We will be answering your query as soon as possible as is our custom. We take this opportunity to inform you that for reasons of the World Youth Day which will take place in our country, government offices will be closed as well as the main access routes, therefore, for safety and logistics issues our offices They will be closed on Thursday, January 24 and Friday, January 25, although our offices will not be open, our attorneys will remain available for any emergency that arises as long as it is not related to paperwork in government entities. We will return to our work on Monday, January 28.
The trust is a legal act whereby a person called the settlor transfers property to a person called the trustee to manage or dispose of them in favor of beneficiary, who may be your own trustee.
Where a trust set up according to Law 1 of 5 January 1984, is deemed taxpayer to the trustee, who determines the tax in accordance with the general rules applicable to natural persons.
The trust assets constitute separate assets of the personal property of the trustee for all legal purposes and may not be confiscated or seized, except for obligations incurred or damages caused during the execution of the trust, or by others where it has been transferred or retained property for fraud and prejudice to their rights.
As a result, the trustee will separately pay the tax, fee or other charges that cause the trust assets.
Are exempt from all taxes, contributions, or tax acts of creation, modification or termination of the trust, and acts of transfers, transfer or encumbrance of the property given in trust and the income from these property or any other act on them, provided that the trust be about:
Assets located abroad;
Money deposited by natural or juridical persons whose income is not Panamanian source or taxable in Panama.
Shares or securities any kind, issued by companies whose income is not of Panamanian source, even if such shares or securities are deposited in the Republic of Panama.
Exempt from income tax in terms of profits.
Allows use in all types of business transactions, transfer of property or administrative relations.
These are legal instruments are perfectly suited for estate planning and asset protection.
You can achieve general purposes such as bypass the probate proceedings, reduce the level of taxes, and obtain administrative professional asset management, confidentiality.
To constitute a guarantee for financial or commercial transactions.