Alemán, Cordero, Galindo & Lee

Economic Substance in Panama: Executive Decree No. 32

Panama clarifies how its economic substance regime will operate, setting practical requirements for local personnel, governance, documentation, outsourcing and holding structures ahead of its 2027 implementation.

Law 526 of 2026 | New Economic Substance Rules in Panama

Panama introduces economic substance requirements for certain entities in multinational groups earning foreign-source passive income, making the new regime relevant to international counsel advising on cross-border structures.

Pathological Arbitration Clauses: How to Keep Poor Drafting From Derailing Dispute Resolution

A practical guide to spotting common errors in arbitration agreements—and cutting procedural risk, cost, and uncertainty

Panama’s Labor Law: Evolution and Current Challenges

Panama’s labor law has evolved from the 8-hour workday to modern protections like paid leave, social security, and remote work rules. Current challenges include regulating digital disconnection and gig-economy work while balancing worker rights and economic growth.

Panama as a Strategic Platform for Infrastructure Investment

Panama is a leading infrastructure investment hub, leveraging its strategic location and strong project experience. Success depends on solid legal frameworks, effective risk management, and well-structured contracts. Early legal planning helps investors protect capital and ensure project viability.

Law 526 of 2026 – Economic substance rules in Panama

Panama’s Law 526 requires certain multinational group entities earning foreign passive income to have real economic substance in Panama. Starting in 2027, non-compliant entities may face a 15% tax. Exemptions apply to some holding and regulated entities.

Shareholders’ Agreements in Panama: Key Clauses and Their Practical Application

Panama shareholder agreements set rules for control, share sales, investor protection, and dispute resolution—helping prevent conflicts and ensure smooth business operations.

Alcogal advises Grupo Cibest in the completion of the sale of Banistmo to Grupo Financiero BSC

Alcogal advised Grupo Cibest S.A., parent of Bancolombia, on the sale of 100% of Banistmo S.A. and its subsidiaries to Banco La Hipotecaria, S.A., one of the most significant transactions in Panama's financial market. Led by partners Patricia Cordero and Rafael Marquínez.

Alcogal acts as legal counsel to BAC on its merger with Multibank

Alcogal acted as Panamanian legal counsel to BAC International Bank, Inc. on its merger by absorption with Multibank, Inc., the largest banking transaction in Panama in over a decade. Led by partners Rafael Marquínez and Patricia Cordero.

New bond issuance boosts the dynamism of the real estate sector in Panama's capital markets

Alcogal advised Panama Commercial Properties, S.A. on its capital markets debut, a corporate bond issuance of up to USD 75 million listed on Latinex, structured in senior and subordinated tranches. Led by partner Rafael Marquínez with associates Rafael Amar and Lilah Levin.

Legal advisory to Elektra Noreste, S.A. on the registration of its US$300 million Revolving Corporat

Alcogal acted as Panamanian legal counsel to Elektra Noreste, S.A. (ENSA) in the registration before the Superintendence of the Securities Market of Panama of its Revolving Corporate Securities Program for up to US$300 million, listed on Latinex. Led by partner Rafael Marquínez.

ALCOGAL Recognized by the Panamanian Tax Authority

Panama’s Tax Authority recognized ALCOGAL for compliance with Law 51, CRS and FATCA, citing client guidance, efficient processes, proactive cooperation, and its role in strengthening Panama’s tax transparency.

BAC International Corporation’s Acquisition of Multi Financial Group (Multibank)

Advised BAC International Corporation on the acquisition of 99.569068% of Multi Financial Group (Multibank), providing full corporate, banking and regulatory support in a landmark Panamanian transaction.

Alicorp’s Cross-Border Acquisition of Flora Food Group’s Spreads Business

Alcogal acted as Panamanian local counsel to Alicorp on the acquisition of Flora Food Group’s spreads business, advising on all local law aspects in a multi‑jurisdictional Latin American transaction.

Project Finance for Panama Metro Line 3 Tunnel

Alcogal advised the HPH Joint Venture on financing the Line 3 Panama Metro tunnel, a key infrastructure project, under a project finance structure totalling USD 1.6 billion.

