International Living has once again published their survey and Panama was at the top of the list for places to retire in the world.
In Panama, a retired American couple can live on the beach and eat farmer’s market fruits and vegetables all year-round, without sacrificing the conveniences and amenities of home for $1,500 a month — all in.
The cost of living is low compared to the quality of life in Panama, which is why the Central American country was named the best place to retire in International Living’s Annual Global Retirement Index for 2016.
Already home to 50,000 US expats, Panama topped the index after raking in top scores across 10 categories including: buying and renting property, visas and residence, cost of living, environment and amenities, health care, infrastructure, and climate.
The list was compiled after consulting a team of correspondents, editors and retirees around the world.
New this year, voters were also asked to weigh in on two added categories which have emerged as important issues for expat retirees: healthy lifestyle and visas and residence.
Couples interviewed for the index raved about their new life in Panama, where the sweet life is described as not only cheaper, but simpler and stress-free.
“We’re healthier and living a better lifestyle here than we ever did in the U.S.,” says expat Mitzi Martain, who has lived on her farm near Santa Fe, Panama for nearly the last nine years.
Added Connie and Mikkel Moller who have been in Panama since 2012: “Our stress level is 10 percent of what it used to be.”
Utilities are a fraction of what retirees are used to paying back in the US, clocking in at around $100 a month for electricity, water, internet, cellphone cards, and trash pickup and allowing renters to live happily on $1,500 a month.
That can be slashed by up to half for couples who own their own property.
“In Panama’s capital I have the best of both worlds,” said IL Panama Editor Jessica Ramesch.
“There’s a growing cultural and arts scene…opera showcases, art exhibit openings and handicraft festivals… [And] there are so many new restaurants every week, I stopped trying to keep track.”
Here are the top 10 places to retire according to International Living’s Global Retirement Index 2016:
4. Costa Rica
This article was originally distributed via SproutNews. SproutNews, WorldNow and this Site make no warranties or representations in connection therewith.
Mossack Fonseca’s consistent engagement in community service efforts continued throughout the holiday season in Llano Largo, Panama, where the company distributed holiday baskets outfitted with clothing, food and toys to residents of the community.
Panama, Republic of Panama – January 14, 2016 /PressCable/ — On Friday, December 12, 2015, Mossack Fonseca’s commitment to corporate social responsibility and community service was again on full display. In keeping with its longstanding tradition of supporting communities throughout Panama, company representatives from Mossack Fonseca distributed holiday baskets filled high with food, clothing, and toys to each family living in the rural community of Llano Largo, Panama. Throughout the holiday season, the company has sought to connect with community members and to demonstrate its commitment to service and goodwill to society as a whole.
It was a joyous occasion for all, but the representatives from the company made it quite clear that the opportunity to interact with community members and to give back in this way was a particularly gratifying experience. While several of the company’s representatives overheard residents as they exclaimed with awe, “Never have we seen baskets filled with so much — many thanks!” the representatives were quick to express their own gratitude for the support shown by the community throughout the time Mossack Fonseca has made Panama home to its main offices.
Mossack Fonseca’s community service efforts do not end at the close of the holiday season, as the company believes in the importance of offering its support to community members regardless of the time of year. Since its founding in 1977, Mossack Fonseca has always sought to provide its legal, accounting and trust services responsibly and in a manner in which everyone — clients, staff members, shareholders and society at large — is able to experience a highly beneficial outcome.
The Mossack Fonseca Group is dedicated to its multi-dimensional corporate social responsibility program, which has been partly inspired by the level of support the company continues to receive from local communities throughout Panama. Through volunteer work and donations, the company focuses on a wide range of concerns including health, education, culture, the environment, and especially children’s issues. The company’s continued efforts in this regard reflect the sincerity of Mossack Fonseca’s core values, which includes loyalty, commitment, and responsibility, among a number of other core principles.
