Compare Offshore Foundations
| Foundations Compared | ANGUILLA | BELIZE | NEVIS | PANAMA | |
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| Foundation Law | Anguilla Foundation Act | International Foundations Act | Multiform Foundations Ordinance | Panama Foundation Law | |
| Year enacted | 2008 | 2010 | 2004 | 1995 | |
| Tax Free Entity | Yes | Yes | Yes | Yes | |
| Tax Free prerequisites |
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| Does the foundation have a legal status? | Yes | Yes | Yes | Yes | |
| Types of Foundations | Charitable | Yes | Yes | Yes | Yes |
| Non Charitable | Yes | Yes | Yes | Yes | |
| Ordinary (no -purpose) | Yes | Yes | Yes | Yes | |
| Partnership | No | No | Yes | No | |
| Company | No | No | Yes | No | |
| Trust | No | No | Yes | No | |
| Foundation uses | Family | Yes | Yes | Yes | Yes |
| Business | Yes | Yes | Yes and with the prescribed foundation, Trust foundation, partnership Foundation, Company foundation may engage in activities allowed by such vehicles | Panama Private interest foundation should not be used as profit making vehicles; they may use business entities such as corporations to undertake such activities. | |
| Commercial | Yes | Yes | Yes | No | |
| Philanthropic | Yes | Yes | Yes | Yes | |
| Charitable | Yes | Yes | Yes | Yes | |
| Holding | Yes | Yes | Yes | Yes | |
| Revocability (Irrevocable/revocable) | Irrevocable upon registration; may be revoked by founder/s | Irrevocable upon registration unless; revocability is expressed in the Charter | Not required for registration, can be either | Irrevocable upon registration unless revocability is expressed in the Charter | |
| Formation Features of the Foundation | |||||
| Founder (the person requisitioning the foundation) | Required | Required — also called the Promoter | Required | In Panama the Founder is a local agent who physically handles the registration process; has NO interest in the foundation | |
| Minimum number of founders required | 1 | 1 | 1 | 1 | |
| Can the founder be a Beneficiary | Yes | Yes | Yes | No | |
| Foundation Council (executive arm) | Required | Required | Required — is called the Management Board | Required | |
| Minimum number of members on council | 1 | 1 | 1 | 3 | |
| Are Corporate members allowed | Yes | Yes | Yes | Yes | |
| Other Member Requirement | At least 1 member must be a Belize resident ( can be agent) | ||||
| Beneficiary | Types of Beneficiary | Any class of person or persons, and can be identified by name, class, relationship, and can be unborn. | |||
| Can beneficiaries be changed? | Yes | Yes | Yes | Yes | |
| Is there limited number of beneficiaries? | No | No | No | No | |
| Is documentation required for Registration? | Yes — Declaration of Establishment DOE | Yes — Foundation Charter | Yes — memorandum of Establishment (MOE) | Yes — Foundation Articles | |
| Contents of Documentation |
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| Is this a public document | No | No | No | Yes | |
| Is a registered agent required? | Yes | Yes | Yes | Yes | |
| Is a registered address required? | Yes | Yes | Yes | Yes | |
| Are By-Laws required? | Optional | Optional | Required | Required | |
| Is a secretary required? | Yes, must be an Anguilla Resident or agent, cannot be sole member | Yes, unless one of the council member is a Belize resident, can be the agent | Yes, cannot be a sole member | Yes, and are provided by agents | |
| Is there an alternate custodian? | Yes , a Guardian | Yes, a Protector, cannot be a member | Yes, a supervisory board | Yes, a Protector | |
| How long can the foundation be set up for? | Set period or Indefinite period | Set period or Indefinite period | Set period or Indefinite period | Set period or Indefinite period | |
| What is the language of the Documents | Any with an English translation | Any with an English translation | Any with an English translation | Any language with a Spanish translation | |
| Can changes be made to the foundation? | The founder can change or revoke the foundation with unanimous agreement from members. Must be provisioned for in the DOE | The founder can change or revoke the foundation with unanimous agreement from members. Must be provisioned for in the DOE | The Management Board may make changes or amendments to the constitution by resolution of the board, the beneficiaries or the supervisory board | Changes or amendments can be made to the charter. | |
| Initial endowment | US$10,000 | US$10,000 | not specified | US$10,000 | |
| Administrative Features of Foundation | |||||
| Are meetings necessary? | No, unless requested in By laws | No, unless requested in By laws | Yes, the multiform must hold at least one annual meeting | No, unless requested in By laws | |
| Is accounting or record keeping required? | No | No | Yes (showing sales, purchases, income expenses and receipts) | No | |
| What information is on the register? |
Name of foundation Name and address of agent Date of registration Purpose of foundation name of council members |
Name of foundation Name and address of agent Date of registration Purpose of foundation |
Name of foundation Name and address of agent Date of registration Purpose of foundation name of council members |
Name of foundation Name and address of agent Date of registration Purpose of foundation name of council members |
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| Is a Certificate of Registration issued? | Yes | Yes | Yes | Yes | |
| How often are foundation renewals | Annually | Annually | Annually | Annually | |
| Is a Certificate of Good Standing issued? | Yes | Yes | Yes | No | |
| Is confidentiality protected by law | Yes | Yes | Yes | Yes | |
| What restrictions if any are there? | The foundation may NOT engage in banking trust or insurance financial services UNLESS licensed to do so | The foundation may NOT engage in financial services UNLESS licensed to do so | The foundation may not carry out habitual or regular commercial activities | ||
