Rising Stars

Firms To Watch: Offshore

Infante & Pérez Almillano bolstered its offering in this field in February 2023 with the hire of Gilberto Arosemena, whose broad expertise spans international corporate services, estate planning and foreign investments, from Patton, Moreno & Asvat.

Offshore in Panama

Alemán, Cordero, Galindo & Lee

Alemán, Cordero, Galindo & Lee‘s international corporate services team draws upon an extensive network of offices in key jurisdictions, including the Bahamas, Belize and the British Virgin Islands (BVI), to advise on estate planning, the structuring of family offices, trust formation and administration, and the creation of private interest foundations. In addition to assisting numerous international law and accountancy firms, the firm also counts a wide array of multinationals, institutional investors, privately owned companies, charitable organisations and high-net-worth individuals (HNWIs) among its clients. Key practitioners include founding partner Jaime Alemán (a former ambassador to the US), Raúl Zúñiga and experienced associate Cristina de Alba; Alemán and de Alba are also admitted to practice in the District of Columbia and New York, respectively, making them particularly well equipped to advise international clients. International associates Othmane Naim and Caroline Olivier provide key support from the firm’s affiliate office in Switzerland. Since publication, de Alba has left the firm.

Arias, Fábrega & Fábrega

Arias, Fábrega & Fábrega wins high praise from clients for its ‘exemplary experience and knowledge‘ across a wide range of issues affecting HNWIs, supported by a broad network of offices in the BVI and Hong Kong, affiliated offices in London, Uruguay and Belize, and its SwissARIFA arm (which provides trustee services and assists with the management of non-traditional assets such as yachts and private aircraft). The firm’s multidisciplinary offering encompasses cross-border wealth planning, the establishment of trusts and foundations, the management of family offices (including corporate governance and succession planning), and international taxation, with an emphasis on setting up tax-compliant structures. Notable names among the team’s ‘first-class lawyers‘ are co-managing partner Fernando Arias, who heads the corporate services practice and oversees the Hong Kong office; the ‘expertGian Castillero, the leader of the estate and private clients group; and BVI office head Rosa Restrepo. A capable pool of junior lawyers, including senior associate María Guardia and associates Jesús De Luca, Alejandra Tapia and Ana Torres, provides support on the full spectrum of taxation, estates, trusts and foundations matters. Federico Alfaro, who has expertise in tax and estate planning, is currently on a leave of absence while serving as Minister of Commerce and Industry.

Practice head(s):

Fernando Arias; Gian Castillero; Rosa Restrepo


They are very good. The team members are excellent at what they do and have exemplary experience and knowledge.

We need a firm that has a good reputation, experience and availability, and I believe that ARIFA is well above the average. Its lawyers are first class – they have training, experience and offer a personalised service to their clients.

The lawyers at the firm are strategic and, most importantly, long-term partners for me. Our relationship has been built over the years, where they have always offered me their availability and unconditional support 24/7. ARIFA’s lawyers are interested in ensuring that their clients are well advised, do things correctly, and always go the extra mile to make sure the client is well supported and satisfied.

They are able to offer a personalised service by getting to know the client very well and protecting their interests, and this makes them stand out as lawyers.

Gian Castillero is an expert lawyer in the field, who gives peace of mind to clients and provides a tailor-made legal service in a timely manner.