For more information about us, please visit http://www.mossfon.com
Name: Craig Edward
Organization: Mossack Fonseca
Address: 54th Street, Marbella, Panama, Republic of Panama
Phone: (507) 205.5888
PANAMA CITY, Panama, Dec. 5, 2014 (GLOBE NEWSWIRE) -- Eduardito, the boy who is the symbol of the 20-30 Panama 2014 Telethon, recently toured Mossack Fonseca's main office in Panama. During his visit, all of the staff was impressed by Eduardito's cheerfulness and optimism.
A video accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=29490.
Eduardito goes to the Buen Pastor de Canaán School in San Miguelito, where he is an energetic kindergartner who loves his classes. When he was one month old, he was diagnosed with Type B Meningococcemia and, as a result, both of his hands and legs had to be amputated. Despite this tragedy, Eduardito is a happy and eager boy and his determination is an example for all of us.
This year, the 20-30 Telethon is raising funds in order to equip and create new departments at the National Physical Medicine and Rehabilitation Institute (PM&RI). There is limited room at the PM&RI, which makes it difficult to attend to the growing number of patients in the child and adult physiotherapy departments. This has limited the PM&RI's acquisition of modern equipment required for such rehabilitation.
The Mossack Fonseca Group (Panama) welcomed Eduardito affectionately and showered him with gifts. The staff also donated to the cause that he represents on behalf of thousands of children.
The Mossack Fonseca Group is proud to sponsor activities that contribute to the welfare of Panamanian children with special needs, as well as activities to support different organizations that share our vision of enhancing and developing our country.
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Lexa de Wittgreen
Marketing Communications Manager
54th E. Street, Panama
Tel. +507 205 5888 ext 377
Read this article here.
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Asset and fund management
Bearer Share Custody System
The bearer share immobilization system was introduced in Panama by means of Law 47 of 6th August 2013 and was substantially amended by Law 18 of 23rd April 2015. Luis Quiel of Mossack Fonseca shall review here the most important aspects of the custody system, as modified by the most recent amendments.
Entry into Force is Moved Forward
Companies that were formed before 4th May 2015 have up to 31st December 2015 to delete from their articles of incorporation the possibility of issuing bearer shares or to deposit the bearer share certificates with an authorized custodian. The latter would require, either amending the articles of incorporation to expressly allow bearer shares under the custody system, or having such system approved in a board of directors minutes registered at the Public Registry.
If any company does not formally approve (before 31st December 2015) a decision to allow the immobilization of bearer share certificates, the bearer share certificates that it has issued shall be null and void by full right.
The deadline of 31st December 2015 applies only to companies formed before 4th May 2015. For bearer shares issued on or after 4th May 2015, the term expired on 4th August 2015.
Legal Consequences of Lack of Action
Articles of incorporation of companies that envisage the issuance of bearer shares and that have not been amended to provide for immobilization with authorized custodians (save if the decision was adopted through a board resolution duly registered at the Public Registry) will be deemed to have been amended by operation of law as of 1st January 2016. This will cause two important consequences for such companies: 1) bearer shares that are outstanding shall be irrevocably null and void, and 2) the company may not issue new bearer shares.
Immobilization or Custody System
To benefit from the bearer share custody system, certain requirements need to be complied with as follows:
1. Amendment of the articles of incorporation or registration of the decision of the corporation’s board of directors before 31st December 2015, so as to envisage bearer shares in custody according to the system created by Law 47 of 2013 and Law 18 of 2015.
2. Deposit of the bearer share certificates with an authorized custodian.
3. The authorized custodian shall require a sworn statement from the shareholder that includes information allowing due identification of the owner of the bearer shares and the corporation’s resident agent, including contact details.
The law provides for two kinds of authorized custodians: 1) local authorized custodians, and 2) foreign authorized custodians. The former may be banks holding a general license and trust companies authorized by the Panama Bank Superintendence (SBP―its initials in Spanish); brokerage houses and securities clearing houses authorized by the Securities Market Superintendence (SMV―its initials in Spanish); and attorneys at law certified as such by the Supreme Court of Justice.
