Editor’s notes

Throughout the early months of 2025, Panama faced a number of global challenges. Since the re-election of Donald Trump in 2024, the administration has placed Panama in the spotlight with suggestions of the United States needing more control of the Panama Canal.

On the one hand, many feel that the comments made by the US administration is nothing more than a smokescreen used to distract Americans and the wider media from actual issues being pushed aside in favour of a captivating headline. Lawyers pointed out that, by proxy, the US still has the most control of the Panama Canal, with Blackrock planning to acquire key ports from CK Hutchinson in a transaction worth over $22 billion. Others however are still apprehensive of a difficult future if a worst-case scenario forms in which military presence by the US is increased and investment in the region is suddenly stopped.

The May 2024 elections, which saw the centre-right party Realizando Metas and José Raúl Mulino take power after the disqualification of former president Ricardo Martinelli, was pointed to as a reason for the slowdown in investment, particularly in the debt issuance market.

In banking and finance, there has been a lot of interest in the fintech sector in Panama, which continues to experience growth as the country seeks to become an attractive destination for fintech clients. While there is currently a lack of legislation governing the use of cryptocurrency, as both crypto and electronic transactions still rely on old corporate laws dating back to the early twentieth century, lawyers are excited to see how the new Panamanian government manages this growing market.

This has also led to firms such as Veló Legal seeing a gap in the market and offering clients a unique practice focused on fintech and crypto-related services, as well as other firms exploring new options about receiving payment for services in cryptocurrency. Law firms are also confident that the current government seems to be positive on international investment.

Within M&A, there has been significant activity focused on the energy, telecoms and banking sectors, as well as an uptick in infrastructure and PPP projects aimed at improving sections of the Pan-American Highway.

In estate planning, law firms are confident that, for high-net-worth individuals and families from Latin America, Panama remains a preferred jurisdiction to structure their wealth and assets owing to the confidentiality that is offered by the country.

In dispute resolution, litigation and arbitration has been on the rise both locally and internationally. Aviation litigation continues to be a growing area, with court rulings reportedly leading to improvements in the sector to avoid aviation accidents. Panama’s main airline, Copa Airlines, has continued to expand its operations. Due to the airline being a primary reason for increased connectivity between cities and countries in the Americas, Panama has become a go-to hub for aerial transportation, bringing in more revenue from industry sectors including food and beverages and pharmaceuticals.

Looking at the legal market, full-service law firms such as Alemán, Cordero, Galindo & Lee, Arias, Fábrega & Fábrega, Morgan & Morgan, Galindo, Arias & López and Alfaro, Ferrer & Ramírez continue to be dominant forces in Panama. They are then followed by other leading local firms including Fabrega Molino, Icaza, González-Ruiz & Alemán, Patton, Moreno & Asvat, LOVILL, Quijano & Associates and Pardini & Asociados. Smaller, boutique practices including the aforementioned Veló Legal also manage to compete in this space, as do disputes specialists Britton & Iglesias, Delvalle, Escalona, Levy & Corró, which is noted for its strong aviation practice, and IP-focused Estudio Benedetti.

International law firms also continue to play an active role in the country, with Dentons and ECIJA having a strong presence in the market.

News & Developments
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Press Releases

Morgan & Morgan advised Banistmo Investment Corporation, S.A. on the financial closing of the Eastern Pan-American Highway Rehabilitation Project.

Panama, January 7, 2026. Morgan & Morgan advised Banistmo Investment Corporation, S.A. in its role as: (i) trustee of the guarantee trust for financing and (ii) trustee of the trust required under applicable regulations for the Eastern Pan-American Highway Rehabilitation Project. This Project is one of the most important public infrastructure projects currently underway in the Republic of Panama, and the first project in the country developed under the Public-Private Partnership (PPP) model. The financial closing, presented by the PPP Contractor APP Ruta del Este de ISA Vías for an amount exceeding US$281,000,000.00, represents the most important “Project Finance” transaction in the region and an unprecedented achievement for Panama. This milestone confirms that the project has a solid financial structure that ensures its execution and completion and reaffirms the role of the Ministry of Public Works (MOP) as the contracting entity representing the Panamanian State and the main promoter of this mega project, aimed at modernizing and strengthening the national road network—marking a turning point in public infrastructure investment in the country. This mega project, which stretches from the corregimiento of Las Garzas in the district of Panama to Yaviza in Darién, covering 246.2 kilometers, currently shows a physical progress of 9.4%. This progress has been made possible thanks to the coordinated participation of a broad group of international and local banking institutions, as well as specialized financial, technical, and legal advisors, whose involvement provided support and strength to an operation structured under the highest standards of the PPP investment model. Partner Kharla Aizpurua O. and associate Miguel Arias M. advised Banistmo Investment Corporation, S.A. in this transaction. For full details, you can access the complete official press release here.
Morgan & Morgan - January 14 2026
Press Releases

Morgan & Morgan advised Electron Investment, S.A. on strategic refinancing and bond issuance for US$175 million.

