Vouga Abogados > Asunción, Paraguay > Firm Profile

Vouga Abogados

Paraguay > Banking and finance Tier 1

Vouga Abogados advises clients on a range of banking and finance matters, including multilateral loans, project financing, security structuring and the issuance of bonds. The team works with both national and international clients, such as Paracel and Banco Santander, and has extensive experience in cross-border transactions, often assisting multilateral credit agencies with operations in Paraguay. The firm recently created a specialised venture capital department, and also has a specific team, processes and protocols for the handling of collateral in financing deals. Cynthia Fatecha specialises in trusts, mutual funds, securities markets and capital markets regulations, and heads the team alongside Carlos Vouga, who takes a lead role in many of the firm’s most complex transactions. Rodolfo Guillermo Vouga also takes the lead on some key matters, and is praised by clients. Associate Georg Birbaumer is an active member of the team, who has experience in cross-border transactions, with a particular focus on financing and capital market matters. Cecilia Vera and Andres Vera are associates to note.

Practice head(s):

Cynthia Fatecha; Carlos Vouga


It is very reactive, quick to respond and very professional. Its level is well above other law firms in the same jurisdiction.

Carlos Vouga has provided me with excellent services. He always responds on time, in a very complete and profound way.

Georg Birbaumer is very attentive and provides adequate information in a timely manner.

The team has a proven expertise in capital markets and deal structuring. As a strong point, I would like to highlight the experience of the team together with lawyers that are updated with the changes in law and regulations.

The team of lawyers at Vouga handles the structure of the loan agreements with which we work as development banks very well. It has a quick response capacity. It uses technological resources such as CRM very well to keep us informed of relevant changes in the local regulatory framework.

The team speaks English very well, which is why it facilitates quick communication when stakeholders who do not speak Spanish must be involved. The partners Carlos Vouga and Rodolfo Vouga advised as local lawyers in two OPEC fund transactions, and they provided quick results in less time than other firms in similar transactions.

The firm has knowledge of the banking and finance industry (both local and international), and is able to advise foreign banks and even propose better solutions or alternatives to those initially agreed.

Availability of the partners to deal with a case (Carlos Vouga), a very well trained team in all its lines and outstanding service quality.

Key clients

Banco De Desarrollo De America Latina (CAF)

Banco Santander

TMF Group

Bolsa De Valores Y Productos De Asunción (Asunción Stock Exchange)

BTG Pactual

WorldBusiness Capital (WBC)


Tape Pora

Banco Aliado

Itau BBA

ACWM Casa de Bolsal

Clariden Leu Bank (Credit Suisse Group)

Deutsche Investitions Und Entwicklungsgesellschaft (DEG)

Bid Invest (BID)

Banco Itau Paraguay

Latin American Agribusiness (LAAD)

Development Corporation

John Deere Financial Chile

Incofin Investment Management / Rural Impulse Fund

Towerbank International


Banco Río

Visión Banco

Santander Investment Securities

JP Morgan Securities



Cargo Line Paraguay

Work highlights

  • Advising Paracel on the development of a greenfield cellulose plant for approximately $4bn.
  • Advising the financiers to BSBIOS Paraguay, in a project finance deal for the construction and operation of a biofuel plant in the region of Villeta, Paraguay.
  • Advised Banco Santander on the financing transaction for the acquisition of the Brazilian company Vale by J&F Investimentos, which included the acquisition of a Paraguayan subsidiary Transbarge Navegación.

Paraguay > Competition and antitrust Tier 1

The competition and antitrust team at Vouga Abogados continues to benefit from the experience and expertise of senior associate Cecilia Vera, a specialist in competition law since its enactment in Paraguay. The firm is involved in significant transactions in the Paraguayan market, including merger notifications and approval processes involving Conacom. The team is led by Rodrigo Fernández, who has experience in a range of areas related to competition law, and handles merger filings and the negotiation of conditions with, and representation of clients before the authority. Rodolfo Guillermo Vouga's significant experience includes the representation of clients in asset acquisitions. Associate Luis Torales offers advice on competition law with a focus on the telecoms and pharmaceuticals sectors.