Key clients

Libra Capital US

Brigard Urrutia

Farrer & Co

Niederer Kraft Frey

Banco General

Fox Rothschild

Loeb & Loeb

Consortium Legal

Bethania Martinez Estrategia Legal

Daly Otelo Flroez Nuñez Del Prado

Fabrega Molino

Highly praised for its ‘extensive experience, personalised service, and accessible and supportive partners‘, Fabrega Molino advises a wide array of financial services firms, corporations, and HNWIs and family businesses from across Latin America and the Caribbean. The estate planning and private client branch of the practice focuses on succession planning, wealth management, the formation of trusts and foundations, and corporate governance, while the corporate side specialises in the organisation of Panamanian corporate structures and assists with the tax and commercial aspects of international transactions. Recently, the firm has also seen a notable uptick in instructions relating to M&A and the establishment of multinational company headquarters (SEM) in Panama. On the private client side, the ‘responsive, personable and brilliantGretel Ciniglio advises on wealth management, estate and succession planning, governance and family law matters, while Juan Pablo Fábrega handles the full array of corporate and estate planning issues, and also has a notable strength in arbitration. The sizeable group also includes José Juan Marquez and associate Juan Raúl Sosa, both of whom are frequently called upon to advise on tax issues; Liza Díaz, who has a focus on advising Central American and Caribbean clients; and Carlos Molino, who stands out for his assistance to clients in Colombia.

Practice head(s):

Gretel Ciniglio; Juan Pablo Fábrega


José Juan Marquez is responsive – whenever I email or message, he is always available. He always puts together a solid team.

Gretel Ciniglio is terrific. We have received nothing but really positive feedback from colleagues referred to her and clients are always happy with the service.

A law firm with extensive experience, personalised service, and accessible and supportive partners. I would describe working with Fabrega Molino as a great experience.

Gretel Ciniglio has been an ally for us. Her professionalism and dedication make the difference.

The firm’s corporate services team is highly professional and has excellent response times.

Gretel Ciniglio is a wonderful attorney. Responsive, personable and brilliant.

For clients in Colombia, the work carried out by Carlos Molino is very important as he frequently visits the country and his clients here, and strengthens already established business relationships, showing his availability and providing peace of mind to the client.

Morgan & Morgan

Hailed by clients as ‘extremely robust and efficient‘, the fiduciary services unit at Morgan & Morgan advises family offices and HNWIs from around the world on the incorporation and administration of trusts, private interest foundations and corporations in Panama, the Bahamas, the BVI and Belize, in addition to offering corporate secretarial services. Raúl Castro, who is renowned for his advice to HNWIs on investment funds and tax affairs, took over the reins of the practice from Roberto Lewis in 2023; Lewis continues to bring his four decades of experience in wealth management in an of counsel role. Other key contacts at the senior level are Luis Manzanares (a specialist in BVI corporate law and non-traditional asset protection and tax compliance structures), Fernando Boyd (whose practice has an emphasis on advising South American clients) and former Deputy Minister of Foreign Affairs Luis Miguel Hincapie (who oversees the Belize office). Up-and-coming partners Fanny Evans, an expert in Caribbean jurisdictions, and the ‘brilliantLaura Barrios, who heads a newly formed department focused on Bahamian professional and SMART funds, are also names to note, alongside senior associates Nestor Broce and the recently promoted Raúl Bermúdez.

Practice head(s):

Raúl Castro


We receive a very personalised service from lawyers who know their trade and the applicable regulations, and have the right contacts to carry out the different procedures required, with a comprehensive service covering various areas of law.

Our main contacts are Raúl Castro and Laura Barrios, who have given us all the time and support that we have required with agility and attention to detail.

The M&M team is extremely robust and efficient. They are always at the forefront of matters.

Laura Barrios is a brilliant lawyer who is always willing to provide the best legal service.

Key clients

Mistui Soko

Mitsubishi Logistics Corporation

Shutts & Bowen

Baker Tilly

Carrillo & Asociados

Harper Meyer

Dentons Cardenas & Cardenas

Beccar Varela

Posadas & Vecinos

Merrill Lynch

Icaza, González-Ruiz & Alemán

Thanks to its Icaza Accounting Services and Icaza Trust Corporation divisions, Icaza, González-Ruiz & Alemán is well equipped to advise on the structuring of trusts, corporations and private interest foundations across a broad spread of jurisdictions, with offices in Cyprus, Hong Kong, Singapore, Switzerland and Uruguay, and the ability to provide services in the BVI, the Bahamas, Belize, Anguilla and the Seychelles. In particular, the firm focuses on succession planning for HNWIs and family businesses, as well as structuring and administering commercial and public trusts. An experienced trio of lawyers leads the practice: Domingo Díaz has a 35-year record of advising on company formation and management, with a focus on expanding the firm’s operations in Asia; Joaquín Díaz is sought after for his advice on Panama private interest foundations; and Estefanía Alemán acts as director of Icaza Trust Corporation. The talented line-up of junior lawyers includes deputy manager Luis Martínez and Domingo Díaz de la Guardia, who is responsible for company formation operations.

