Panama 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.
For more information on Panama Foundation Protectors click here: http://www.panamalaw.org
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