Panama, December 5, 2025. Morgan & Morgan represented Electron Investment, S.A. (“EISA”) in structuring and negotiating a bridge financing granted by BAC International Bank, Inc., the proceeds of which were used for the early redemption of corporate bonds issued in 2020 through the Latin American Stock Exchange (Latinex). Once the existing bonds were canceled, Morgan & Morgan led the expedited registration process before the Superintendency of the Securities Market for a public offering of corporate bonds of up to US$175,000,000, as well as the placement of the first series of secured bonds, intended to repay the bridge loan and ensure the continuity of the company’s strategic operations. The new secured bonds are backed by a comprehensive security package that includes a guaranty trust, a pledge over shares, mortgages on fixed assets and chattel, unconditional assignment of rights under power purchase agreements, and conditional assignment of material agreements. EISA is a leading Panamanian company in the energy sector, specializing in hydroelectric power generation. It is the developer of the Pando and Monte Lirio hydroelectric projects, located in the upper-middle basin of the Chiriquí Viejo River in the province of Chiriquí. Monte Lirio has an installed capacity of 51.6 MW, while Pando adds an additional installed capacity of 32.6 MW. This complex financing reaffirms EISA’s strength and Morgan & Morgan’s commitment to transactions that promote sustainability and growth in the energy sector. Partner Ana Carolina Castillo, and associates Miguel Arias M., Eduardo Oteiza and Ariana Linares advised EISA in this transaction.
Morgan & Morgan - January 6 2026
Press Releases

Morgan & Morgan advised Banco Davivienda Panamá on historic integration with Scotiabank in Panama.

Panama, December 1, 2025. Morgan & Morgan acted as legal counsel to Banco Davivienda Panamá in the successful closing of a landmark transaction involving the integration of Scotiabank Panamá’s operations (The Bank of Nova Scotia) into Banco Davivienda Panamá. This transaction extends beyond Panama, as Scotiabank’s operations in Costa Rica and Colombia will also be integrated into Grupo Davivienda in those countries. It is a transaction of significant regional impact, strengthening the financial position of two leading banking groups in Latin America. The integration across these three markets represents more than $60 billion in assets and a customer base exceeding 29.6 million, positioning the combined entity as one of the largest banking conglomerates in the region. The legal team was led by partner Roberto Vidal, alongside partners Ana Carolina Castillo, Jose Rafael Reyes, and Sophia Lee; senior associate Maria Eugenia Brenes; and associates Ariana Linares, Angélica Ortiz, David Ramos, Katia Pallares, Arantxa Fernandez, and Perla Piña, who played a key role in advising Banco Davivienda Panamá throughout the transaction.     Morgan & Morgan is recognized as Pro Bono Leading Lights 2025. Panama, December 1, 2025. For thirteen consecutive years, Morgan & Morgan has received the “Leading Lights” recognition in Latin America for the firm´s Pro Bono program. Only Morgan & Morgan achieved this status in Panama, sharing honors with leading regional firms. This distinction is granted annually by Latin Lawyer, who, together with the Cyrus R. Vance Center for International Justice, investigates the institutionalization of the practice within the firms and the participation of their legal team. In 2025, Morgan & Morgan reaffirms its commitment to offer legal advice to more than 25 non-for-profit organizations (NGOs), highlighting the advice provided to Banco de Alimentos Panama and Marea Verde, two foundations that play a crucial role in their respective areas of work. Moreover, the firm continues to support adjustments to bills related to the maritime and corporate sector in Panama and provides regular advice to Trust Law, Vance Center, and Red Pro Bono, attending legal research on matters with social impact. We are very proud of the more than 40 lawyers of the firm who participated in this program in 2025, contributing their expertise and time to pro bono legal services.     Morgan & Morgan advised Grupo Estrella on the acquisition of Cemex Panama. Panama, October 3, 2025. Morgan & Morgan acted as legal counsel to Grupo Estrella in the acquisition of Cemex Panama’s assets, a transaction valued at over US$200 million. The deal included the Cemento Bayano plant, located in Calzada Larga, Chilibre, with two integrated production lines, as well as cement, ready-mix concrete, and aggregates operations. Grupo Estrella, an industrial conglomerate headquartered in the Dominican Republic, has maintained a presence in Panama for over 12 years through major infrastructure and energy projects. “We are very pleased to strengthen our presence in Panama and be part of its growth and development. This investment will allow us to offer comprehensive solutions for the local and regional markets,” said Giuseppe Maniscalco, President of Grupo Estrella’s Industrial Division and President of the Board of Directors of Cemento Bayano. Morgan & Morgan worked with a multidisciplinary team for this complex transaction, led by partner Kharla Aizpurúa O., with the support of partners José Rafael Reyes, Milagros Caballero, José Carrizo, and Raúl Bermúdez. The team also included senior associates Mónica Moreno, María Eugenia Brenes, Rodolfo Palma and Allen Candanedo, and associates Eduardo Oteiza, Arantxa Fernández, Katia Pallares, Angélica Ortíz, María Alejandra Rodríguez, Miguel Rodríguez, Yaneth Barrera, and David Ramos.  
Morgan & Morgan - December 17 2025
Press Releases

Alcogal advises IDB Invest as anchor investor in Banistmo S.A.'s USD 100 million sustainable bond issue.

Alcogal acted as the Panamanian legal advisor to IDB Invest in its role as an anchor investor in the issuance of sustainable bonds by Banistmo S.A., for a total amount of US$100 million. This transaction, which involves the subscription of IDB Invest bonds on the Panamanian public securities market, aims to expand access to credit for women-led SMEs and support projects focused on climate resilience and adaptation.    
Alemán, Cordero, Galindo & Lee - October 28 2025