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Among the elite of offshore firms, Alemán, Cordero, Galindo & Lee advises financial institutions, investor groups and corporations. The firm is truly global; indeed, the Panama City-based practice frequently works with teams in the firm’s Uruguayan, Argentine and Swiss offices aswell as, on a more intermittent basis, with colleagues in Luxembourg, Hong Kong, Dubai and Singapore. Firm founder and group co-head Jaime Alemàn is a former Panamanian ambassador of the US (2009-2011), and has experience working for numerous state and international institutions. His ironclad reputation in the field helps attract and maintain many of the firm’s major clients such as BNP Paribas, Banco Santander, Banistmo, Union Bancaire Privée, UBS, Credit Suisse and Citibank. In one recent work highlight, group co-head Raul Zuniga and associate Cristina de Alba assisted a Latin American investor group with the highly-complex restructuring of one of its companies. Zuniga is commended for his ‘leadership and excellent response times’ and for ‘being an intelligent partner.

Arias, Fábrega & Fábrega has the ‘one of the top legal practices in the country’, and handles a variety of offshore matters such as corporate formation and administrative services, as well as foundations, trusts and private trust companies. Panama-based practice head Fernando Arias and partner Rosa Restrepo work closely with affiliated offices in Belize, BVI, Uruguay, Switzerland, Luxembourg, Hong Kong and the US. The group is focused on acquiring leading work for high net-worth clients in South America, which is regarded as an ‘attractive and important’ potential client-base.

Icaza, González-Ruiz & Alemán has a strong offshore offering and benefits from its impressive international reach – the firm has offices in jurisdictions including the BVI, the Bahamas, Switzerland, Singapore, Uruguay, Cyprus, Seychelles Anguilla, and the UAE. The group is known for its expertise in company formation and international tax structuring. Roberto Alemán is recommended for his corporate experience and has served on the board of directors for numerous regional corporations and financial institutions. Álvaro Alemán typically focuses on tax matters but is currently serving as Minister of the Presidency.

Morgan & Morgan has a well-established offshore practice with a strong reputation for the formation of trusts and foundations, company incorporations, and more general tax planning and estate management. The team has the support of a strong international network, with 18 offices outside of Panama that have expertise in estate planning, corporate services, and local law. This includes important jurisdictions such as London, Singapore, Hong Kong, Shanghai, Tel Aviv, Geneva, Luxembourg, BVI and the Bahamas. The firm has represented corporations and financial institutions such as Mitsubishi Logistics, Mitsui Soko, Banco Sabadell and the Royal Bank of Canada. Key partners include Roberto Lewis, Eduardo Morgan, Eduardo Ferrer and Luis Hincapié.

Mossack Fonseca & Co. has more than 40 offices around the world and advises clients regarding all aspects of offshore law. The practice is a common choice for company formation and trust services, and clients benefit from the firm’s two divisions: MossFon Asset Management for investment advice, and MossFon Trust Corporation for estate and tax planning matters. Ramón Fonseca and Jurgen Mossack are, today, well known figures but it remains to be seen how the firm will fare following the fallout from the “Panama Papers”.

Patton, Moreno & Asvat’s practice benefits from the firm’s presence in key offshore jurisdictions such as Uruguay, the United Kingdom, Anguilla, BVI, Belize and the Bahamas. Ebrahim Asvat and María de Lourdes Marengo co-lead the team, which includes name partner Brett Patton, and which acts for banks, corporations and law firms on fiduciary services, tax structuring, asset management and estate planning, among other matters. International banking clients include UBS, Barclays Bank and the Royal Bank of Canada.

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Press releases

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Legal Developments worldwide

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  • New requirement for all issuers operating on the Luxembourg Stock Exchange

    On 10 August 2017 the Luxembourg Stock Exchange announced that all domestic and foreign issuers operating on the regulated market (Bourse de Luxembourg) or on the multilateral trading facility (Euro MTF) of the Luxembourg Stock Exchange must provide their legal entity identifier (“LEI ”) codes to the Luxembourg Stock Exchange before 15 September 2017.
  • Luxembourg law on the exploration and use of space resources entered into force

    The Luxembourg law on the exploration and use of space resources of 20 July 2017 entered into force on 2 August 2017 and placed Luxembourg among the most innovative space-oriented nations in the world.
  • VAT in the GCC – Q&A updates from the UAE Ministry of Finance

    On 9 July the United Arab Emirates (UAE) Ministry of Finance (MOF) published an update of the Value Added Tax (VAT) FAQ section of its website.
  • PRIIPs KID: The final pieces of the puzzle

    The pieces of the puzzle are finally falling into place. The long-awaited level 3 and 4 measures have been published earlier this week, half a year before the PRIIPs KID becomes compulsory.
  • MiFID II: Further guidance on product governance requirements

    Amongst the numerous topics covered by the Markets in Financial Instruments Directive II (MiFID II), the European Securities and Markets Authority (ESMA) has decided to provide further guidance on the requirements regarding product governance through its guidelines dated 2 June 2017 which focus on the target market assessment by manufacturers and distributors of financial products.     
  • Arendt & Medernach is again the “Luxembourg Tax Firm of the Year”

    The partners of Arendt & Medernach are pleased to announce that their firm has been awarded once again the prestigious “Luxembourg Tax Firm of the Year” title during the International Tax Review’s European Tax Awards ceremony held at the Savoy Hotel in London on 18 May.
  • Signature of the Multilateral instrument – reservations made by Luxembourg

    On 7 June 2017, the official ceremony for the signing of the multilateral instrument (“MLI”) took place bringing to a close a process initiated last year when a consensus was reached on the wording of the MLI on 24 November 2016 (see also our newsflash dated 2 December 2016, available on our website section Publications/Newsflash).
  • Arendt & Medernach: Luxembourg Law Firm of the Year

    Luxembourg, May 2017 – Arendt & Medernach is proud to have been named “Luxembourg Law firm of the year” both by Chambers & Partners and IFLR (International Financial Law Review). The prestigious trophies were both received in April in London at the respective ceremonies of the Chambers Europe Awards 2017 and the IFLR European Awards 2017.
  • First VAT EU case law on the cost-sharing VAT exemption

    The question of the scope of the cost-sharing VAT exemption, also referred to in the Council Directive 2006/112/EC of 28 November 2006 as amended ("EU VAT Directive") as “Independent Groups of Persons” or “IGPs”, is currently being debated at the Court of Justice of the EU (“CJEU”) in several cases. Last Thursday marked the first milestone regarding this specific VAT exemption since the CJEU released its judgment in the case Commission v Luxembourg (C-274/15).
  • An Introduction to Corporate Guarantee

    In the UAE, the risk management activities inherent in running a corporate or investment banking business remain of crucial importance, not least because of the strong local characteristic of “name lending”, by which is meant lending or providing other banking facilities to family or other private businesses, primarily on the strength of the “name” or “names” of the proprietors standing behind the business, rather than on the strength of the asset quality and underlying credit of the particular business. Of course, in practice, there is commercial overlap between the proprietors and the companies which they own, but the credit analyses can break down where poor banking practices and procedures result in poorly constructed legal documentation and gaps in guarantee and security support documents.

Press Releases worldwide

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to