Private Interest Foundations.
• General Information: Private Interest Foundations are entities that operate through the creation of a juridical person different from that of its founders and beneficiaries, who may be of any nationality. Private Interest Foundations constitute the principal vehicle for the protection and administration of family and personal assets and estates and were created through Law No. 25 of 1995.
Essential Characteristics
• Objectives: Its Objectives may be any non-profit end, however they may carry out business activities in a non-habitual way, for instance the administration and investment of assets directed towards fulfilling its ends.
• Foundation: It is constituted through the Minutes of Foundation in which the Founders stipulate the general rules that will regulate the functioning of the Foundation.
• Beneficiaries: The Law does not require that their names be public, therefore they are generally designated through a private document.
• Capital: The Law does not require a minimum paid capital.
• Foundation Counsel: This is administrative body of the Foundation and is composed of at least 3 members of any nationality, of legal age if natural persons. (Juridical persons may also be appointed as administrators).
• Flexibility: The Law allows for the Founders to establish the regulations they may consider necessary to fulfill the ends of the Foundation if they do not violate the law, morality or public order.
• Approximate Time for Foundation: Eight (8) business days from the moment all of the necessary information has been collected for the Foundation Minutes.
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