Panama Private foundation, Panama Foundation, Panama Foundations
A person (natural or legal) as the Founder "creates" a legal entity to transfer assets (real estate, shares, accounts, etc.) into it. In turn, this legal entity manages with "council" those assets in favor of particular beneficiaries, who have been appointed in a private document known as "bylaws."
All this structure is established in a public document known as the "Foundation Charter" jointly with a private one known as "Regulations or Bylaws." Additionally, it allows different types of asset protection or inheritance options with a Private Interest Foundation.
A "protector" figure can be appointed to execute the bylaws for the Beneficiaries. Upon proper formation, the client could initiate the process of transferring assets or the bank account opening on behalf of the Panama private foundation.