Tax in Panama

Morgan & Morgan

Morgan & Morgan‘s experienced tax department advises a host of multinational corporations on national and international tax planning, compliance and transfer pricing. The team is also well positioned to assist foreign companies operating in Panama in relation to special tax regimes, and foreign workers in individual tax issues. In addition, the group handles litigation before the domestic tax authorities and the Administrative Tax Courts. The practice was bolstered in July 2022 by the arrival of new department head Jose Rafael Reyes from specialist tax, corporate and real estate firm Strategic Legal Consulting, bringing extensive experience in international taxation, tax planning, transfer pricing and tax disputes. Other noteworthy individuals include senior associate Amanda Barraza and associate Angelica Ortiz, the latter of whom is noted for her in-depth knowledge of Panama’s special tax regimes.

Fabrega Molino

The tax practice at Fabrega Molino offers an array of services across direct and indirect taxation, including income tax, selective tax and charges relating to the consumption of goods and services, along with transfer pricing matters and transactional tax structuring. The team is led by senior partner José Juan Marquez, whose activity in the tax area also takes in succession planning. Notably the practice was strengthened in June 2022 with the hire of associate Juan Raúl Sosa. Previously a senior tax attorney at KPMG, he has a strong focus on commercial and transactional tax matters, particularly tax structuring, as well as all issues related to Panama’s “Special Investment Regimes”, including the Colon Free Zone, the Panama-Pacifico area and the Sede de Empresa Multinacional (SEM) or multinational corporation headquarters regime; he also advises on double transaction treaties and tax residence issues.

Practice head(s):

José Juan Marquez

Work highlights

  • Ongoing advice to several multinational companies on the structuring of their operations in Panama subject to special economic regimes including Panama Pacifico, City of Knowledge, SEM, and the Colon Free Zone.


Lovill‘s tax practice focuses on assisting major multinational clients with the tax structuring of significant corporate transactions, as well as advising on the operation of Panama’s special tax regimes to promote foreign direct investment. Tax compliance is another core area of activity for the practice, which is under the leadership of Elizabeth Heurtematte. Heurtematte is based between Panama City and Tokyo, and is proficient in tax structuring and estate planning. Ana Carolina Ureña stands out at the associate level; she has notable expertise in assisting companies with their establishment in the Panama Pacifico special economic zone. Since publication, Ureña has left the firm, effective as of January 2023.

Practice head(s):

Elizabeth Heurtematte

Key clients

Ceva Logistics

Dekel Group


Grupo Terra

Pacifica Petroleum

Isthmian Investment

Unilever de Centroamérica

SGS Panama Control Services

M&A Capital

Riba Smith

Work highlights

  • Advising Pacifica Petroleum on compliance with the new economic substance requirements applicable to companies established in the special economic area of Panama Pacifico, as well as the renewal of its registration under the legal stability regime.