Editor’s notes

Throughout the early months of 2025, Panama faced a number of global challenges. Since the re-election of Donald Trump in 2024, the administration has placed Panama in the spotlight with suggestions of the United States needing more control of the Panama Canal.

On the one hand, many feel that the comments made by the US administration is nothing more than a smokescreen used to distract Americans and the wider media from actual issues being pushed aside in favour of a captivating headline. Lawyers pointed out that, by proxy, the US still has the most control of the Panama Canal, with Blackrock planning to acquire key ports from CK Hutchinson in a transaction worth over $22 billion. Others however are still apprehensive of a difficult future if a worst-case scenario forms in which military presence by the US is increased and investment in the region is suddenly stopped.

The May 2024 elections, which saw the centre-right party Realizando Metas and José Raúl Mulino take power after the disqualification of former president Ricardo Martinelli, was pointed to as a reason for the slowdown in investment, particularly in the debt issuance market.

In banking and finance, there has been a lot of interest in the fintech sector in Panama, which continues to experience growth as the country seeks to become an attractive destination for fintech clients. While there is currently a lack of legislation governing the use of cryptocurrency, as both crypto and electronic transactions still rely on old corporate laws dating back to the early twentieth century, lawyers are excited to see how the new Panamanian government manages this growing market.

This has also led to firms such as Veló Legal seeing a gap in the market and offering clients a unique practice focused on fintech and crypto-related services, as well as other firms exploring new options about receiving payment for services in cryptocurrency. Law firms are also confident that the current government seems to be positive on international investment.

Within M&A, there has been significant activity focused on the energy, telecoms and banking sectors, as well as an uptick in infrastructure and PPP projects aimed at improving sections of the Pan-American Highway.

In estate planning, law firms are confident that, for high-net-worth individuals and families from Latin America, Panama remains a preferred jurisdiction to structure their wealth and assets owing to the confidentiality that is offered by the country.

In dispute resolution, litigation and arbitration has been on the rise both locally and internationally. Aviation litigation continues to be a growing area, with court rulings reportedly leading to improvements in the sector to avoid aviation accidents. Panama’s main airline, Copa Airlines, has continued to expand its operations. Due to the airline being a primary reason for increased connectivity between cities and countries in the Americas, Panama has become a go-to hub for aerial transportation, bringing in more revenue from industry sectors including food and beverages and pharmaceuticals.

Looking at the legal market, full-service law firms such as Alemán, Cordero, Galindo & Lee, Arias, Fábrega & Fábrega, Morgan & Morgan, Galindo, Arias & López and Alfaro, Ferrer & Ramírez continue to be dominant forces in Panama. They are then followed by other leading local firms including Fabrega Molino, Icaza, González-Ruiz & Alemán, Patton, Moreno & Asvat, LOVILL, Quijano & Associates and Pardini & Asociados. Smaller, boutique practices including the aforementioned Veló Legal also manage to compete in this space, as do disputes specialists Britton & Iglesias, Delvalle, Escalona, Levy & Corró, which is noted for its strong aviation practice, and IP-focused Estudio Benedetti.

International law firms also continue to play an active role in the country, with Dentons and ECIJA having a strong presence in the market.

News & Developments
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Press Releases

Alcogal advises IDB Invest as anchor investor in Banistmo S.A.'s USD 100 million sustainable bond issue.

Alcogal acted as the Panamanian legal advisor to IDB Invest in its role as an anchor investor in the issuance of sustainable bonds by Banistmo S.A., for a total amount of US$100 million. This transaction, which involves the subscription of IDB Invest bonds on the Panamanian public securities market, aims to expand access to credit for women-led SMEs and support projects focused on climate resilience and adaptation.    
Alemán, Cordero, Galindo & Lee - October 28 2025
Press Releases

Alcogal acted as legal advisor for the corporate securities issue of Banco Ficohsa (Panama) S.A. and accompanied it at the bell-ringing ceremony at Latinex.

Alcogal advised Banco Ficohsa (Panama), S.A. on the registration of its Revolving Corporate Securities Programme for up to US$30,000,000.00, structured by Global Bank Corporation. The transaction involved the participation of our partner Rafael Marquínez Marquínez, together with associate Lilah Levin, reaffirming the firm's commitment to legal excellence in the Panamanian capital market. With this support, Alcogal strengthens its role in operations that contribute to the growth of the securities market and the development of the region's financial system.  
Alemán, Cordero, Galindo & Lee - October 28 2025
Press Releases

Alcogal acted as Panamanian legal counsel to Bank of America Securities, JP Morgan Securities, and Jeffries in Bladex's first international AT1 bond issue for USD 200 million.

We acted as Panamanian legal advisors in Bladex's first international AT1 bond issue, which reached US$200 million and was widely welcomed by international investors. The transaction was led by Bank of America Securities and J.P. Morgan Securities, LLC as lead coordinators, with Jefferies as co-manager. The attorneys involved in this transaction were Arturo Gerbaud, Rita de la Guardia, and Rafael Marquínez.
Alemán, Cordero, Galindo & Lee - October 28 2025
Press Releases

Alcogal advises BBVA Colombia on obtaining its International Banking Licence in Panama

Alcogal advised BBVA Colombia on the process of obtaining its International Banking License from the Superintendency of Banks of Panama (SBP). Our firm provided legal advice, successfully incorporating BBVA Colombia into Panama's prestigious International Banking Center. This milestone not only marks a strategic step for BBVA Colombia in its expansion but also reaffirms Panama as a key and robust jurisdiction for financial operations at the regional level. The attorneys involved were Alcogal’s managing partner Arturo Gerbaud and partners Rita de la Guardia and Rafael Marquínez.
Alemán, Cordero, Galindo & Lee - October 28 2025