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Notably, maintaining these structures can be costly. Billionaire families may invest upwards of $5 million annually to manage their private foundations through elite family offices. However, it is possible for individuals without a billionaire budget to adopt a simplified version of this approach, particularly through vehicles like Panamanian foundations that are both affordable and efficient.
The Panamanian Solution: Affordable Wealth Protection
Panama's own iteration of wealth protection is more accessible than the elite family offices used by the rich. Drawing lessons from the need for privacy and security, Panama created a streamlined process to set up foundations that blend the best features of trusts and offshore corporations.