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]

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

You mean deep pockets? I can do that but how does money help ?

 

[latindev]

You mean deep pockets? I can do that but how does money help ?

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]

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

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]

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)?

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]

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

Where would you setup this reputable company?

 

[TurnedToRobot2]

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

 

[cer955]

Hello, did you or anyone else manage to do this?
Opening IBKR or other brokerage accounts, directly with the foundation via a US LLC owned by the foundation

 

[Clank]

Try using Moomoo Singapore.

 

[Napoleonik]

Any reputable law firm in Panama can help you setting up a Fundacion. Fairly easy and the requirements are low. If you're using it for IBKR you wouldn't even need to open an account with a local bank.

 

[cer955]

Any reputable law firm in Panama can help you setting up a Fundacion. Fairly easy and the requirements are low. If you're using it for IBKR you wouldn't even need to open an account with a local bank.

I think setting up the foundation is easy for anyone who can find a law firm. But wether IBKR or other financial institutions will decide to open an account for it... That's the real question.

Do you have any experience with this?