Quijano & Associates hosted an exclusive event at Club El Nogal in Bogotá, Colombia, bringing together distinguished clients of the firm and representatives of leading professional firms to discuss Panama’s new Economic Substance Law and its main implications for corporate and multinational groups with operations, structures or investments connected to the Panamanian jurisdiction.

The event provided a high-level forum to examine, from legal, tax and business perspectives, the changes introduced by the new regulatory framework and the key considerations organizations should assess in preparation for its implementation.

The panel was moderated by José Ramón García de Paredes, Partner at Quijano & Associates, and featured Carlos Márquez and Enzo Sam, Partners at Deloitte Panama, as well as Diego Cubillos, Partner at Deloitte Colombia. The combination of perspectives provided attendees with a comprehensive view of the scope of the legislation and its potential impact on international corporate structures.

The discussion examined the context behind Panama’s introduction of economic substance rules and their alignment with global trends in tax transparency. Panelists also addressed the entities and legal vehicles falling within the scope of the law, the principal exclusions, and the categories of income covered by the new regime, with particular attention to foreign-source passive income.

A central topic was the impact of the legislation on entities belonging to multinational groups. In this regard, the panel examined the economic substance requirements and what demonstrating adequate substance will mean in practice, including considerations related to human resources, physical premises, decision-making, corporate governance and the specific requirements applicable to holding companies.

Quijano & Associates Strengthens Its Presence in Colombia

The event also provided an important setting for Julio Quijano, Managing Partner of Quijano & Associates, to formally announce the recent opening of the firm’s new office in Bogotá, Colombia—an important milestone in the firm’s regional growth and expansion strategy.

The Bogotá office, led by Juan Esteban Arellano, Director for Colombia, will enable Quijano & Associates to provide even closer support to clients, advisers and strategic partners in the Colombian market, while facilitating direct access to the firm’s experience in Panama and its comprehensive portfolio of legal and corporate services.

Also present at the event were Jaime Sánchez, Partner at Quijano & Associates, and Sofía Johnson, the firm’s Commercial Manager, who joined clients and guests throughout this important gathering.

Quijano & Associates’ permanent presence in Bogotá further reinforces this commitment and enhances the firm’s ability to provide closer, more agile and personalized service, combining an understanding of the Colombian market with more than 65 years of experience in Panama and an extensive track record in legal, corporate and cross-border matters.

Through initiatives such as this event, Quijano & Associates continues to consolidate its position as a trusted reference for the Colombian business community with interests in Panama, fostering knowledge-sharing and strengthening long-term relationships built on trust, experience and professional guidance.