The Legal 500

Twitter Logo Youtube Circle Icon LinkedIn Icon


Work +506 4036 2800
Fax +506 4036 1268

Carolina Flores

Work +506 2503 9800

Work Department

  • Corporate and Commercial
  • Mergers and Acquisitions
  • Tax and Fiscal Planning




Carolina has lead the Tax Department at Arias Costa Rica since 2001. Carolina has more than fifteen years of experience advising on complex tax matters. One of her many strengths is successfully assisting foreign clients in establishing effective tax structures that minimize risk and meet Corporate Tax compliance requirements for their operations.

Awarded "Best Tax Lawyer in Latin America" by Euromoney at the Women in Business Law Awards 2014.


  • Spanish
  • English
  • German


  • Member of International Bar Association (IBA).


  •  LL.M. in International Taxation from New York University, in New York. Fulbright Scholar.
  • Juris Doctor -equivalent law degree- from Law School, Universidad of Costa Rica. 
  • She is authorized as a practicing Attorney and Notary Public in Costa Rica.

Costa Rica

Corporate and M&A

Within: Corporate and M&A

Benefitting from its strong regional network, Arias’ ‘excellent’ corporate and M&A team regularly advises on cross-border transactions, corporate restructuring, tax and antitrust matters. In 2017, the firm was particularly active on the purchase-side, as evidenced by various recent highlights, including advising Amvac on its $50m acquisition of Agricenter (and the associated merger-control process before the Costa Rican antitrust authority); acting as local counsel to Applus on its $89m acquisition of an 80% holding in Inversiones Finisterre; and assisting Cardinal Health with the local aspects of its $6.1bn global acquisition of Medtronic and Costa Rican subsidiary Covidien Manufacturing Solutions. Seller-side work includes advising Yara on the $6m sale of Cafesa to Duwest and assisting Sealed Air with the sale of its Diversey unit to Bain Capital. The practice is co-led by Andrey Dorado, who is highly recommended by clients, and Carolina Flores, who stands out for her ‘great knowledge in international transactions’. Vicente Lines and senior counsel Melania Dittel are also part of the core team.

[back to top]

Dispute resolution

Within: Dispute resolution

Led by senior counsel German Rojas, Arias’ dispute resolution department advises on labour and tax disputes, administrative and civil litigation, as well as arbitration. Carolina Flores handles corporate, commercial and tax-related contentious matters and recently represented a food and drink manufacturer in criminal procedures related to tax evasion. Administrative litigation is handled by Carlos Ubico, who recently advised Soresco (a private-public company created through an agreement between Costa Rica and China), in connection with a preliminary injunction filed by the Costa Rican party. Vicente Lines is another key figure in the department. The firm’s client roster also includes Pfizer, Unicomer and SCA.

[back to top]


Within: Tax

Led by Carolina Flores, the five-strong tax department at Arias handles both contentious and non-contentious sector-related matters: it’s broad service offering includes advice on tax structuring, compliance, due diligence, and preventive and corrective measures concerning tax risks, as well as tax litigation. In recent work, the team assisted LifeMiles with a review of the tax aspects of its loan agreements, primarily concerning a regional syndicated loan obtained from Morgan Stanley, Deutsche Bank and UBS. In another recent highlight, Flores advised Amvac on due diligence, tax and transfer pricing matters related to its acquisition of Agricenter. Another key figure in the department, Carlos Camacho is particularly experienced in matters related to the special tax regime in free trade zones. Other clients include Medplast, Applus and Cafesa.

[back to top]

Back to index

Legal Developments worldwide

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to