According to local due diligence regulations, any
lawyer who acts as a "resident agent" of a Panama Private Interest
Foundation in Panama, is obliged to gather enough information about their
clients (professional or private) when registering said asset protection
entities, in application of the due diligence act: (Law 2 of 2011). This rule, in
summary, provides that the information collected by lawyers during the
registration process of a Panama Private Interest Foundation, can only be
disclosed upon request of the "competent Panamanian authorities",
understood as follows: The Public Prosecutor's Office in Panama, Civil or Criminal
Courts in Panama, in general, the Judicial Branch, for proceedings initiated in
Panama; or by the application of foreign judgments (Exequatur); Mutual Legal Assistance
Treaties, and the local Tax Revenue Service, regarding the request of international legal actions, or in application of information exchange agreements, signed by
Panama.
Important: Considering that we as formal Law Firm are regulated
by Intendance of Supervision and Regulation of Non-Financial Subjects (Act 23 of
2015) and Ethical Code of Conduct of the Panama Lawyers Bar Association (Act 9 of 1984 and Act 8 of 1993), based
in the above mentioned due diligence regulations when creating a private
interest foundation with PGS Attorneys, you must complete all the due diligence
forms and provide all the personal information that these standards require for
the proper registration of your entity in Panama.
Please contact us for more information about how to form a Panama Private Interest Foundation based on the local Due Diligence standards. Mail@Panamags.com
