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PRIVATE INTEREST FOUNDATIONS OF THE REPUBLIC OF PANAMA
The Government of the Republic of Panama approved Law No. 25 of June 12, 1995, that creates a new type of legal entity: PRIVATE INTEREST FOUNDATION.
Private Interest Foundations may be defined as an endowment or donation of a patrimony for a specific objectives or purpose in a document called Foundation Charter.
Private Interest Foundations have several practical uses. Being a permanent juridical instrument, shall offer the possibility to fix and follow for a long period of time inclusive after the death of the founder the ideas and objectives determined which he had in mind regarding to his patrimony.
Private Interest Foundation may take the place of a will (testament) with the advantage of being previously planned and it does not have to be opened before the judge nor carry out legal proceeding for settling the estate, which may be of public knowledge. As an instrument for family planning, the foundation is like a trust with the difference that the properties do not have to be assigned to third parties (founder of a trust) but a person may constitute his own Private Foundations. This offer to a person the possibilities and advantages not obtained from the ownership of a corporation or with the simple possession of a bank account.
Zuñiga y Asociados can provide legal assistance necessary in setting up a foundation and its rules, as well as its continuation.
MUTUAL FUNDS
Mutual funds are being constituted as a reliable investment vehicle, which provides the investors the possibility of apportioning the risk. Panama, since 1970, has allowed the creation and the activity of mutual funds. After the amendment of the provision of 1970, approved on July 2000, the segment has increased.
Zuñiga y Asociados can assist you in establishing mutual funds.
INDUSTRIAL PROPERTY
Panama improved its industrial property system by mean of Law No.35 of 1996. Due to this Law reactivation and considering Panama’s position in world commerce and trade, Panama is a convenient jurisdiction for the protection of industrial property.
Zuñiga y Asociados offers the service of representing your interests in filing and protecting trademarks.
IMMIGRATION AND NATURALIZATION
The migration and Naturalization Law establishes the proceedings and applicable regulations so that foreign citizens may enter and remain in the country, either in transit or permanently.
Immigration Law establishes two basic visa categories for foreign citizens to remain legally in Panama: Temporary Visitor Visa and Immigrant Visa.
Our firm advises on all aspects of immigration by assisting clients in filing for immigration status, work permits, naturalization and other services.
REGISTRY OF VESSELS UNDER PANAMANIAN FLAG
Panama has an important Merchant Marine resulting from its geographical position and the Panama Canal. A lot of vessels worldwide carry a Panamanian flag obtained as result of its registration under our laws.
Some of the advantages of vessels registry:
1. The Panamanian vessel registry accepts ships from Panamanian and foreigner equally.
2. There are no restriction on size, tonnage or age of vessels.
3. Tax exemption over international transactions on commercial activities.
4. Tax exemption on utilities.
5. The procedure is simple and fast.
6. Fiscal incentives, such as discount in Registry Rights, which depends upon the quantity of vessels and the gross tonnage registered by the owner.
7. Banking facilities, maritime financing, maritime insurance and port facilities.
Our office also offers the services for registration and continuation of the registry of vessels.
LABORAL
We offer legal assistance in all topics relating to Labor Law. Our practice is oriented to provide counsel in the interpretation and application of labor, social security, health and safety at work laws, making such recommendations as appropriate, both for clients who intend to start operations in Panama and those already established.
ADMINISTRATIVE
We offer assistance in obtaining permits, authorizations and licenses required to conduct operations in the Republic of Panama. We also provide Legal assistance for administrative agreements, customs, bidding and license awarding processes based on the regulatory framework applicable to such processes.
REAL ESTATE
We also offer specialized services such as title searches, assisting in sales and transfers of real state property, mortgages, easements, land planning, and the establishment of horizontal property regimes.
OFFSHORE SERVICES
PANAMANIAN CORPORATION
The Corporation Law of the Republic of Panama has been in effect since the year 1932 and has been only slightly modified throughout the years, providing security and confidence.
To be at the same level of other new jurisdictions, in 1997 a new Law made it possible for juridical people to act as Directors, Officers, Founders and Liquidators; as well as allow meetings of the Board of Directors or Shareholders Meeting by phone or any other electronic way.
Our Firm offers legal consulting services for the incorporation and continuation of corporations under Panamanian Law.
OTHER JURISDICTIONS
As part of our international services, Zuñiga y Asociados can assist you in the formation and continuation of corporations in the following jurisdictions:
• BVI
• ANGUILLA
• NETHERLAND ANTILLAS
• BAHAMAS
• CAYMAN
• BARBADOS
• SEYCHELLES
• BELICE
We can also assist in the establishment of trusts, mutual funds, and captive insurance in the British Virgin Islands.
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