Practice head(s):

Rodrigo Fernández


Vouga’s business language is characterised by its ability to convey complex legal issues in simple terms. The firm is always quick to adapt to new legal landscapes in our ever-changing commercial projects, always keeping in mind our ethos and the necessities of our business and our stakeholders with practical solutions, transparent billing, and quick turn-around.

Rodrigo Fernández is a stand-out from the firm and is always available, with a deep understanding of our commercial operation and an extensive knowledge of Paraguayan’s legislation and jurisprudence, which lead to practical and cost-efficient solutions. Rodrigo immerses in the necessities of our company and communicates in an easily applicable business-oriented language.

They have facilitated the relationship and raised their discrepancies, always showing themselves willing to exploit the most diverse solutions to the problems raised by the application authority.

I have dealt with representatives of the firm in the exercise of public function. As they were among the first firms to make fillings notifying concentration operations, they promoted and contributed to the interpretation of many of the provisions contained in the regulatory framework (regarding the defense of competition) and which apparently were not easily applied. Rodolfo Vouga, Rodrigo Fernández and Cecilia Vera have proven to be professionals willing to collaborate patiently and creatively with the enforcement authority, aware of the role they have to play in building an unprecedented institutional framework in our country, always facilitating good relations.

Vouga Abogados has led numerous competition cases since the beginning of Conacom, making it one of the leading firms in this matter.

Good treatment is a plus that adds to the expertise in the area.

Key clients

Paraguay Energy Operaciones y Logistica SRL (Paraguay Energy)

Paresa (Coca-Cola)

Corporación Paraguaya Distribuidora de Derivados de Petróleo S.A. (Copetrol)

British-American Tobacco

Work highlights

  • Representing Copetrol, a leading local player with nationwide presence, in investigations proceedings brought by competition authority.
  • Advised a major local subsidiary in the analysis, from the competition perspective, of a new law regulating the use of recycled plastics.
  • Advised in an unprecedented, major logistic cooperation agreement between two local subsidiaries of large multinationals.

Paraguay > Corporate and M&A Tier 1

With its ‘deep knowledge and understanding‘ of both local and international markets, the corporate and M&A team at Vouga Abogados remains a leading practice. The team handles major investment projects and high-profile M&A, with clients such as Paracel and Copetrol. The firm advises clients from a range of industries and has noted particular activity in the agribusiness sector. The practice has increased its focus on compliance, advising clients on the development and implementation of compliance programmes. The firm has been involved in the drafting of several regulations within the corporate practice area, including a bill for the enactment of a new type of corporation and its regulatory decree. Rodolfo Vouga leads the team, alongside Perla Alderete and Rodolfo Guillermo Vouga, who both come with client recommendation. They are supported by up-and-coming figure Rodrigo Fernández and Carlos Vouga, who is praised for his ‘deep knowledge of M&A and corporate matters, quick responses and precision in his arguments and solutions‘. At the associate level, Cecilia Vera and Manuel Acevedo both play active roles in the team. Georg Birbaumer, Walter Vera and Luis Torales are also contacts to note.

Practice head(s):

Rodolfo Vouga Muller; Perla Alderete; Rodolfo Guillermo Vouga


They are very competent in all areas of law. They helped us land in Paraguay and gave a super service.

We recommend Rodolfo Vouga and Cecilia Vera.

The Vouga Abogados team has unparalleled knowledge of all the processes associated with corporate-company issues and M&A projects. They advise us in a very professional way in both activities, finding solutions, quickly and efficiently, for the most complex problems that arise during the development of the projects.

Carlos Vouga has a deep knowledge of M&A and corporate matters, provides quick responses and precision in his arguments and solutions. He has a fluid relationship with our team and extensive network of contacts, not only in Paraguay, but also in the USA and regional countries. He is skilled and fluent in English and Portuguese.’

Vouga’s team is always available to attend the client’s requests. The team is also very organised and goes straight to the point on the requests. They are very patient, diligent and detail-oriented with the foreign clients that are not used to the Paraguayan law.

The team is a very complete full service for Paraguay. For us it is the best by far. I think it has also been getting stronger in recent years. Always professional, with deep knowledge, understanding of the local idiosyncrasy, local laws and international ways of working.

