Private Interest Foundation (Fundacion de Interes Privado) Panama and IBKR

[Mike Williams]

Has anyone setup a Private Interest Foundation (similar to a trust) and opened an account with IBKR

 

[latindev]

Almost impossible if you don't have big pockets, Panama's foundations have been used for A LOT of bad stuff so most financial institutions won't accept them. You will have better luck with local brokers in Panama, some of them use Saxo Bank as their partner

 

[Mike Williams]

latindev said:
Almost impossible if you don't have big pockets, Panama's foundations have been used for A LOT of bad stuff so most financial institutions won't accept them. You will have better luck with local brokers in Panama, some of them use Saxo Bank as their partner
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You mean deep pockets? I can do that but how does money help ?

 

[latindev]

Mike Williams said:
You mean deep pockets? I can do that but how does money help ?
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Cool, since you have money now what you need to do is opening a real company in a place with real reputation and use it as an investment vehicle for this foundation. They will open your accounts without issues

 

[berbo]

Does this mean if , if you open a US LLC that holds the funds with the broker, could work?

 

[Mike Williams]

berbo said:
Does this mean if , if you open a US LLC that holds the funds with the broker, could work?
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Not as simple as it seems unless you are American (still not recommendated) or you live in a country that has an Estate treaty with the US.

Your estate will lose up to 40% of the value of the account

 

[berbo]

Mike , thank you for your reply. What is your opinion on the Wyoming Statutory Foundation structured as an LLC (set up by a Non Resident Alien)?

 

[Mike Williams]

berbo said:
Mike , thank you for your reply. What is your opinion on the Wyoming Statutory Foundation structured as an LLC (set up by a Non Resident Alien)?
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My tax attorney had proposed Delaware initially in discussions but many do mention Wyoming but I do not have the expertise to comment on that. The estate issue is a non starter for me but I did like the corp tax rate of 20%. I will likely settle on a non U.S. corp and pay the WHT on dividends but also utilize funds in the UK that are not subject to the withholding

 

[Jerry1911]

Mike, any updates?

One usually sets up an underlying company (owned by the trust or foundation) and then opens a brokerage account in its name.

 

[EliasIT]

latindev said:
Cool, since you have money now what you need to do is opening a real company in a place with real reputation and use it as an investment vehicle for this foundation. They will open your accounts without issues
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Where would you setup this reputable company?

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[JohnnyDoe]

The fundacion could be the single member of a U.S. LLC

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