Practice head(s):

Estefanía Alemán; Domingo Díaz; Joaquin Díaz

Pardini & Asociados

The ‘responsive and collegial‘ team at Pardini & Asociados has a strong track record in advising HNWIs, family offices and wealth managers on setting up corporations and foundations in Panama and other key jurisdictions, including the BVI, Delaware, Belize, the Seychelles, Saint Kitts and Nevis, and the Cayman Islands, as well as the structuring of trusts, international tax planning, and corporate and real estate acquisitions. Its broad corporate services offering also spans the re-domiciliation of companies and foundations, the incorporation and registration of offices in Panama, and accounting and secretarial services, among other matters. At the helm of the practice, Juan Francisco Pardini is highly experienced in estate and tax planning, acting for private clients as well as banks, trusts and fiduciary services companies.

Practice head(s):

Juan Francisco Pardini


The team is responsive and collegial in working with us.

Key clients

BZH Capital


Clusterstorm Holdings

Deep Sky Holdings

Motcomb International

Vision Holding

Work highlights

  • Advising Panamanian companies Alsabahia and Vision Holding on the acquisition of properties in London.
  • Advising Luxembourg fund manager BZH Capital on the financing by an offshore investment fund of a medium-sized property development in Panama.
  • Advising a Kuwaiti investor on the acquisition of the stock of Clusterstorm Ventures.

Patton, Moreno & Asvat

Patton, Moreno & Asvat‘s private wealth services practice encompasses advice on trusts and estates, private interest foundations and corporate services. The team is well versed in advising corporate clients on asset management, tax planning, succession planning, and the structuring and management of trusts, and is also active in the creation of private interest foundations. In addition, the firm assists with the formation and administration of companies and fields a dedicated compliance division which handles due diligence for both individuals and intermediaries. Managing partner Ebrahim Asvat, whose extensive practice covers tax and estate planning, is among the key members of the team, alongside aviation specialist María de Lourdes Marengo and María Teresa Díaz, an expert in maritime matters. Lizette Salazar, who manages the firm’s Uruguay office, stands out for her strengths in trusts, tax law, asset protection and estate planning.

Quijano & Associates

Quijano & Associates‘ private wealth practice comes highly recommended for its ‘excellent availability to deal with the client’s needs and concerns‘ and ‘the fact that the firm provides a service in the same time zone‘, with a presence in the BVI, the Bahamas, Belize, the Seychelles, Hong Kong and Switzerland. The practice covers a broad swathe of issues affecting international HNWIs, including the formation of companies and foundations, trust services and post-incorporation matters such as tax and compliance advice. The firm has recently expanded its offering by introducing a portal to allow clients to directly submit annual economic substance declarations and launching an audit and projects department which ensures compliance with new regulatory requirements. Managing partner Julio Quijano, who is singled out as a ‘great lawyer‘, leads the practice alongside Jaime Sánchez; both are well versed in private wealth law and estate planning. The deep bench of associates includes Valerie Barrios and Carlos Alvarado.

Practice head(s):

Jaime Sánchez; Julio Quijano


I have been working with Quijano & Associates for several years now and they have shown themselves at all times to be very professional and diligent. An important added value is the personalised service they provide, having built a relationship of trust with us.

Julio Quijano is a great lawyer with many qualities – he is always attentive and willing to deal with all matters efficiently, providing a high-quality service at all times. He provides information and assistance not only on legal issues, but on any other interest clients have in the Republic of Panama.’

Excellent availability to deal with the client’s needs and concerns. The fact that the firm provides a service in the same time zone is a great advantage, as are its technological capabilities.

The desire to always help and understand the different details of all cases allows them to offer the best service for us.