Banks, trust companies, and financial intermediaries may be foreign authorized custodians if they hold a license for practicing their activities as set forth in jurisdictions that are members of the Financial Action Task Force (FATF) on Money Laundering or are associated members that are registered with the SBP on a special register that the latter keeps to such end.
Rights over Certificates in Custody
The ownership of shares in custody may be transferred without need for the physical delivery of the certificates, provided that the owner advises the custodian that he/she has made the transfer and that the acquirer submits a sworn statement to the custodian that includes the required information (name and identification data, as well as contact data).
The law provides, likewise, for an interesting pledge system that allows the creation of such encumbrance on bearer shares in custody, by the owner merely giving notice to the authorized custodian whereby he/she advises the pledging of the shares as well as the lienholder’s full name, physical address, telephone number, and email address.
Lastly, a special inheritance disposition system has been created for bearer shares that allow owners to dispose mortis cause of their shares, without need for such shares to be the object of a probate process for their transfer upon the grantor’s death.
As Luis Quiel of Mossack Fonseca has outlined, as of 1st January 2016, bearer shares that are not regulated by the custody system in accordance with Law 47 of 2013, as amended by Law 18 of 2015, shall be irrevocably null and void by operation of law. It is important to take provisions in time and to make corporate decisions in accordance with the formalities set by the law. Otherwise, the legal and financial consequences of the annulment of the rights inherent to such bearer shares may be quite costly.
La fundación de interés privado es una forma única de persona jurídica que se asemeja en su estructura a una sociedad, pero actúa como un fideicomiso. Son entidades propias, reconocidas a nivel mundial sobre la base de los principios del derecho internacional privado.
La Fiduciaria Mossfon, S.A. ofrece una gama completa de servicios relacionados con estas fundaciones, entre ellos:
•Nombramiento de un Protector para salvaguardar los intereses de los beneficiarios.
•Elaboración e implementación de actas y reglamentos fundacionales.
•Preparación de los estados financieros a los beneficiarios.
•Enlace con los protectores, banqueros, asesores de inversión, abogados y asesores fiscales para garantizar la protección de los intereses de la fundación.
•Administración de activos y mantenimiento de la fundación y sus registros de conformidad con todas las obligaciones reglamentarias pertinentes a la jurisdicción de Panamá.
•La gestión y dirección de la Fundación serán ejecutadas por el “Consejo de Fundación”, en el cual sus miembros pueden ser personas naturales o jurídicas y pueden ser de cualquier nacionalidad. Este ente es más parecido a la “Junta Directiva” que a la figura del Fiduciario, y, por ende, no lleva las responsabilidades y obligaciones de la “Ley de Fideicomisos”.
•Es posible nombrar a un órgano de Fiscalización (Protector). El Protector o los Protectores pueden ser nombrados para supervisar/autorizar los actos y el proceder del Consejo de la Fundación.
•Una Fundación de Interés Privado Panameña es una entidad que tiene beneficiarios cuyos nombres no son de conocimiento público. La gestión, la atención y la distribución de los activos o de los intereses dimanantes de la misma son determinados a través de un “Reglamento” emitido de forma privada.
•Su personería jurídica se establece al crearse la Fundación en el Registro Público. El concepto de “Sham Trust” (por el cual un fideicomiso se considerará nulo) queda descartado.
•Se establece claramente un patrimonio separado. Como resultado de ello, la titularidad de los activos no puede ser atacada o impugnada una vez los activos han sido transferidos con éxito, a menos que dentro de los tres (3) años de haberse transferido los bienes se pueda demostrar que los mismos derivan de un acto criminal o fraudulento.
•Es usual crearlas para que tengan una existencia perpetua.
•A diferencia de la Ley de Fundaciones de Liechtenstein, la ley panameña no exige que ninguno de los miembros del Consejo de la Fundación resida en Panamá.
•Si se considera necesario, se pueden constituir fundaciones de interés privado en otras jurisdicciones.
