msyteir
1/6/2017 13:08 EST
Hi all,
I need 2 directors (that live in Panama) for a new corporation in the context of the Panama friendly Nations Visa application.
It's 100$ cash for your signature. No weird gimmicks, or catches.. just need you to show up, sign (and then no obligations from you ever again). The corporation will be non-active (it's a means to an end).
Here is quick resume:
I am a Canadian applying for Panamanian residency via the friendly nations visa program. One of the requirements the law firm is asking is the formation of a Panamanian Corporation. I need to appoint 2 non-shareholder and non-active "directors" - that live in Panama because you have to be there in person to sign. You show up to the law firm office one day (in early March), sign a few papers, and you're out.
The firm offered to supply their own "appointed directors" but are a charging a fortune. This is my way of saving on those fees.
Msg if interested... cheers,
Phil
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expatpanama2016
1/6/2017 13:23 EST
Hi Phil
Hmmm..........are you sure you've got the right information?
I'm not criticizing you in any way. Just asking if you have all the facts.
I'm a Canadian too. I got my residence permit last year. Like you, I also had to set up a corporation
My law firm provided all the directors needed. As you say, there's a fee involved.
But, when you say :,......just sign, get a 100@ cash, and you're done........." I don't think that's true. Once you sign as a director for a corporation, you're stuck with it for as long as that corporation exists. Meaning: you're entitled to a fixed annual payment.
My lawyer himself serves as a director on several such corporations. He gets paid 150 bucks each year, from each of these corporations (not a bad amount, if you're a director on as much as 10 such companies)
My point is: it's not a one-time thing.
Unless you plan on dissolving the corporation once you have your residence permit in hand.........in which case there are other procedures that you'd need to go through.
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Panama2017
1/6/2017 13:30 EST
I suggest that you use your attorney and real estate or insurance broker for this. In my opinion, it should be someone you know and trust.
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msyteir
1/6/2017 13:49 EST
This is very helpful. In reading your response, it seems that I wasn't told all the facts. I was not aware that the directors were entitled to yearly payments like it's a salary. I thought I as being overcharged for a one-time use of names.
A quick question for you as you peaked my interest with the comment:
Unless you plan on dissolving the corporation once you have your residence permit in hand..
Is this possible/allowed? Once permit in hand, the Corporation is no longer needed? That would be ideal (to dissolve it).
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expatpanama2016
1/6/2017 14:15 EST
That's the one thing which I'm not entirely sure about.
I never bothered to find out, because I always planned on keeping my corporation active --- just in case I ever wanted to set up a business here in Panama.
As things stand now, I would pay my lawyer a fixed yearly fee (I think it's about 300 or 350 bucks, per year)
So, not really sure what to do if you want to dissolve your corporation.
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msyteir
1/6/2017 14:44 EST
I will be asking my law firm.. but dissolving it would not be in their interest and they charge a good sized recurring fee to keep it alive so I doubt I'll get a straight, accurate answer. :)
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SunsetSteve
1/7/2017 07:15 EST
Generally speaking you can always dissolve a corporation but it is a procedure that does cost money in legal and filing fees. It seems likely that doing so would invalidate the visa that was issued based on that investment/objective.
The main point however, is that the OP is attempting to scam the system and circumventing the entire intended purpose of the FN Visa if he has no intention of creating a viable business with the corporation. Will he get caught? Who knows? Hopefully this thread isn't monitored.
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jonoyakker
1/7/2017 07:28 EST
Yes, it is my understanding the purpose of the FNV is to establish a business. Will he get get caught? Highly unlikely I would think. Is this website being monitored by the government of Panama? Good grief, the government of Panama can barely tie its own shoes and it has got just a few other things to be concerned about.
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dunnee
1/11/2017 16:50 EST
A law firm told me to go for the PanamaTrust not the Corp. 'it is less complicated'. So I looked around on the net and found out that this Trust is tied into your tax base and needs to be included every year for the life of the Trust. No thank you. The price came to around $10,000 over 20 years plus the rise involved with maintaining it is unknown from day one with a yearly payment to the State and law firm. That firm 'forgot' to mention these facts.
Best to have income from your home country to walk into a life long 'tourist visa' or buy income property here as an 'investor visa', when you are ready.
Regards.
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expatpanama2016
3/21/2017 17:58 EST
This is an old topic, but I'm curious: what if one delays in paying those fixed yearly corporation fees, for keeping the corporation alive ?
Is there a penalty if you don't pay on time? If so, what size does it take?
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XSMEMORIES
3/22/2017 16:49 EST
I think you need to talk to another lawyer. The yearly fee for a corp., is $250.oo the extra money the lawyer is keeping to go into the MIF office and pay it's called a Tasa Unica and is due every year by Jan. 9th.
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XSMEMORIES
3/22/2017 16:51 EST
I think you need to talk to another lawyer. The yearly fee for a corp., is $250.oo the extra money the lawyer is keeping to go into the MIF office and pay it's called a Tasa Unica and is due every year by Jan. 9th.
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expatpanama2016
3/22/2017 20:59 EST
My law firm provided 2 of the required directors. Thus, I have to pay for this service, too
So, it kinda amounts to 250 + 200
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expatpanama2016
3/22/2017 23:10 EST
Ahh, yes.
The so-called "Tassa UNICA" has to be paid each year, regardless of whether or not the corporation is active
Yeah, this is what I meant; if delays in paying this tax would lead to penalties (?)
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RICOBREEZE802MARK
3/24/2017 01:23 EST
NO WAY. anybody that does this, please enjoy your hundred bucks, you will be attached to this corp. for the lifetime of it. last time I saw that happen a local was stuck with 4k worth of taxes and fees. don't do it.. sorry dude. thats just the way I look at it. hire your lawyer to put someone on it. an america that is on a corp,. must by law report it to the IRS. if not you can and will be fined and maybe jail time. not worth it.
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expatpanama2016
3/24/2017 10:45 EST
@ricobreeze:
your reply was a bit too flamboyant for me, sorry. Not quite sure exactly what you are saying.
"Stuck for life".................
"Hire lawyer to put someone on it"...................
"last time I saw that happen a local was stuck with 4k worth of taxes and fees. don't do it................."
If you could, kindly elaborate
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stgibson
3/25/2017 15:29 EST
Good advise Dunnee. Have them buy property here on a "life long tourist visa" while the government is in the process of eliminating "life long tourist visas". You are even dumber than I thought.
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