What is a family office in Panama and how does it work?

A family office in Panama is a private advisory firm that manages wealth, investments, tax planning, legal structuring, and personal services for high-net-worth families. The dominant model is the multi-family office (MFO), which serves multiple families and shares operational costs. Panama offices typically combine wealth management with services uncommon in other jurisdictions, such as immigration help, private foundation setup, and multi-country corporate structuring. The market is relationship-driven, with boutique firms offering highly personalized service.

How many dedicated wealth offices operate in Panama?

Panama has at least six dedicated MFOs: K&B Family Office, Zentral, Octogone, Squadra, Aurora, and Geneva Asset & Wealth Management. Several law firms, notably Pardini & Asociados and PBP Pérez Bustamante & Ponce, also provide family office services. UBS maintains a global bank FO division in the country. The exact count is hard to pin down because many law and accounting firms offer family-office-type services without formal FO branding. New entrants in 2022 and 2023 suggest the count is rising.

What minimum wealth do Panama-based offices require?

Most Panama MFOs require a minimum of US$10 million in investable assets. A standalone SFO typically needs several hundred million dollars to justify annual operating costs above US$1 million. Families below the MFO threshold can access select services through virtual family office (VFO) models or by outsourcing specific functions, such as trust administration or tax structuring, to Panama-based providers.

What tax advantages does Panama offer for private wealth structures?

Panama operates a territorial tax system, meaning only income sourced within Panama faces local taxation. Foreign-sourced capital gains from international portfolios are not taxed. Private foundations provide asset protection and succession planning benefits with greater founder control than traditional trust structures. Panama also offers residency visa programs that complement the tax framework for families relocating to the country.

How does Panama compare to Singapore or Switzerland as a wealth hub?

Panama offers lower operational costs than both Singapore and Switzerland, with reduced professional fees, salary levels, and regulatory charges. Its territorial tax system contrasts with Singapore's and Switzerland's broader tax frameworks. Panama's private foundation law is similar to Liechtenstein's model and appeals to civil-law-oriented LATAM families. The tradeoff is a less mature ecosystem, a smaller talent pool, and residual reputational concerns from past financial sector scrutiny. Families with mainly Latin American assets benefit from Panama's proximity and cultural alignment. Those requiring deep Asian or European market access may still prefer Singapore or Switzerland.

Top Family Offices in Panama 2026

Q: What is the difference between a Panama private foundation and a trust?

A Panama private foundation is a separate legal entity with its own juridical personality. A trust is a contractual arrangement where a trustee holds assets on behalf of beneficiaries. Foundations give the founder more direct control, including the ability to appoint a dedicated management company. Latin American families often prefer foundations because their home countries' civil law systems recognize legal entities more readily than common-law trust concepts. Both vehicles serve asset protection, estate planning, and succession planning purposes, but the foundation model typically offers greater flexibility under Panama's legal framework.

Key Facts About Family Offices in Panama

Panama's family office sector is still maturing but growing fast as wealth management firms expand into dedicated services.
The market includes at least six dedicated multi-family offices (MFOs) in Panama City, alongside law-firm-based providers and global bank divisions.
MFO client minimums typically start at US$10 million in assets under management (AUM), while a standalone single family office (SFO) needs several hundred million dollars and costs over US$1 million per year to run.
Panama City's Costa del Este financial district serves as the primary hub for private wealth operations in the country.
Client families come mainly from Latin America and continental Europe, with growing interest from U.S. and Middle Eastern markets.
Panama's territorial tax system and private foundation law remain key structural advantages for ultra-high-net-worth (UHNW) families seeking wealth preservation.
Recent entrants include Zentral Family Office (launched 2022 by former Credit Suisse private bankers) and Octogone Asesores Panama (established 2023), signaling rising demand.

Panama's Private Wealth Landscape

Panama positions itself as an emerging alternative to traditional hubs like Singapore, Luxembourg, and Switzerland. The country holds International Financial Center status, with lower costs and a favorable regulatory framework. These factors draw wealth management firms and UHNW families from Latin America and Europe. An estimated 6,000 family offices operate globally, and Panama captures a growing share of cross-border wealth flows from the Americas.

The sector's roots predate the formal family office label. Panama's law firms and accountants served as trustees and advisors to wealthy families for decades before dedicated MFOs appeared. The 2008 financial crisis eroded trust in large global banks, opening a gap that boutique Panama-based firms filled with personalized, relationship-driven models.

