If you have substantial assets and/or serious potential financial enemies the following asset protection strategy may be of value to you. It is not very complicated but it is highly effective.
Bullet Proof Asset Protection - What is done is an anonymous Panama Bearer Share Corporation is formed. The owner/stockholder of the Corporation is an anonymous Panama Private Interest Foundation. The anonymous Corporation is not owned by you and you can say so, plus the Panama Foundation really has no owner so you are not misrepresenting anything. Of course the Corporation can bank at one bank in Panama and the Foundation at another Panama bank, or they can both bank at the same bank and use the banks online banking to transfer funds from one account to the other without ever needing to send a wire or write a check. The Panama banking system has a Panama only ACH system allowing one to transfer money from one Panama Bank account to another even in a different Panama Bank. This is all done without using the not private international wire system and since it is Panama Bank to Bank, it is all covered by the Panama Bank Secrecy Laws. Also for some asset protection strategies the foundation may not have a bank account at all. Additionally, the Foundation or Corporation may have a stock brokerage account, own real estate in any country, own cars, boats etc. You can donate assets to the Foundation, transfer assets to the Foundation for an annuity, etc. We have formal contracts available on our price page for these arrangements. You could also work for the Foundation as an asset manager, investment manager, real estate manager, or any other relevant position by formal contract reducing your role to that of an employee only. The formal agreement could specify compensation, commissions, expenses, benefits etc. These formal agreements can be secret in that they do not appear in any public registry or database. They could also be notarized, apostilled etc. yet still very much private.
Another Protective Layer ?The Panama Foundation could decide to not have a bank account just own the shares of the anonymous corporation. You are not the founder of the foundation, we supply the founder. You can elect to not be a beneficiary of the foundation instead use relatives. Some countries may elect to treat a foundation as a trust, so in this case you would not be the beneficiary of the foundation (some governments may view a foundation as a trust). So if you are not the founder of the foundation, not the owner of the foundation and not a beneficiary of the foundation, along with not being the owner of the corporation does that leave you in a favorable position?
Now we need to look at protection aspects of this scenario pertaining to you keeping the assets managed correctly. Panama Foundations can have a position held by a person called a Protector. The Protector does not really have true control over the foundation but this position has features that will enable restful sleep at night. The protector can not initiate a transaction on behalf of the foundation. The protector oversees the activities of the foundation to make sure they are consistent with the purposes of the foundation. The protector can approve or disapprove any transaction the foundation undertakes. The employee of the Foundation like the investment manager which could be you operating under a general power of attorney from the Foundation or Corporation would need to have all activities approved by the Foundation Protector. Yes you could be the employee investment manager under formal contract and behind the scenes be the Foundation Protector. The foundation charter can state that for the foundation nominee council members (supplied by us similar to nominee directors of a corporation) to exercise any of their powers they must first have the written authorization of the Foundation Protector, committee or other supervisory entity appointed by the Founder (we are usually the founder and can do as you direct us at onset). The Foundation Protector does not appear in any public records or database.
Other Protective Layers ?The foundation can have three nominee council members or in place of this a judicial person such as a Corporation. A Panama Anonymous Bearer Share Corporation can be used in place of the three nominee council members. The ownership of this Bearer Share Corporation is based on who has the physical shares of stock which is never recorded in any registry or public database even if sold or transferred. A Panama Bearer Share Corporation can have three nominee directors or in place of this we could lawfully use three other Panama Anonymous Bearer Share Corporations which in turn could each have other corporations in place of nominee directors and one can readily see the trail of confusion that could be created to make pursuit by financial enemies a most difficult, costly and arduous task.
Imagine how hard it would be for someone trying to work through this maze of legal structures in Panama with the worlds strongest bank secrecy laws to establish a beneficial owner and don't forget the time it would take which would be years and the expense would be most substantial. Imagine trying to go to court and get orders to pierce all these corporate veils, and mind you this is a most difficult, costly and time consuming process which rarely if ever is successful in Panama. The chances of success for your financial enemies would be minimal at best and the expense would be massive, so the risk versus reward for them would not be a good choice. This can be overkill for some but can certainly be considered to be what is commonly referred to as “Bulletproof Asset Protection?(but please be advised that “bullet proof asset protection?is a subjective non-legal term).
Now you have an idea of what a law firm that charges $50,000 for asset protection is going to do. The largest purchasers of Panama Corporations and Foundations are Swiss Law Firms.
The above scenarios are fairly complex and not simple basic asset protection solutions. The material does require study time. Questions are always welcome.
We can custom design a number of asset protection solutions. Do give us a call and discuss your needs and we can offer suggestions.
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