{"id":12076,"date":"2023-02-23T18:31:10","date_gmt":"2023-02-23T18:31:10","guid":{"rendered":"https:\/\/fosterpanama.com\/preguntas-frecuentes\/"},"modified":"2024-07-11T20:42:54","modified_gmt":"2024-07-11T20:42:54","slug":"preguntas-frecuentes","status":"publish","type":"page","link":"https:\/\/fosterpanama.com\/en\/preguntas-frecuentes\/","title":{"rendered":"Frequent Questions"},"content":{"rendered":"

[vc_section conditional_render=”%5B%7B%22value_role%22%3A%22administrator%22%7D%5D” el_class=”pt-4 content-top-carrusel” css=”.vc_custom_1719952437038{padding-top: 0px !important;padding-bottom: 25px !important;background-color: rgba(255,198,61,0.06) !important;*background-color: rgb(255,198,61) !important;}”][vc_row full_width=”stretch_row_content_no_spaces” animation_delay=”200″ conditional_render=”%5B%7B%22value_role%22%3A%22administrator%22%7D%5D” animation_type=”fadeIn”][vc_column conditional_render=”%5B%7B%22value_role%22%3A%22administrator%22%7D%5D”][vc_raw_html css=””]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[\/vc_raw_html][\/vc_column][\/vc_row][\/vc_section][vc_section full_width=”stretch_row” conditional_render=”%5B%7B%22value_role%22%3A%22administrator%22%7D%5D” el_class=”pt-4 content-top-carrusel” css=”.vc_custom_1677261830527{padding-top: 50px !important;padding-bottom: 35px !important;background-color: rgba(255,198,61,0.06) !important;*background-color: rgb(255,198,61) !important;}”][vc_row wrap_container=”yes” conditional_render=”%5B%7B%22value_role%22%3A%22administrator%22%7D%5D” el_class=”px-lg-0 px-2″][vc_column el_class=”pl-lg-5″ conditional_render=”%5B%7B%22value_role%22%3A%22administrator%22%7D%5D” css=”.vc_custom_1677085568716{padding-bottom: 25px !important;}”]

Frequent Questions<\/h2><\/div><\/div>[vc_tta_accordion style=”modern” color=”white” spacing=”5″ c_icon=”triangle” active_section=”” collapsible_all=”true” el_class=”content-acordion”][vc_tta_section title=”1. Main difference between a Public Limited Company and a Private Interest Foundation.” tab_id=”1677177006503-eb9435a6-8771″][vc_column_text]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.<\/p>\n

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.<\/p>\n

The FIP does not file an annual income statement as the SA does.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”2. How long does it take to create a Public Limited Company or Private Interest Foundation?” tab_id=”1677177524118-3dc99829-d0ac”][vc_column_text]Normally between 3-7 days.
\n[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”3. Can I open a bank account as a foreigner?” tab_id=”1677177538137-4d5ae156-629e”][vc_column_text]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.
\n[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”4. How long will it take to have the bank account?” tab_id=”1677177537575-3b0dda25-e157″][vc_column_text]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.
\n[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”4. It is necessary to have residence in Panama to open a bank account or buy a property.?” tab_id=”1677177537047-0cc72aca-1725″][vc_column_text]No, residence is not a requirement to have business relations in Panama.
\n[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”6. If a will is made in Panama, do the heirs have to pay taxes?” tab_id=”1677177536496-dbb25f13-2480″][vc_column_text]No, this tax was repealed in Panama since 1969.
\n[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”7. Why is a private interest foundation better than a “trust“ or a trust?” tab_id=”1677177535871-d81e6876-6e1a”][vc_column_text]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.
\n[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”8. Who can apply as dependents in a residency application?” tab_id=”1677177535156-7cd139d8-6821″][vc_column_text]The spouses. Minor children. Children up to the age of 25, as long as it is shown that they are studying.
\n[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”9. The interest paid by banks for savings or fixed-term accounts is considered “Local income.“” tab_id=”1677177833744-6cacf5ab-7975″][vc_column_text]No, according to article 708 (12) of the Tax Code of Panama.
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