Leading Individuals

Tax in Panama

Galindo, Arias & López

Galindo, Arias & López wins praise from clients thanks to its ‘inter-departmental collaboration and expertise‘, fielding a diverse tax practice which spans consultancy, litigation and compliance matters. The firm enjoys a strong profile in international taxation, advising multinational clients on the structuring of cross-border transactions, the interpretation of Panama’s tax treaties and the application of its special tax regimes. On the contentious front, the team’s recent caseload spans disputes relating to transfer pricing, tax assessments and VAT. Ramón Ricardo Arias leads the practice with Edgar Herrera, who ‘stands out for the level of detail and depth in his advice‘ and is particularly sought after for his expertise in international taxation. Associate Anna Cristina Valdés is also singled out as ‘among the best‘.

Practice head(s):

Ramón Ricardo Arias; Edgar Herrera


The inter-departmental collaboration and expertise of the different complementary teams make the advice of this firm really valuable.

Edgar Herrera stands out for the level of detail and depth in his advice.

GALA’s tax team strives to understand in detail the needs of its clients and offer solutions that truly fit these needs. This is unlike other law firms where often the solution offered is standard for all clients, or they are solutions that simply generate billing for the law firms.

We have worked with many tax experts in different countries, and without a doubt Edgar Herrera and Anna Cristina Valdés are among the best thanks to their great technical knowledge. They are able to distill problems and situations to their true essence, explain this to clients in a simple and easy-to-understand way, and offer solutions that truly serve the client.

Key clients

David Enterprises Group


Panama Commercial Properties

Pellas Group

Compañía Panameña de Aviacion (Copa)

Disan Group

Los Pueblos Group

DLA Piper

Cuatrecasas Goncalves Pereira

Leonisa Group

Work highlights

  • Advising David Enterprises Group on the restructuring of the group’s international operations under Panama’s Multinational Company Headquarters (SEM) tax regime.

Morgan & Morgan

Morgan & Morgan‘s tax practice is particularly skilled in assisting multinational companies with the special tax regimes available in Panama, in addition to domestic and international tax planning, transfer pricing and compliance matters. Another notable area of strength lies in advising clients in the real estate sector on the tax aspects of establishing real estate investment trusts (SIIs), benefitting from the wider firm’s expertise in this space. Practice head José Rafael Reyes handles the full spectrum of tax matters; both Reyes and senior associate Amanda Barraza can draw upon significant past experience with international accounting firms. Associate Angelica Ortiz provides capable support, particularly in matters relating to special tax regimes and Panamanian tax residency. Since publication, Barraza has left the firm to act as a sole practitioner.

Practice head(s):

José Rafael Reyes

Key clients

Bayport Enterprises

Regency Real Estate Developers

Work highlights

  • Advising Bayport Enterprises in connection with the inclusion and listing of 13 subsidiaries as real estate investment trusts (SIIs), including an exhaustive analysis of the tax aspects.

Fabrega Molino

Fabrega Molino‘s ‘dynamic, up-to-date‘ tax practice is widely hailed by clients for its position ‘at the forefront of tax issues‘, with wide-ranging experience of advising multinational corporations on tax structuring and compliance, direct and indirect tax issues, and transfer pricing, and noteworthy expertise in Panama’s special tax regimes. The firm also has a thriving wealth and estate planning practice, where senior partner Gretel Ciniglio and Carlos Molino are the key contacts. Firm president José Juan Marquez, whose practice spans tax and succession planning matters, leads the team. Associate Juan Raúl Sosa (who joined from KPMG in June 2022) particularly stands out for his advice on commercial and transactional tax matters and issues surrounding the taxation of free trade zone companies and multinationals.

Practice head(s):

José Juan Marquez


They are very timely and specific when dealing with the information that is requested or the doubts that are raised by clients. They are willing to travel to maintain contact with their clients. They have a good capacity to respond to requests and have lawyers in a variety of practice areas, which makes the service provided comprehensive.

The partners participate directly in the process. Carlos Molino’s service is excellent.

They have a solid internal structure that means they are capable of responding to client requirements. Additionally, their team is very diverse and involved in the different legal aspects that may arise in any service or transaction.

They are highly trained professionals, with experience in the field and who put the client first, as it should be. This applies to everyone from partners to junior counsel.

The Fabrega Molino team in Panama always remains at the forefront of tax issues. In fact, last year they brought in a new expert in this subject, which gives us greater confidence in continuing to work with the firm on any tax situation in the country.

Dynamic, up-to-date, with a very good reputation, and diligent in meeting the needs of clients on a day-to-day basis. Fabrega Molino’s lawyers are like another partner for us – the trust we have in them is the result of years of an excellent relationship.


Singled out for ‘its efficient way of solving problems‘, the tax team at LOVILL advises an array of international clients on the structuring of cross-border transactions, regulatory compliance, the benefits available under Panama’s special tax regimes and the effects of tax treaties. The team also supports the firm’s active real estate department in advising on tax issues relating to real estate transactions and projects, and is equally adept at representing clients in tax disputes before the Panamanian courts. Dividing her time between Panama City and Tokyo, Elizabeth Heurtematte leads the practice and is noted for her experience in corporate tax structuring and estate planning. Isabel Cristina López is also a key contact, alongside newly promoted partners Alejandro Fung and Jeannette Bravo.

Practice head(s):

Elizabeth Heurtematte


They are more proactive and less formal than their competitors.

The team stands out for its efficient way of solving problems.

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 an individual client on the tax strategy for several real estate and fund investments in the US.
  • Advising Pacifica Petroleum on the renewal of its registration under the Legal Stability Regime in order to maintain the legal framework and tax benefits available in the Panama Pacifico special economic zone.
  • Advising a multinational company on the application of benefits under Panama’s tax treaties to avoid double taxation on dividends to shareholders of the company.