Hello, if you have a Foundation of Private interest, you can transfer your car under the foundation´s name as another of your assets as well as property, funds, etc.
With a testament (will) or without, if the car is under your personal name, then you need to go through a succession process in the civil courts in Panama.
Robert > Lic. Cindy MurilloNovember 18, 2021 at 6:09pm
If you go through Probate what are the government and lawyer fees. How long does it take to Probate a car through a succession process.
For the sucession process the government do not charge any fee. However according the new Agreement No.609-A of June of 2021 where is established the minimum attorney's fees in Panama, the process can go from 10% to 25% depending of the total value of the assets.
The succesion process, being optimistic, could take around 1 year and a half. but I'm careful to tell you exactly how long since the judicial system here is very slow.
Soon I will be having a talk about the foundation of private interest in Boquete, and answering questions about related topics as a testament, corporations etc. The talk has no cost, and if you are interested you can contact me at cindy.murillo@gmail.com and +50763719372 for more information. I visit the BCP Market in Boquete the first tuesday of everymonth for free consultations.
Robert > Lic. Cindy MurilloNovember 19, 2021 at 6:24pm
So what your saying if for example you have property i.e a house and is listed at lets say $500,000.00 attorney fees start at 10% and can go to 25%. That's a ton of money. We had a friend who had a foundation and made a change to the foundation attorney fees and register fees were around $400.00 for making the change. Sound like a no brainer. However you can negotiate a lower fee with an attorney on a succession. You can also negotate a lower or no fee with an attornery for the $400 a year fee attorneys want to "monitor" your foundation. You can go to David and register and get password etc. to monitor you own foundation. No charge I think. That leave you with paying the $400.00 a year tax on the foundation. Remember if you file late on your foundation tax add another $50.00 for late penality.
When we moved here 15 years ago, we were told the only way to not have to go through probate was to form a foundation,
Several years ago an attorney told us to go to motor vehicles and ask for a form that allows you to transfer a car after death. Get your signature notarized and the person you wish to transfer it to fills it in when you die and turns it in.. We have not tried this to see if the person who told us this is correct to not.
Replies
Hello, if you have a Foundation of Private interest, you can transfer your car under the foundation´s name as another of your assets as well as property, funds, etc.
With a testament (will) or without, if the car is under your personal name, then you need to go through a succession process in the civil courts in Panama.
If you go through Probate what are the government and lawyer fees. How long does it take to Probate a car through a succession process.
For the sucession process the government do not charge any fee. However according the new Agreement No.609-A of June of 2021 where is established the minimum attorney's fees in Panama, the process can go from 10% to 25% depending of the total value of the assets.
https://www.gacetaoficial.gob.pa/pdfTemp/29309_B/GacetaNo_29309b_20...
The succesion process, being optimistic, could take around 1 year and a half. but I'm careful to tell you exactly how long since the judicial system here is very slow.
Soon I will be having a talk about the foundation of private interest in Boquete, and answering questions about related topics as a testament, corporations etc. The talk has no cost, and if you are interested you can contact me at cindy.murillo@gmail.com and +50763719372 for more information. I visit the BCP Market in Boquete the first tuesday of everymonth for free consultations.
Hope this informations is useful,
Regards,
Cindy Murillo
So what your saying if for example you have property i.e a house and is listed at lets say $500,000.00 attorney fees start at 10% and can go to 25%. That's a ton of money. We had a friend who had a foundation and made a change to the foundation attorney fees and register fees were around $400.00 for making the change. Sound like a no brainer. However you can negotiate a lower fee with an attorney on a succession. You can also negotate a lower or no fee with an attornery for the $400 a year fee attorneys want to "monitor" your foundation. You can go to David and register and get password etc. to monitor you own foundation. No charge I think. That leave you with paying the $400.00 a year tax on the foundation. Remember if you file late on your foundation tax add another $50.00 for late penality.
When we moved here 15 years ago, we were told the only way to not have to go through probate was to form a foundation,
Several years ago an attorney told us to go to motor vehicles and ask for a form that allows you to transfer a car after death. Get your signature notarized and the person you wish to transfer it to fills it in when you die and turns it in.. We have not tried this to see if the person who told us this is correct to not.
This is called a "TRASPASO" Takes two plus a Power of Atorney. Plus Notary .. Might work and might not work. Don't know for sure
Make a Panamanian last will with a local notary in David.
but won't the will have to go through probate? What I'm trying to find out is there a way to avoid probate. Don't will also have to be registered.
Thanks, but what if she goes first. won't the car still have to go through probate?
Take good care of her!