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Type of Private Interest Foundation

In general a Panama Foundation can be revocable or irrevocable depending on the specific wishes of the founder. The foundation can be established upon the death of the founder by means of a will or as is normal by the act of creating it with added donations. The founder has great flexibility in being able to suspend, amend and otherwise change the foundation based on current and future events.

Panama in general has a corporate code that is a copy of the Delaware Statutes. The Corporate statutes of Panama were extended in 1995 with the Foundation law. Law 25 of June 12, 1995 contains all the specifics (in Spanish).

Panama Foundations can be sued and the assets seized if the foundation has committed illegal acts, such as insider trading or slander and libel. The assets can also be seized if a beneficiary is subject to seizure.

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