The Panama private interest foundation has a number of important people at different levels. Let us have a look at the cast of characters in the Panama private interest foundation.
The foundation begins with a founder. This could be you or the person who files your papers with the public registry in order to register the foundation. It is the law firm who will register the foundation for you.
Then we have the Panama foundation council. Each foundation has a council and every member is recorded in the public registry. The council of members may or may not know the identity of the beneficiary. Every council member will give you a letter of resignation if he wants to resign. The council of members will not have any banking privileges and they have no control over the assets.
The Panama foundation protector is appointed by the council. The protector’s identity can be hidden from the public records. The protector controls the foundation after he is anonymously appointed by the council. The protector may then change the council. He writes a private set of instructions which are not mentioned in the public registry. The instructions define the objectives of the foundation.
There are no beneficiaries in a Panama foundation. This is because no one is said to own the foundation. It is actually a legal entity that operates so that the beneficiaries benefit. The beneficiary could be any entity including the protector. For example, you can appoint yourself as the beneficiary and protector at the same time. Each foundation should have a registered agent. This could be a single attorney or a law firm that to take charge of the legal proceedings and matters of the foundation.