Buchdetails

Panama has the most flexible foundation law available. It is based on the old Liechtenstein foundation law. It is further influenced by the Anglo-Saxon Trust law. Due to its flexibility, any form and type of foundation can be formed: More protection for the founder, the beneficiaries, the creditors, the heirs, etc. Whatever is intended by the founder is achievable. The Panamanian foundation charter can be similar to a trust deed, the old or the new Liechtenstein foundation charter. With the possibility of having arbitration proceedings available in Panama or abroad, any disputes (such as breach of trust) arising can be decided by independent arbitrators. These arbitrators may be freely chosen according to their experience and language skills. This commentary explains the legal provisions article by article, and refers where necessary to the Liechtenstein Foundation law in order to give a better understanding. There are not many court decisions available up to now. Not many authors have written about the Panamanian foundation in depth. This commentary seems to be the first commentary on the topic. It has to be considered that the English text of the foundation law is not an official translation, and the headlines have been inserted by the author. Today Panama has more foundations registered than exist in Liechtenstein. A success story! Many more foundations will be established and many foundations will be redomiciled to Panama, many from Liechtenstein. The law makes provisions for that.