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The First Blogger Influencer Week Will Take Place from 27th February to 5th March 2016
PANAMA CITY, PANAMA--(Marketwired - December 01, 2015) - The Intellectual Property Division of the Mossack Fonseca Group will take part in the first Blogger Influencer Week as a leading company promoting the importance of a blog's content registration and copyright protection.
The organizers mainly seek to develop opportunities to enhance Panama as a tourist and business platform by promoting the talent of the most recognized, respected, and influential national and international bloggers.
"Panama City will once again play a leading role in an avant-garde event that is full of innovation with the first Blogger Influencer Week. As a leading company in our industry, we support these kinds of initiatives for the purpose of communicating and sharing the importance of copyright registration and protection," stated the head of the Mossack Fonseca Intellectual Property Division, Ms. Raquel Araúz.
Ms. Araúz added that they have expanded their suite of services, aka Multiple Intellectual Property Services (MIPS), to guarantee the complete protection of trademarks, patents, and copyrights-thereby avoiding the counterfeiting and imitation of their clients' products and services, both nationally and internationally.
The first Blogger Influencer Week will take place from 27th February to 5th March 2016 with various events to be held in the Republic of Panama. For more information regarding MIPS, please follow @mossfonmips in twitter using hashtag #CuidaTusIdeas.
Lexa de Wittgreen
Marketing Communications Manager
MOSSACK FONSECA & CO. (PANAMA)
54th E. Street, Panama
Tel. +507 205 5888 ext 377
CLIENT INFORMATION PORTAL
The Mossack Fonseca Client Information Portal is a secure online account that enables you to access your corporate information anywhere and everywhere, with real-time updates of your ongoing requests.
Our exclusive online portal offers clients these features:
• FIND updated information on your Company Formation requests through the Case Information Service panel, as well as digital copies of Corporate and legal paperwork.
• FOLLOW UP on your cases and receive notifications by email whenever one of your cases is updated.
• SEARCH and RESERVE Shelf Companies online.
• VIEW your price lists.
• PAY your outstanding invoices
• REQUEST for certificates, reactivations and order forms
You can access all of these features from any place in the world in a safe environment in real time! Ask for your log in at: firstname.lastname@example.org
Find the following applications:
1. CASE INFORMATION SERVICE (CIS)
The Case Information Service (CIS) is a tool which tracks the progress of client requests and ongoing cases.
• The CIS enables you to:
• Contact our staff around the world
• View digital copies of documents as soon as they are received in our office
• Receive automatic email notifications every time one of your cases is updated (optional)
2. ONLINE PAYMENT SYSTEM (OPS)
Mossack Fonseca Client Information Portal offers a complete account management system where you can keep track of all your outstanding or paid invoices.
• The OPS will allow you to:
• Generate account statements with real-time information
• Pay your outstanding invoices online or by credit card
• Take advantage of our debit account application
• Choose our Batch Payment option that facilitates bank transfers and cheques for settlement of invoices
3. ELECTRONIC DELIVERY SERVICE (EDS)
Mossack Fonseca guarantees the most rapid and secure delivery system for your Annual Invoices and Account Statements. This Electronic Delivery System (EDS) eliminates delays due to the air-mail service. We avoid the use of paper, and it allows you to have more time to collect bills from your clients and send payments before deadlines.
4. ONLINE WORK REQUEST (OWR)
Through this new application you can access these documents easily and quickly, and all in one place!
• Incumbency Certificates
• Good Standing Certificates
• Reactivation of one or more companies
• Order Form
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Social responsibility represents an important commitment for Mossack Fonseca and our affiliates. It is also a daily reminder about our responsibility towards society.
Every year we donate to various organizations that share our values and in so doing, we stretch out Mossack Fonseca’s helping hand. Through our Corporate Social Responsibility Program, we actively and voluntarily contribute to the positive development of human beings, especially those in dire need.