Jurisdiction and Competence: Key Aspects of the New Civil Procedure Code

Panama’s new Civil Procedure Code redefines judicial roles, expands small claims jurisdiction, and integrates arbitral tribunals. It ensures access to justice, timely rulings, and impartial judges, supported by associate judges and a new Judicial Office.

Judicial Terms in Panama’s New Code of Civil Procedure: Innovations and Challenges.

Panama’s new Civil Procedure Code enforces strict judicial deadlines, including loss of jurisdiction after one year. It modernizes evidence rules and digitizes filings, aiming for faster, fairer trials and stronger judicial protection.

Litigating in the Digital Era: The Challenge of Electronic Evidence, Foreign Documents, and Electron

In Panama, digital evidence like emails, chats, and e-signatures is now central to litigation. Admissibility hinges on authentication, translation, and legal validation—especially for foreign documents. Lawyers must master tech protocols to ensure evidence is accepted.

Precautionary Measures Regime in the New Civil Procedure Code: Orality as a Guiding Principle

Panama’s new Civil Procedure Code modernizes precautionary measures by making orality the guiding principle. It introduces faster hearings, technical criteria like plausibility and proportionality, and digital communication, ensuring more agile and balanced judicial protection.

Alcogal Advises IDB Invest in Banistmo’s USD 100 Million Sustainable Bond Issuance

Alcogal advised IDB Invest as anchor investor in Banistmo’s US$100M sustainable bond issue, supporting women-led SMEs and climate resilience projects in Panama’s public securities market.

Alcogal Advises Banco Ficohsa (Panama) on US$30 Million Securities Program and Celebrates at Latinex

Alcogal advised Banco Ficohsa (Panama) on registering its US$30M Revolving Corporate Securities Program, structured by Global Bank. Rafael Marquínez and Lilah Levin led the legal team and joined the bell-ringing ceremony at Latinex.

Alcogal Advises on Bladex’s Landmark US$200 Million AT1 Bond Issuance

Alcogal advised Bank of America Securities, JP Morgan Securities, and Jefferies in Bladex’s first international AT1 bond issuance for US$200M. The legal team included Arturo Gerbaud, Rita de la Guardia, and Rafael Marquínez.

Alcogal Advises BBVA Colombia on Securing International Banking License in Panama

Alcogal advised BBVA Colombia on securing its International Banking License in Panama, marking a key step in its regional expansion. Arturo Gerbaud, Rita de la Guardia, and Rafael Marquínez led the legal team.

Alcogal Advises on USD 2 Billion Financing for Grupo Nutresa in Colombia

Alcogal advised on the structuring of a USD 2 billion financing for Grupo Nutresa, one of Latin America’s leading food conglomerates with operations in over 14 countries and presence in more than 80 markets.

Scotiabank Leads $350 Million Syndicated Loan to Naturgy Panama with Legal Advisory Support

Alcogal acted as legal advisors to Scotiabank, in its role as structurer, and to a syndicate of 14 banks, in connection with a $350 million syndicated loan granted to Naturgy Panama.

BAC Secures Landmark International Financing with Alcogal’s Legal Support

Alcogal advised BAC International Bank, Inc. on a landmark USD 500 million international syndicated financing, the largest of its kind in Panamanian banking history. The deal, involving SMBC, JPMorgan, and Wells Fargo, highlights confidence in BAC and Central America's economy.

Alcogal acts as legal counsel in transaction between Scotiabank and Davivienda

Alcogal is acting as legal counsel to The Bank of Nova Scotia in the recent transaction involving transferring its banking operations in Colombia, Costa Rica, and Panama to Banco Davivienda.

Alcogal advises on the sale of Panama Canal Railway Company to APM Terminals.

Alcogal advised CPKC and Lanco Group/Mi-Jack on the sale of PCRC to APM Terminals.

Panama Promotes Internationalization with New Secondary Market Registration Exemption

We invite you to read an insightful article by Alcogal's partner, Rafael Marquínez, on Panama's new secondary market registration exemption. This measure enhances Panama's competitiveness, aligns with global practices, and boosts investment opportunities. Don't miss out on this important update.

Responsibilities of a Board Member

Discover the key responsibilities of board members in Panamanian corporations in this insightful article by Alcogal's partner, Rita de la Guardia. Learn about their functions, civil and criminal liabilities, and how to avoid legal issues. Don't miss out on this essential read!