Rodolfo Guillermo Vouga has become a reference in the country. Very complete as a lawyer and with excellent contacts and understanding of international business. Cynthia Fatecha is a capital markets expert with top-notch knowledge. Perla Alderete has very good expertise in the area of corporate law and compliance.

Perla Alderete, for her experience and good attitude. Also, for her kindness in always supporting our cases, no matter how small or large the tasks may be. Paola Andreotti, for her good communication and also her speed and efficiency.

Key clients

Procter & Gamble

CPC Corporation

Microsoft Corporation

Archer Daniels Midland (ADM)

Colgate – Palmolive

John Deere






LG Electronics

British American Tobacco


Cargo Line Paraguay


J&F Investimentos


Work highlights

  • Advising Paracel in all legal aspects related to its milestone project in Paraguay consisting of the development of a greenfield cellulose plant for an approximate amount of $4bn.
  • Advising Cargo Line, as logistics services provider for Paracel’s pulp mill project, on subcontracts, fulfilment of all conditions precedent, and developing the transport contract and the engineering, procurement and construction (EPC) contract for the Paraguay and Uruguay ports.
  • Assisting a local company in a cross-border transaction for the revamping of its biofuel plant facilities and the provision of technical assistance and know-how.

Paraguay > Dispute resolution Tier 1

Vouga Abogados‘ dispute resolution team is made up of ‘highly trained and professional‘ lawyers, who have extensive litigation experience and advise national and international clients on complex judicial processes, arbitrations and out-of-court negotiations. The group handles high-level corporate and commercial litigation and is led by three highly-experienced partners: Mirtha Dos Santos handles some of the firm’s most high-profile and complex litigation cases, and comes highly recommended by clients; Rodolfo Vouga has extensive experience in dispute resolution and advises clients on major disputes; Rodolfo Guillermo Vouga participates in many of the firm’s complex litigation and arbitration cases. At the associate level, Silvia Benítez has experience in administrative and civil litigation, and litigation related to tax matters, receiving client praise for her 'high quality', and Elio Agüero works closely with Dos Santos.

Practice head(s):

Mirtha Dos Santos; Rodolfo Vouga; Rodolfo Guillermo Vouga


We worked with Vouga in an arbitration seated in New York but that involved several issues of Paraguayan law. Vouga’s role as co-counsel was essential to our work and the team provided all the support that we needed. The Vouga team was pro-active, showed high expertise on all the issues, and delivered high quality work product. In addition to assisting in gathering evidence and providing all legal analysis we needed, Vouga was also able to find the best professionals in the country to act as experts in our arbitration. We were extremely satisfied.

Among the team members, I should highlight the work of Mirtha dos Santos. She was always readily available to assist us, at any time of the day, despite the time difference. She also demonstrated a deep knowledge of all the legal issues involved – in particular, relevant financial and banking laws and regulations in Paraguay. Mirtha was always professional and kind, and a great team member in this matter. I highly recommend Vouga Abogados, in particular Mirtha.’

The people who make up the team generate that differentiating teamwork, both from a technical, professional and humane point of view.

We always work with Mirtha dos Santos and Elio Agüero. Both support us in solving processes with discussions to decide on strategies together.’

I think the plus is the prompt response to legal issues and the good customer service, always willing to collaborate. Rodolfo Vouga, and Mirtha dos Santos are excellent professionals.’

Mirtha dos Santos is a highly qualified and up-to-date lawyer, always in contact looking for the best possible scenario for the client. I also highlight Silvia Benitez, who also performs her activities with great quality.

Vouga’s dispute resolution team is highly specialised in corporate litigation, including cases involving foreign clients. The firm also has extensive knowledge of Paraguay’s regulatory frameworks and business reality, which provides for discussions and solutions beyond the ongoing disputes.

In the area of dispute resolution, the firm’s lawyers stand out for their vast knowledge and experience, as well as for providing agile solutions, and their constant predisposition at all times to meet the client’s requirements and queries. In the various disputes handled by the firm, the precision and level of detail in the analysis and development of arguments and strategies for the legal proceedings that are carried out on behalf of the client stand out.

