{"id":13322,"date":"2015-05-05T12:17:10","date_gmt":"2015-05-05T17:17:10","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=13322"},"modified":"2015-05-05T13:29:34","modified_gmt":"2015-05-05T18:29:34","slug":"ley-183-requiring-the-immobilization-of-all-bearer-shares","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/ley-183-requiring-the-immobilization-of-all-bearer-shares\/","title":{"rendered":"Ley 183 requiring the immobilization of all bearer shares"},"content":{"rendered":"

\"bearer<\/a><\/p>\n

The recent passage of Law 183 will enforce the immobilization of bearer shares in the future.\u00a0 One way around this will be to issue the shares to your Foundation if you have one.\u00a0 It is a Trust set up to limit risk, liability and keep your estate out of probate here in Panama.<\/p>\n

Here is an article on the subject written by Edison Teano at Mossack Fonseca.<\/p>\n

\"\"<\/p>\n

\n

Bearer Shares \u2013 Immobilization<\/p>\n

by Edison Teano<\/p>\n

 <\/p>\n

The option of issuing bearer shares has been allowed since the inception of Panama\u2019s Corporation Law in 1927.\u00a0 Unlike nominative shares (which are issued in the name of an individual or a legal entity), \u201cbearer\u201d share certificates do not include the name of the individual or legal entity that is the owner of the shares.\u00a0 Once issued, whoever holds the shares is their owner.\u00a0 Bearer shares are characterized by their free transferability from one person to another.\u00a0 They do not need to be endorsed nor is there any need to issue a share certificate in the name of the new owner, as in the case of nominative shares.<\/p>\n

 <\/p>\n

Bearer shares have throughout the history of companies had their raison d\u2019\u00eatre<\/em>, from facilitating their transfer to allowing the anonymity of their owners for good and valid reasons (for example, for persons living in countries where security is a problem).\u00a0 However, the issuance of this sort of shares has become increasingly stigmatized during the last fifteen years.\u00a0 Attempts have been made to link the issuance of bearer shares to the concealment of something that is illicit or negative.<\/p>\n

 <\/p>\n

At the same time, \u201cknow your client\u201d rules have evolved, making institutions adopt policies to ensure that they comply with rules requiring that they know the actual owners of companies.\u00a0 So much progress has been made that, for example, there now are banks that do not open accounts for any company that is allowed to issue bearer shares.\u00a0 Other banks still allow the opening of accounts for companies that have actually issued bearer shares, but they require the shares to be kept under \u201ccustody\u201d in order to comply with \u201cknow your client\u201d policies.<\/p>\n

 <\/p>\n

To stem or appease the pressures that it has received from international organizations such as the OECD (Organisation for Economic Cooperation and Development) since 2013, Panama has, by means of Law 47 of 6th August, agreed to adopt a custody system applicable to bearer shares.\u00a0 What is known as the immobilization of bearer shares takes place through this custody mechanism.\u00a0 Adopting such a regime continues to allow the existence of bearer shares, but their free transfer no longer exists, as such shares need to be held in the hands of a custodian, who is the one who needs to be notified about the transfer of such shares to the new owner.<\/p>\n

 <\/p>\n

My personal point of view is that, although it is true that certain advantages of bearer shares are lost with such a measure – namely, their free transferability – Panamanian authorities have chosen the best option: the custody of bearer shares.\u00a0 This is the path appropriately taken about ten years ago by the British Virgin Islands, and it has been proven over time that this is the decision that least affects the product.\u00a0 We feel as well that it would have been a serious mistake if Panama had done away with bearer shares, as the Bahamas did at the time, which was very damaging for the business of company formation in that jurisdiction.<\/p>\n

 <\/p>\n

We believe that the law that immobilizes bearer shares has been well thought-out, as it allows the owners of Panama companies to:<\/p>\n

 <\/p>\n

– Have the possibility of issuing bearer shares without the need for a custodian until August 2015, and<\/p>\n

 <\/p>\n

– Have until August 2018 to place bearer shares under custody before the law enters into effect in August 2015.<\/p>\n

 <\/p>\n

With the adoption of such terms, we feel that the law gives enough time to service providers (attorneys, trust companies, etc.) and clients to adapt to such changes.<\/p>\n

 <\/p>\n

In practice, Panama will continue to issue bearer shares.\u00a0 Considering the pressures we have been subjected to, we feel that the immobilization of shares is the best choice, as it allows the possibility of issuing bearer shares, but beginning in August 2015, new bearer shares issued shall need to be placed under custody and immobilized).\u00a0 Clients will have the chance to assess whether it is better to issue bearer shares (with the obligation to immobilize them) or to issue them in nominative form (issuing shares in the name of an individual or a legal entity).\u00a0 It is quite probable, as has happened in other markets where this share custody or immobilization mechanism was adopted, that clients may prefer to issue shares in nominative form, whether in the name of another company, in that of a Panama Private Foundation, or in that of a trust.\u00a0 We feel certain that Panama Private Foundations will be the product most chosen by clients to issue shares in nominative form, as they will be able to immediately organize estates issued through such a vehicle.<\/p>\n

 <\/p>\n

Bearer shares remain a valid option.\u00a0 We can still issue them in Panama as we have in the past, and they are freely transferable.\u00a0 Beginning in August 2015, we will continue to issue bearer shares, but we shall need to immobilize them and consequently turn them over to a custodian.\u00a0 The time allowed to us by the law will allow us to adapt to such changes and will allow us to ascertain whether the rest of the countries competing with us have also immobilized or done away with bearer shares, making it possible for all of us to compete on an even playing field.<\/p>\n<\/div>\n

More on the subject<\/a> can be found on their website<\/p>\n","protected":false},"excerpt":{"rendered":"

The recent passage of Law 183 will enforce the immobilization of bearer shares in the future.\u00a0 One way<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13322","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective"],"yoast_head":"\nLey 183 requiring the immobilization of all bearer shares - Blog and Newsletter<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/ley-183-requiring-the-immobilization-of-all-bearer-shares\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ley 183 requiring the immobilization of 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