Frequent Questions

The Public Limited Company is a legal figure used to carry out commercial activities while the FIP cannot pursue profit (with some exceptions), so its main objective is to protect assets.

The SA is made up of shares and shareholders while in the FIP there is the figure of the founder, the beneficiary or beneficiaries and the Foundational Act. The founder is the creator of the foundation and the beneficiary is the one who will receive the benefits of the foundational patrimony (founder and beneficiary may coincide). The Foundational Act is a private document where the beneficiaries are stipulated, and is therefore used by the FIP as an alternative to the will.

The FIP does not file an annual income statement as the SA does.

Normally between 3-7 days.

Generally yes. But you have to take into account that your physical presence will be required to open the account and present all the documentation requested by the bank.

Depending on the bank between 15-30 days if you have all the required documentation, otherwise you will have to request it and therefore the time period will be extended.

No, residence is not a requirement to have business relations in Panama.

No, this tax was repealed in Panama since 1969.

The FIP is better than a trust or a trust as it contains the best of each figure. The trust is a declaration of will. The trust is a contract. The FIP is a legal entity that allows the designation of beneficiaries, making it a more suitable vehicle for any type of transaction.

The spouses. Minor children. Children up to the age of 25, as long as it is shown that they are studying.

No, according to article 708 (12) of the Tax Code of Panama.