Learn about our work and share in our cause. The lens of the camera captures a fair image of what we do, but the impact of our work goes far beyond. Stretching out a helping hand and coming together to enhance the lives of other people is what motivates us to do more.
Mossack Fonseca is committed to helping communities, which is why our legal experts have provided legal assistance to many organizations, including:
MOSSACK FONSECA HELPING HAND
Mossack Fonseca has a strong commitment to foster change where it is needed most. It is a way to remind ourselves daily about the responsibility we have towards society.
PIERO Rafael Martinez de la Hoz FOUNDATION
This organization provides emotional support to people and families who have lost loved ones through caregiving and educational programs. The Foundation seeks to create consciousness about the internal processes that take place, but are not always properly channeled, when people endure loss.
Its main purpose is to offer companionship, educate the community by disseminating information on how to confront grief, and offer training to different professionals to help them manage bereavement.
TOMATIS THERAPY AND STIMULATION FOUNDATION (fundet-TOMATIS)
The TOMATIS method owes its name to Dr. Alfred A. Tomatis, a French physician and researcher born in 1920. He was also a psychologist, speech language pathologist and a member of the French Academy of Sciences.
For him, listening was not the same as hearing because listening is affected by motivation and functional elements that depend on the will of the individual. Listening is far more than the passive act of registering sounds randomly.
In Panama, the Tomatis Therapy and Stimulation Foundation (FUNDET-TOMATIS) offers a wide range of programs for children and adults. The donations they receive enable them to offer free speech scholarships for Panamanian children who would not otherwise receive the timely and necessary help they require.
ART IN THE PARK FOUNDATION
Fundación Arte en el Parque is the first foundation from the city of Penonomé to promote artistic and cultural values in the province of Coclé and to create spaces and activities that also have an impact on cultural tourism. The VII Art in the Park Festival will serve as a forum for art in general and offer provincial artists an opportunity to make their talent known and present their works, thereby motivating emerging artists who also wish to participate. The Foundation is currently offering local Fine Arts scholarships and also conducts seminars and courses for the social and humanistic/liberal arts formation of artists and the general public.
SAINT JOSEPH PARISH FOUNDATION OF VALLE DE ANTÓN
Mossack Fonseca is pleased to cooperate with the work carried out by Fundación San Jose located in the Anton Valley, which responds to the basic needs of the local church and the neediest in the region, especially children. The projects being developed are focused primarily on social interest issues, education, health and cultural activities for children.
Foundation benefits include a library open to the public with more than 5000 volumes on diverse themes, as well as 30 computers with Internet access and open spaces for children and adolescents. The Foundation has also opened a Pastoral Health Home for the elderly which has its own grove to help feed them.
I am able FOUNDATION ("I AM CAPABLE" FOUNDATION)
From its inception, the Foundation’s mission has been to support individuals with autism. It also offers guidance to the public and to the families of those with this condition because if these individuals receive special care from an early age, they are capable of becoming a part of society.
Recent statistics show that 1 in every 88 children is affected by this condition and that 1 in every 54 is a boy. More than 50,000 people are stricken by autism in Panama, which is an alarming number for our society.
PANAMANIAN INSTITUTE FOR FAMILY EDUCATION – IPEF
The Panamanian Institute for Family Education is an organization accredited by the Ministry of Education which seeks to enrich the quality of life of the family, through meeting and dialogue spaces that encourage the exchange of knowledge and ideas. This organization seeks to provide each member of the family with the tools that will help them strengthen their relationships and develop their life projects.
Last June, the IPEF conducted the conference "Challenges of the XXI Century Family" and presented topics such as: Keys to Preventing Failure in the Educational Project and How to Strengthen the Self-Esteem and Identity of our Children.
The Mossack Fonseca Group is a leading international corporation which provides comprehensive legal, trust, technological and accounting services. With over 500 staff members in all continents, Mossack Fonseca provides personalized advice based on more than 36 years of experience in the market. They also offer world-class service through their exclusive online services which are available 24 hours a day.