Key clients

Archer Daniels Midland (ADM)

Naviera Chaco


Prosegur Paraguay



GSI Brasil Industria e Comercio de Equipamentos Agropecuario

Latin American Agribusiness Development (LAAD)

Lohia Corp

Petroleo Brasileiro



Work highlights

  • Represented a European multinational client in proceedings involving three public offices regarding payment of indispensable services rendered to government during Covid-19 pandemic.
  • Advised Copetrol on a litigation process initiated by the competition authority.
  • Acted for Paracel in getting the dismissal of all administrative actions against it regarding environmental regulatory law.

Paraguay > Environment Tier 1

Praised for its ‘professional experience and specific knowledge‘ of the sector, the environment team at Vouga Abogados evaluates the legal environmental contingencies of operations and offers advice on compliance with environmental laws. The firm is active in the drafting of and follow-up on environmental legislations and regulations, and handles a wide range of environmental matters, including advice on environmental licenses, due diligences, special environmental protection regimes, the certification of environmental assets and the generation of carbon credits. The firm also acts in environment litigation. The team is led by Rodrigo Fernández and Rodolfo Vouga, an experienced lawyer in the field, who participates in the drafting of environmental legislations. Rodolfo Guillermo Vouga takes a lead role in some of the group’s key cases. At the associate level, Manuel Acevedo advises international institutions and public entities, and has experience negotiating with public institutions for the obtention of licenses and permits. Walter Vera is highly experienced in administrative proceedings, assisting the team with administrative processes and regulatory issues related to environmental law. Alice Ferreira left the firm in January 2022.

Practice head(s):

Rodrigo Fernández; Rodolfo Vouga


Vouga’s business language is characterised by its ability to convey complex legal issues in simple terms. The firm is always quick to adapt to new legal landscapes in our ever-changing commercial projects, always keeping in mind our ethos and the necessities of our business and our stakeholders, and providing practical solutions, transparent billing, and a quick turn-around. We are always confident in Vouga’s thorough analysis of Paraguayan legislation to identify the most effective and cost-efficient road to achieve our objectives, acknowledging our key pillar of compliance.

Rodrigo Fernández and Manuel Acevedo communicate in a business-oriented language, streamlining their deep legal knowledge into easily applicable, practical reports and call-to-action plans, according to our commercial necessities. Manuel’s excellent people skills and general network of colleagues strengthen our engagement agenda and allow agile solutions.

The differential is their desire to understand the contractor’s business. They differ by performing to the greatest adequacy and providing as much detail possible, balancing between the parts. Their greatest qualities are the availability to understand the scope and negotiations, always with great participation and balance in joint decision-making. Main contacts: Rodrigo Fernández and Diego Marecos.

The interaction between the different areas of the team is very efficient. The required procedures are always answered in a timely manner to your complete satisfaction. Perfection is a constant in the team.

The most outstanding detail is the availability of people. They are always there, and if they can, they always respond in a timely manner. It is a pleasure to work with Rodrigo Fernández, Manuel Acevedo, Andres Vera and Rodolfo Vouga.

Vouga Abogados has, in our opinion, the best practice in environmental law in Paraguay, due to both professional experience and specific knowledge of this branch.

What makes the professionals with whom we have worked (partners and associates) stand out, is the good treatment and willingness to give an immediate response to specific queries in our sector.

Key clients

Paraguayan Industrial Guild (UIP)

Sistema B

ADM Paraguay






British-American Tobacco


Work highlights

  • Advising Paracel on all environmental matters related to a substantial investment project.
  • Assisting a biofuel company on a project to reshape its plant to produce biofuel, a transaction which includes environment checks in order to secure investors.

Paraguay > Labour and employment Tier 1

Vouga Abogados‘ labour and employment practice consists of a ‘solid team of expert lawyers‘. The team advises both national and international clients on labour compliance, audits and labour and social security regulations. The firm has noted an increase in work related to labour permits, licenses and authorisations. The group also acts on industrial health and safety matters. The 'excellent' Perla Alderete, a highly experienced labour lawyer, leads the team and 'is very up to date on current labour issues'. Mirtha dos Santos oversees the team’s high-profile litigation matters, with support from associate Marcela dos Santos, who plays a key role in handling labour litigation cases. Associate Walter Vera comes with client recommendation, an active team member who is involved in the majority of the team’s key transactions.

