The Private Interest Foundation was created by Law 25 of year 1995 as a legal instrument that allows the protection of assets, avoids a slow will process, for fiscal incentives, donations, for managing and administration of assets, among others. Although the purposes may be the same, the Private Interest Foundation shall not be confused with a corporation, because the functionality is totally different.
- A power of attorney is signed for the constitution.
- A Foundation Minutes is elaborated and registered in the Public Registry.
- You transfer your goods to “the Foundation”
- A Regulation is elaborated where the conditions for the beneficiaries are established.
- The goods of the Foundation will be administered by the Foundation Council.
- When the conditions established in the Foundation Minutes are fulfilled, they are executed for the benefit of the beneficiaries.
- Once the goods are delivered to the beneficiaries, the Foundation is liquidated and dissolved.
The cost of a Private Interest Foundations is $ 1,000.00 + 12.50 (transfer charge).
- Foundation Charter
- Foundation Registration
- Payment of the first year’s Franchise Fee
- Service on the Foundation’s Board of Trustees
- Resident Agent Service
- Translation of the Foundation Charter
- Apostille on the Public Documents
- Certification from the Public Registry
- Power of Attorney
- Private Document
- Other Taxes