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ARTICLE · 10 MARCH 2017

Guidelines On Panama's Substantive Law On Trusts

FABREGA MOLINO
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The first trust law in Panama was adopted in the 1940's, based on the common law Trust. However, in 1984 new provisions on trusts were enacted to complement other legal instruments and benefits provided by Panama.

PanamaWealth Management
Juan Pablo Fabrega Polleri
Juan Pablo Fabrega Polleri

The first trust law in Panama was adopted in the 1940's, based on the common law Trust.

However, in 1984 new provisions on trusts, were enacted by means of Law No. 1 of January 5th, to complement other legal instruments and benefits provided by Panama to the international financial community.

This legislation introduced new and modern concepts to update the former law on trusts in order to make them more flexible and convenient to foreigners who were searching for a place to execute a trust overseas.

The most important features of the Panamanian trust are:

Liberty of Bargaining: The trust can contain any lawful clause as the needs of the settlor may require. According to articles 5 and 9 of Law No. 1, the trust may be created for any purpose provided it is not contrary to the law or public policy.

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