Practice head(s):

Perla Alderete


Vouga has a top-level team, which is very professional and has a lot of experience.

The firm is committed to keeping its clients adequately informed. It has implemented a newsletter that is continually providing general information of interest. In addition, its clientele is made up of many multinationals, which allows it to have a broad level of expertise for our needs.’

Regarding the partners, their speed of response in taking charge of the affairs of our office is something quite valuable. In the case of Vouga, we have had permanent and prompt support from its founding and main partners.

In their consultancy on labour, Vouga has been very successful.’

Perla Alderete handles labour issues with great solvency. She is very up to date on current labour issues. Walter Vera also handles labour issues very well.

Perla Alderete is excellent. As long as she is present, the service is reliable and very professional. As a client, one feels confident in the knowledge of these lawyers.

The team has specialised people, and they work very efficiently as a team.

I think their efficiency and commitment stands out. Professionalism is evident when dealing with issues. I highlight the work of Perla Alderete.

Key clients



Paraguay Energy Operaciones y Logistica

Unión Industrial Paraguaya

American Tower / Blue Transfer

Consorcio Expo Asociación Rural Del Paraguay / Unión Industrial Paraguaya

Coffee Bean & Tea Leaf

Agrichem Paraguay

GLT Casa de Bolsa

Colgate Palmolive De Paraguay

Probat / British American Tobacco

Eurofarma Laboratorios

Prosegur Paraguay

Paraguay Refrescos




Work highlights

  • Advising Paracel on all employment related matters, including the preparation of a legal matrix in labour matters, social security, safety and industrial hygiene.
  • Advised Europharma Laboratories on issues related to local labour regime, social security and hygiene at work.
  • Advised a client on matters related to rehiring of employees with special stability, social security coverage and other aspects related to the legislation in force, as well as on matters of special stability acquired during pregnancy.

Paraguay > Administrative law Tier 2

Vouga Abogados advises national and international clients on complex procedures before public authorities. The firm acts as legal counsel to public entities and international institutions in the drafting of bills and regulations, and is often retained to advise public offices on the development of new regulations. The team works with international clients in highly-regulated areas, such as mining, agribusiness and health. A strong administrative litigation team regularly assists clients with administrative contentious procedures at both the administrative and judicial stages. The team is led by four lawyers; Rodolfo Guillermo Vouga, Rodrigo Fernández, Mirtha Dos Santos and senior associate Manuel Acevedo. Fernández has dealt with a range of administrative law cases, particularly in regulated business sectors such as oil and gas, pharmaceuticals and food and tobacco. Acevedo is engaged in complex procedures and negotiations with public offices. Associate Silvia Benítez has extensive experience in administrative and civil litigation, and represents clients in both administrative and court proceedings. Since publication, Acevedo has been raised to the partnership - effective as of February 2024.

Practice head(s):

Rodrigo Fernández


Vouga has an in-depth understanding of our company’s corporate structure and subsequent mining exploration business, providing legal counsel, assistance in setting up branches, and tax declaration requirements. Vouga has been entrusted with assisting the mining area’s legal advisors and collecting related materials. The firm has established a good communication channel with the company’s operators and other service providers.

Estudio Vouga offers comprehensive quality legal advice, with trained, responsible and committed professionals. We have always received efficient, fast advice that meets our needs. We trust the work of the firm and we highlight the quality of the lawyers and the personalised attention we receive, which is precisely what makes Estudio Vouga one of the most prestigious and recognised firms in Paraguay. We noticed a very good organisation, with defined teams that work collaboratively. The lawyers specialising in our matters acted immediately and gave us a clear overview of the situation, with clear suggestions and recommendations for the course to follow.

Silvia Benítez provides personalised, efficient, fast advice, demonstrating solidity and knowledge on the subject, giving us her vision and suggestions for the course to follow in the most convenient way for the company. Mirtha Dos Santos, who is the partner of the litigation department, is also supporting this issue due to the magnitude of the issues discussed.

