FIPs are created by being recorded at the Public Registry through a Foundation Charter subscribed by the Founder, who can be any natural person or legal entity. The Foundation Charter must be complemented by the Foundation Regulation, which is the document that establishes the rules of administration and distribution of the FIP and its assets. The Regulations does not need to be recorded, protecting the confidentiality of its rules, assets and beneficiaries.

The FIP has 3 main members: (a) The Founder; (b) The Council, whose main purpose is the administration of the assets; and (c) The Beneficiaries, who receive the distribution and benefits of the FIP.

FIPs also allow for additional controls, useful for more complex cases, for instance in the case of a family with various generations vis-a-vis a smaller family. The law affords the creation of regulatory committees within the Foundation Charter, which can be attributed certain responsibilities, such as the approval of decisions by the Foundation Council. You can also establish obligations to existing committees, such as the presentation of reports by Council to the beneficiaries.

There are several advantages to FIPs, such as:

(a) Offer a fiduciary structure for organized transfers and the disposition of assets to beneficiaries after death of the Founder, basically replacing a testament, avoiding a probate process;

(b) The laws of inheritance applicable to the Founder and the beneficiaries do not affect the assets of the Foundation, nor do the laws affect the validity or execution of the main objectives of the Foundation;

(c) They may from time to time perform commercial actives, exercise rights relative to its securities and possess property and other obligations.

(d) The assets of the Foundation are considered legally independent and do not form part of the patrimony of the Founder. Said assets cannot be attached and may not be subject to any action or preventive means, with except under certain circumstances.

(e) FIPs are exempt of payment of any tax that results from its creation, amendments or dissolution of the same, as well as transfers or liens on the Foundation assets.

(f) The transfer of property, titles, deposit certificates, assets, funds, securities or shares undertaken in order to comply with the objectives of the Foundation, or its termination, in favor of relatives in the first degree or the spouse of the Founder are also exempted from all taxes.

It can be resumed that the Private Interest Foundations are malleable vehicles that can be structured to comply with the wishes and necessities of the Founder and/or his beneficiaries.

In addition, they are the perfect complement to be used with structures from other jurisdictions, such as companies from BVI, Belize, and also from Panama. With all these advantages, the flexibility in the structure and the legal certainty that regulates them, they are among the best instruments for asset protection.

Please contact Ivette Martinez, at imartinez@pmalawyers.com for further details on costs and incorporation requirements.

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