Panamanian private interest foundation law

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Panama offers a highly flexible foundation law, rooted in the old Liechtenstein foundation law and influenced by Anglo-Saxon Trust law. This flexibility allows for the creation of various types of foundations, enhancing protection for founders, beneficiaries, creditors, and heirs. The Panamanian foundation charter can resemble a trust deed or the Liechtenstein foundation charter. Additionally, disputes, such as breaches of trust, can be resolved through arbitration, with arbitrators selected based on their expertise and language skills, either in Panama or abroad. This commentary provides a detailed article-by-article analysis of the legal provisions, referencing the Liechtenstein Foundation law for clarity. Despite the limited number of court decisions and scholarly works on the Panamanian foundation, this commentary stands out as a pioneering resource. It is important to note that the English text of the foundation law is not an official translation, and the author has added headings. Currently, Panama has more registered foundations than Liechtenstein, marking a significant success. The law encourages the establishment of new foundations and the redomiciliation of existing ones, particularly from Liechtenstein.