In particular, I worked with Manuel Acevedo. He is a highly trained person, always available, and even after the date that the work has been completed, he continues to support with queries that arise.

The team of professionals is the best – the subsequent service in legal advice is guaranteed. Our experience with the implementation of a new EAS law, which required regulation, was extremely satisfactory due to the support throughout the implementation process.

Vouga is made up of a team of professionals with a lot of technical capacity, who complement each other by respecting each other in their area of best performance, so that every demand we need always has a professional for the case. They are different in terms of updating information, always available and always looking for the best result of their actions. They are distinguished by their technical competence, and they are extremely proactive.

The lawyers handle everything, with the ability to work in a team, with empathy and communication skills, as well as the ability to handle technology, including new information technologies. The lawyers have negotiation skills. In general, continuous training, passion and commitment to an excellent service are noted.

Vouga Abogados has given us unique advice in Paraguay on administrative law issues, since, unlike other firms, it has both the required technical experience and the contact with the regulatory authorities.

Key clients


CPC Corporation Taiwán

Quincy Energy


World Bank Group


Iridium Satellite

Nextar (Petrobas)

Paresa (Coca Cola)

Archer Daniels Midland (ADM)

Work highlights

  • Advised pulp mill project Paracel on the obtention of an electricity cogeneration license.
  • Acted for a European multinational client in proceedings involving three public offices regarding payment of indispensable services rendered to government during Covid-19 pandemic.
  • Advised the Ministry of Industry and Commerce on the elaboration of regulations needed to implement the law regarding a new form of business entity named Empresa por Acciones Simplificadas (EAS).

Paraguay > Intellectual property Tier 2

The IP team at Vouga Abogados has worked to expand its patent portfolio recently, advising new clients on patent applications. The practice is also growing to handle regulatory affairs, data protection and matters related to IT and privacy law. The team assists clients with IP due diligences, and the IP aspects of M&A and other transactions. Team co-head Siegfried Vouga has taken a lead role in the growth of the practice, and in many of the key matters. He heads the team along with Laura Lezcano, an expert in IP matters, who is praised by clients for her ‘excellent work‘ and ‘deep knowledge and wide experience‘. Rodrigo Fernández de Nestosa also comes with client recommendation and focuses on IP-related disputes. At the associate level, Stephanie Medina focuses on administrative law issues, particularly related to non-contentious matters within IP, and Grecia Florentin plays a key role in the prosecution of the firm’s administrative IP cases. Manuel Acevedo comes with client recommendation.

Practice head(s):

Siegfried Vouga; Laura Lezcano


Vouga’s business language is characterised by its ability to convey complex legal issues in simple terms. The firm is always quick to adapt to new legal landscapes in our ever-changing commercial projects, always keeping in mind our ethos and the necessities of our business and our stakeholders with practical solutions, transparent billing, and quick turn-around.

Laura Lezcano always keeps our company and the necessities of our business in mind, keeping us aware of relevant news affecting our commercial interests.

Rodrigo Fernández is a source of extensive knowledge and wide experience in matters of counterfeit products and general IP, always available with sensible advice that keeps in mind the ethos of our company, and our strong focus on compliance.

It is clearly the best law firm that we deal with in our business group, and we deal with most of the large law firms in the country. I clearly see that they invest in technology, human capital, and all the lawyers have a higher level of preparation. In addition, their billing schemes are very clear. Its range of services is wide and all of them of excellent quality.

I think it is an avant-garde firm, led by young people. I know the quality of the work of the brand team: Laura Lezcano, Grecia Florentin. There are other excellent professionals: Manuel Acevedo and Rodrigo Fernández in particular.

I recommend Laura Lezcano and her firm in view of the excellent work they have done for our clients in Paraguay for several years. Laura plays an important role in assisting us to protect our clients’ trade marks in that country. She is very responsive, committed to clients’ interests and goals, and her deep knowledge and wide experience has enabled our clients to obtain the best possible trade mark protection.

Laura Lezcano has also done excellent work with trade mark prosecution and always provides us with enlightening advice regarding the best strategy for our clients to take in terms of obtaining and defending their trade mark rights.

