Private Interest Foundations are commonly established for estate planning, protection of family assets and charitable purposes. It has a founder, protector and beneficiary(s) and is managed by a Councillor or Council.The Councillor can be a corporate entity or individuals. The Foundation is a separate legal entity and its operations are governed by a Charter and Regulations and can be established for a fixed or indefinite period of time.
Foundations are different from the trusts and are the owner of their own assets. These assets are managed by the foundation council, which has the function and the power to fulfil the objectives and purposes of the foundation.
Foundations can be established in jurisdictions like Panama, Jersey, Isle of Man, and Seychelles.
