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Dentons Muñoz

Work +506 2503 9800
Aberdeen, Abu Dhabi, Albany, Almaty, Amman, Amsterdam and 104 more

Daniel Araya

Work D +506 2503 9806

Work Department

Areas of focus


  • Banking and Finance
  • Mergers and Acquisitions
  • Tax
  • Trusts, Estates and Wealth Preservation
  • Corporate
  • Trade, WTO and Customs
  • Compliance
  • Capital Markets
  • Energy
  • Financial Institutions
  • Insurance
  • Private Equity
  • Life Sciences and Health Care
  • Transportation




Daniel is a partner in our Costa Rican office with a strong, recognized practice handling innovative matters in complex corporate and financial transactions across a range of different disciplines, including: mergers and acquisitions; tax advice; financial regulatory work; bank lending and finance (such as financing to banks, private companies, and government-owned companies); capital markets; aircraft financing; insurance; and cross-border, multijurisdictional transactions.

He counts a number of multinational and national banks, financial institutions and corporate entities as clients, having worked with foreign investors in the private sector. His practice encompasses consulting work for: IFC, IIC, FMO, DEG, Proparco, Banco de Costa Rica, Banco Davivienda (Costa Rica), Evertec, Leader Global Solutions, Western Union, John Deere Financial, Visa, UBS, BNP Paribas, Bladex, Deutsche Bank, LandesBank, Citibank N.A., Wells Fargo Bank, HSBC USA, Banco Ficohsa, Standard Chartered Bank, Northstar Trade Finance, BlackRock, Strategic Partners, Advent International, Royal Bank of Canada, Oikocredit, Banco Santander, Sankaty Advisors, Bank of Nova Scotia, Bannockburn Global Forex, FCE Bank plc, Goldman Sachs, Bank of America, Kaupthing hf, Nordea Bank, and Banco Bilbao Vizcaya Argentaria (BBVA).

Daniel’s experience also includes working in the US for six years at two prominent US-based law firms.


  • English
  • Spanish


  • University of Houston Law Center, 2004, LLM, International Business Transactions
  • University of Costa Rica School of Law, 1999, Juris Doctor

Costa Rica

Banking and finance

Within: Banking and finance

Demonstrating both lender and borrower-side capability, the banking and finance practice at Dentons Muñoz regularly advises local and multinational financial institutions and companies on a range of sector-related matters, such as debt financing, loan agreements and credit facilities with a cross-border component. Recent highlights include advising Central American Bank for Economic Integration (Cabei) and Bankia, as lenders, on the refinancing of the Ruta 27 Toll Road and the associated dual bond offering by Autopistas de Sol. Other work saw the team assist Madryn Health Partners with a $50m debt-and-equity financing granted to high-tech medical device and aesthetics company, Establishment Labs. Led by practice head Daniel Araya, the team also advised IFC on a $75m credit facility granted to Scotiabank Costa Rica. The team’s client roster also includes Banco Ficohsa and Interamerican Investment Corporation (IIC).

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Corporate and M&A

Within: Corporate and M&A

Primarily advising on cross-border transactions, day-to-day corporate matters and issues related to Costa Rica’s free trade zone regime, the ‘outstanding’ department at Dentons Muñoz is recommended for its ‘quick responses and deep business acumen’. ‘Standout lawyerDaniel Araya heads the practice and is noted for his ‘deep knowledge of law, not only in his area of expertise but on a broad level’; ‘smart and practical’ associate Diana Smith Calvo is also well-regarded. In one recent highlight, the team led advice to Agricenter Group on the commercial and tax aspects on its acquisition by American Vanguard subsidiary Amvac across seven Central American countries. Other work includes assisting Merck Sharp & Dohme (MSD) with the set-up and approval of free trade zone benefits for its financial services center in Costa Rica. Bayer, Infosys and Yara International are also clients of the firm.

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Within: Tax

The ‘outstandingDentons Muñoz fields a ‘very knowledgeable and experienced’ tax practice that is ‘very active in providing competitive services of high quality and at impressive speed’. The department advises on tax litigation, compliance, and customs and tax issues related to the country’s free trade zone regime. Practice head and ‘standout tax lawyerDaniel Arayahas deep knowledge in law (and not only in his area of expertise)’, and associate Sylvia Montero is highlighted for her ‘expert recommendations and innovative approach’. Recent notable work includes advising FCC Construcción on the quantification and certification of tax credits and related proceedings before the tax authorities; assisting People in Need with tax compliance matters; and advising WNS, a beneficiary of the free zone regime, on related tax matters.

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