Key clients

Banco Do Brasil

Eurofarma Laboratorios


Continental Grain Company


Fundacion Saraki

Prosegur Paraguay

Asociacion Civil Sistema B Paraguay

Andermatt Group


Brand Security

Advance China IP Law Office

DKT Paraguay


Luiz Leonardos & Advogados

Bolsa de Valores y Productos de Asunción

Hijas De Feliciana De Fariña


Work highlights

  • Advised L’Acerie in filing audio-visual programme VOCES DEL CAMPO.
  • Advised Andermatt Group on filing several applications in Latam jurisdictions.
  • Represented two multinationals from the US and Switzerland, each one facing a lawsuit for alleged high-value damages involving substantial copyright and trade mark related matters.

Paraguay > Tax Tier 3

The team at Vouga Abogados advises both national and international clients on a range of complex tax matters. The firm offers advice on best tax practices and tax credit recovery processes, as well as advising clients on regulatory issues, including the recent tax reform bill and transfer pricing rules, introduced in January 2020 and 2021, respectively. The firm has also been involved in the double taxation treaties with Chile and Uruguay. The team is led by managing partner Rodolfo Vouga and 'excellent professional' Andrés Vera, who participated in the drafting of various tax regulations as part of his experience with the Finance Ministry. Along with associate Silvia Benítez, he leads the practice of tax recovery contentious matters before the administrative and civil courts. Associate Horacio Sánchez joined as a practice head from Ferrere in October 2022. He comes recommended as 'a great asset' and has extensive experience working with the tax authority and in applying tax treaties. Rodolfo Guillermo Vouga takes a lead role in some of the team’s key, multi-practice matters.

Practice head(s):

Rodolfo Vouga; Andres Vera


The team is very well prepared; they always answer our questions and respond quickly according to our requirements. Likewise, they are very well connected and have very good knowledge of the Paraguayan Stock Market, which is our business. They have lawyers who were part of the Paraguayan Stock Exchange and the National Securities Commission, which is a very important plus for us.

They provide personalised attention and responsiveness, as well as assisting us when we need them, whatever the day or time. Andrés Vera  assists us regarding legal and tax advice. He is an excellent professionals.

This year the firm has incorporated Horacio Sánchez to the team, and I think he is a great asset – not only for tax purposes but for other areas as well. As always, for labour and tax matters, it is undoubtedly the number one law firm in Paraguay, with unique teams of people with expertise, and a casuistry and practical experience that is unmatched by other law firms.

Andrés Vera and Horacio Sánchez stand out in the tax area. They have in-depth knowledge, command of the rules, vast experience, and I always feel calm when the answer comes from them.

We recommend Silvia Benitez.

Work highlights

  • Defending a client on charges arising from tax audits and tax assessments relating to transfer pricing issues.
  • Advising Paracel on all tax-related matters related to its $4bn cellulose plant in Paraguay.
  • Assisted a client with a two-step tax planning to eliminate the tax burden on dividends paid to foreign shareholders.

Vouga Abogados is one of the most prominent, largest and experienced law firms in Paraguay. A full-service firm, composed of a team of professionals with experience spanning four decades, Vouga advises some of the largest multinational companies as well as financial and multilateral credit institutions, NGOs, public entities, and sophisticated local companies and individuals doing business in Paraguay, complying with the most stringent ethical standards. The client base includes a significant number of Fortune 500 companies operating across a broad range of industries. The leaders of this strong team of legal and accounting professionals, organized into practice groups, are widely recognized in their fields. The firm’s focus on responsiveness, built on strong investments in human resources and technology, enables it to deliver world-class services in a time-efficient manner.

Areas of practice
Agribusiness: Vouga represents some of the largest commodities traders, input dealers, agricultural product and equipment manufacturers and industry trade associations in the world, covering all stages of the agricultural cycle, including sourcing and procurement, crushing, logistics, trading, hedging transactions, tax issues and litigation.

Antitrust: the firm played a crucial role in drafting the first antitrust law in Paraguay. Vouga assists some of the dominant players in various sectors in the country in the implementation of the new antitrust law.

Banking and finance: the firm’s finance group is one of its flagships, participating in some of the largest cross-border financing operations of the last ten years.

