Panama Foundations Key Facts

The name of the foundation in any language with characters of the latin alphabet, and which shall not be identical or similar to that of any other foundation previously existing in the Republic of Panama, to avoid confusion. The name shall include the word foundation to distinguish it from a natural person or from a different kind of juridical person. 
Panama does not impose any reporting requirements or taxes for Panamanian Foundations. 
Panama Foundations do not require Paid-In Capital. The initial capital of the foundation, expressed in any currency of legal tender, and which shall in no case be less that an amount equivalent to $10,000.00. 
Every Panama Foundation must have a council (same as directors of a corporation), whose names and addresses are registered in the public registry. The council members can be either individuals or entities of any nationality and resident of any country. If the council is made up of individual persons, then it requires 3 council members (President, Secretary and Treasurer). If the council is an entity, then only one council member is required. 
Annual general meetings of council members of the Foundation are not compulsory or required. However, if meetings are held, they can take place anywhere in the world by proxy. 
The domicile of the foundation. 
The name and domicile of the resident agent of the foundation in the Republic of Panama, who must be an attorney or law firm. The resident agent must countersign the foundation charter prior to its registration at the Public Registry. 
The purposes or objects of the foundation. 
The manner of appointing the beneficiaries of the foundation, which may include the founder. 
The reservation of the right to modify the foundation charter when deemed inconvenient. 
The duration of the foundation. 
The destination to be given to the estate of the foundation and the manner of liquidating such estate in the event of dissolution. 
Any other lawful clauses which the founder may consider convenient. 
A Foundation seal is optional. 
The Protector and Beneficiaries need not be publicly registered. Panama Foundations Protectors can be appointed through a Private Protectorate Document, and the Beneficiaries can be appointed through a Private Letter of Wishes, written and signed by the Private Protector. 
The Registered Agent is not required to keep any records for the Foundation, however, it is recommended that every Foundation should maintain a minute (council meeting) record book, which can be held anywhere in the world. 
Foundations from other jurisdictions may be "re-domiciled" to Panama, and vice-versa.