Foundation Protectors
This is an asset protection scenario for those that may be in serious risk from potential financial enemies. It is a very secure strategy so it is only indicated where the assets and the risk are substantial.
This strategy involves using an anonymous Panama Bearer Share Corporation that is owned by a Panama Foundation. Some of you may someday find yourself in a position of financial distress. This can be as a result of divorce, civil judgments, bankruptcy, or you might even find yourself as a victim of a kidnapping, blackmail, extortion or whatever. You could find yourself being sued (illegally) in some court that is a dictatorship, or very corrupt country you do business or reside in. You may reside or do business in a jurisdiction that does not recognize Panama Foundation assets as separate form your own and the courts in these jurisdictions may try to get the Foundation assets placed in their own country where they can confiscate them, lawfully or maybe not so lawfully depending on the country. This is often done through an order to repatriate funds to the jurisdiction you live or work in. If you fail to comply with the order to repatriate funds you could be held in contempt of court. You must have plausible deniability to avoid complying with such an order. So what is done is done BEFORE any such event occurs, timing is a most important point. Foundation instructions are written to prevent repatriation or forced transfers of funds. One way to prevent this is through the use of a Foundation Protector. The protector can be anyone you appoint. This person must approve any withdraws of funds from the Foundation bank account. This Protector is not a beneficiary owner of the Foundation or Bank account and this person is not a signatory on the bank account. The Protector is thus not capable of withdrawing any funds from the bank account on their own so you do not have a fraud risk. The signatory on the bank account is capable of withdrawing funds BUT before the withdraw goes through the Protector must approve of the transaction. Now if the Protector, through the Foundation is given standing instructions to not approve any transfers if you are in distress such as you are being sued, in divorce, in bankruptcy, have been kidnapped, are being blackmailed, are a victim of extortion, etc then you can not comply with any repatriation orders no matter what you do. If the Protector lives and works outside of the jurisdiction ordering the repatriation or transfer of funds then they can not be ordered to comply by the court attempting to accomplish the repatriation. As an alternative the Foundation can have instructions that call for your removal as signatory on the Foundation bank account in the event you are in certain categories of distress all clearly spelled out including notification procedures for the Protector and then you would need to provide an alternative signatory and beneficial owner of the account. Other preventative measure could be to prevent wire transfers going to certain countries if you are in distress, or money could only be transferred to a list of certain bank accounts in case you are in distress.
Another way to twist and turn things is to have the financial institution act as the Trustee and thus be the signatory on the account. You would then be the protector. You not being the signatory can not withdraw any funds initiate any wire transfers. There needs to be an arrangement for someone to give instructions to the trustee to initiate payments out of the account. Since you are the protector no money can leave the account without your consent in writing with a password by fax or through an online banking password for the protector. You would need to sign a private banking document with the financial institution stating that you are the beneficial owner of the account since it is not lawful for them to be the beneficial owner. This is a private banking document covered by bank secrecy laws in Panama. In any event you would not be a signatory on the account.
Different measure can be built into the Foundation to suit your needs.
Feel free to consult with us for a suitable strategy to protect your assets.
http://www.panamalaw.org/foundation_protectors.html
http://www.panamalaw.org/panama_financial_services_corporation.html
http://www.panamalaw.org/asset_protection.html
For more information, please visit:
http://www.panamalaw.org
email at: panamalegal@hush.com
Related Tags: money, business, panama, panama banking, offshore real estate, offshore banking, legal
The author is a researcher, with years of experience in finances and real estate.
For more information, please visit:
http://www.panamalaw.org
email at: panamalegal@hush.com
Recent articles in this category:
- The No. 1 Rule For Projecting Confidence - Speak With Authority
One of the most important characteristics a person can project in a business setting - or any situat - After the Autumn Checkout European Debt Crisis and U.S. Brewing Rebound
In the commotion caused by the Fed on interest rates come to an end, the "disastrous" for the euro a - Advantages Of Arcade Game Rentals
There are many different advantages to arcade game rentals. Most people need something to release th - A General Primer on Truck Cargo Nets
In modern highways it is quite rare to see truck cargo nets in action, this is because they are usua - The United States Will Burst More Severe Financial Crisis
Not long ago, suddenly announced that the central bank to raise interest rates, the interest rate hi - Niche Marketing Profits - 3 Easy Steps to Finding a Profitable Niche Market Income in 10 Minutes
Like most beginners I was having a very difficult time trying to find a niche market to earn extra m - The Importance of Hospitality Management Consulting Firms Toronto
Businesses and the managers that help guide any business are in a constant state of improvement and - New Keynesian Theory Label
2010 winner of the Nobel Prize in Economics three theories have been labeled as "New Keynesian" labe - Federal Reserve Pouring Money QE2 Unpredictable Fortune
U.S. economist Milton Friedman proposed a "throw the cash from a helicopter" view, while the practic - Fiscal Consolidation Should no Longer Delay
British Chancellor of the Exchequer George Osborne today announced fiscal consolidation policy, shoc
Most viewed articles in this category:
- Common Financial Problems to Avoid
One must first change their habits and not procrastinate. American Consultants Inc at offers key fi - How a Bad Hire Can Hurt Your Business
What's worse - hiring the wrong person or not hiring anyone at all? Companies can become almost des - Joel Comm Is Dr. Adsense
What is Adsense? If you are new to making money online and net marketing, you may not know what Ads - 5 Steps For A Dynamic Wealth System Online
Recipe: Opportunity + knowledge + Dynamic Wealth System + Your Action = Massive Success!!! Step 1 - How To Stop Foreclosure
Losing your house to a foreclosure can be very scary. There are times when circumstances are ou - How to Always Pitch A Strike
As business owners, we are always working on new ways to convince people to become customers, client - Membrane Diffuser Solutions for Wastewater Treatment Systems
In the aeration basin of a typical wastewater treatment plant there are both organic and inorganic m - Another Year Hating Your Job or Loving Life?
Copyright © 2007 Mary Foley I've come to the conclusion that to be successful - really successf - Dyestuff Industry In India And China
World demand for dyes and organic pigments to touch $10.6 billion in 2008According to a study on dye - Cma-cgm Case : the Series of Lawsuits Continues in Syria, Lebanon, Egypt, France, England and the United States
Damietta company case : The series of lawsuits continues in Syria, Lebanon, Egypt, France, England a