Corporate/M&A: since its founding and particularly over the last decade, the firm has worked on milestone international and national M&A transactions. Vouga is a leading player in M&A. The corporate department is one of the largest and most distinguished in the country, assisting a wide range of foreign investors to establish operations and attain their goals in Paraguay.

Distributorship, agency, representation and franchising: Paraguay’s stringent rules on distributorship, agency, representation and franchising led the firm to acquire unrivalled expertise in this area. The firm assists foreign parties in the negotiation of agreements and has handled a substantial part of the most high-profile cases in the country.

Environmental, energy and natural resources: the firm’s expertise in this area is truly unsurpassed in the country. A pioneer in Paraguay, the team assists clients and regulatory bodies in the implementation and drafting of various regulations and concession processes, environmental assessments and obtaining permits and concession rights.

Labor: Vouga’s labor department advises some of the largest employers and HR departments in Paraguay on their daily activities. The team is especially qualified to assist in industrial safety and health-related issues.

Litigation and ADR: the firm’s litigation team specializes in complex corporate dispute resolution, covering the full spectrum of domestic and international litigation and ADR. The litigation team is involved in some of the country’s highest profile cases before both arbitral tribunals and courts.

Real estate: the firm has one of the strongest real estate practice groups in the country, and ample expertise in structuring, financing and development.

Tax and customs: the tax and customs team comprises leading legal and accounting specialists with experience in both the public and corporate sectors, enabling the firm to provide comprehensive advice.

Department Name Email Telephone
Agribusiness Rodolfo G Vouga Z rgvouga@vouga.com.py +59521202049
Antitrust Marta Martínez mmartinez@vouga.com.py +59521202049
Banking and Finance, Capital Markets, Trusts, Funds Cynthia Fatecha cfatecha@vouga.com.py +59521202049
Banking and Finance, Capital Markets, Trusts, Funds Carlos Vouga cvouga@vouga.com.py +59521202049
Corporate/M&A Rodolfo G Vouga Z rgvouga@vouga.com.py +59521202049
Corporate/M&A Perla Alderete palderete@vouga.com.py +59521202049
Corporate/M&A Carlos Vouga cvouga@vouga.com.py +59521202049
Distributorship, Agency and Franchising Carlos Vouga cvouga@vouga.com.py +59521202049
Distributorship, Agency and Franchising Rodrigo Fernández de Nestosa rfernandez@vouga.com.py +59521202049
Environmental, Energy and Natural Resources Marta Martínez mmartinez@vouga.com.py +59521202049
Environmental, Energy and Natural Resources Rodrigo Fernández de Nestosa rfernandez@vouga.com.py +59521202049
Insurance and Re-Insurance Carlos Vouga cvouga@vouga.com.py +59521202049
Labor Perla Alderete palderete@vouga.com.py +59521202049
Labor Marcela Dos Santos madosantos@vouga.com.py +59521202049
Litigation and ADR Mirtha Dos Santos mdsantos@vouga.com.py +59521202049
Litigation and ADR Eusebio López elopez@vouga.com.py +59521202049
Maritime, Air and Transportation Rodolfo G. Vouga rgvouga@vouga.com.py +59521202049
Oil & Gas Rodolfo G. Vouga rgvouga@vouga.com.py +59521202049
Pharmaceuticals Rodrigo Fernández de Nestosa rfernandez@vouga.com.py +59521202049
Pharmaceuticals Carlos Vouga cvouga@vouga.com.py +59521202049
Real Estate Cynthia Fatecha cfatecha@vouga.com.py +59521202049
Real Estate Carlos Vouga cvouga@vouga.com.py +59521202049
Tax and Customs Andrés Vera avera@vouga.com.py +59521202049
Tax and Customs Rodolfo G. Vouga rgvouga@vouga.com.py +59521202049
Telecommunications Marta Martinez mmartinez@vouga.com.py +59521202049
Telecommunications Carlos Vouga cvouga@vouga.com.py +59521202049
Other fee-earners : 28
Total staff : 60
World Services Group (WSG)
Employment Law Alliance (ELA)
INTA - International Trademark Association
Partners : 9