This history gives Panama a distinctive market feature: law-firm-based services operate alongside dedicated MFOs and global bank divisions. Latin American and European wealth flows into Panama-based structures through private foundations, trusts, and holding companies. The territorial tax system taxes only Panama-sourced income, making it attractive for families with international portfolios. Private foundation law offers asset protection without requiring government authorization, helping Panama compete with costlier, more regulated jurisdictions.

Comparison at a Glance

Panama's market spans dedicated MFOs, law-firm-based providers, global bank divisions, and hybrid platforms. The table below maps each office by type, focus, and core services.

Family Office	Type	Capital Focus	Key Services	Location
K&B Family Office	MFO	Wealth management, tax, real estate, immigration	Full service (wealth, legal, tax, real estate)	Panama City
UBS Panama	Global bank FO division	UHNW multigenerational wealth	Wealth, asset management, investment banking	Panama
Zentral Family Office	MFO	HNW/UHNW LATAM families	Wealth management, strategy, reporting	Panama City
Octogone Asesores Panama	MFO	LATAM asset management	Asset management, custom services, FO advisory	Panama City
Geneva Asset & Wealth Management	MFO	Estate planning, family oversight, charitable giving	Full service (oversight, lifestyle, social impact)	Panama City
Squadra MFO	MFO	LATAM entrepreneurs	Private banking, alternatives, asset management	Panama
Aurora Multi Family Office	MFO	Advisory services	Capital advisory	Panama
Pardini & Asociados	Law-firm-based FO	Corporate structuring, wealth management	Incorporations, trusts, foundations, banking	Panama City
Panama Finance Law & Co.	Law-firm-based FO	FO services, PE fund setup, custodian	FO services, custodian, investment banking	Panama City
Business Panama Group	One-stop-shop FO	Corporate structuring, immigration, funds	Incorporations, banking, immigration, MFO	Panama City
PBP Pérez Bustamante & Ponce	Law-firm-based MFO	Family wealth preservation	MFO services, family unity advisory	Panama
Pramadex Corp	Financial institution FO	Wealth management, banking	FO services, banking intermediation	Panama

The mix of dedicated MFOs and law-firm-based providers gives families flexibility. Those needing corporate structuring and legal foundations can start with a law-firm model and shift to a dedicated MFO as assets grow.

Top Picks by Strategy

Most Comprehensive Service Platform: K&B Family Office, combining wealth management, immigration, tax planning, real estate, and legal services under one roof since 2007.
Top Pick for LATAM Entrepreneurs: Squadra MFO, built for Latin American business owners seeking wealth preservation alongside alternative allocations, with a team holding CFA and CAIA credentials.
Strongest Global Network: UBS Panama, connecting families to 160+ years of global wealth management, asset management, and investment banking resources.
Rising Newcomer to Watch: Zentral Family Office, founded in 2022 by former Credit Suisse private bankers with an independent investment-advisor licence from Panama's Superintendencia del Mercado de Valores (SMV).
Leading Estate and Succession Advisor: Geneva Asset & Wealth Management (GAWM), offering estate planning, succession planning, family oversight, and charitable giving advisory in a single platform.
Top Law-Firm-Based Solution: Pardini & Asociados / Business Panama Group, providing one-stop corporate structuring with coverage in 75+ countries.
Strongest Custodian and Fund Setup Capability: Panama Finance Law & Co., combining family office services with authorized local custodian status and private equity fund formation.

Map of Panama with its family office hubs marked

Leading Offices: Detailed Profiles

K&B Family Office

Few Panama-based firms match K&B's breadth of service. This MFO covers wealth management, immigration, tax structuring, real estate transactions, and corporate law for Latin American families from Central America, South America, and the Caribbean. Operating since 2007, K&B draws on over 25 years of combined international experience through CEO Romain Dromard, compliance head Jorge Avila, and legal head Karyne Mora.

The firm also handles bank account openings and trust administration. Families relocating to Panama or structuring cross-border holdings benefit from having legal, tax, and wealth advisory in one provider. This eliminates the coordination burden of managing separate specialists.

Zentral Family Office

Former Credit Suisse private bankers launched Zentral in 2022, bringing institutional-grade advisory to Panama's boutique MFO market. Led by Santiago Jaime, the firm holds an independent investment-advisor licence from Panama's SMV. That credential signals regulatory compliance and fiduciary commitment.

Zentral targets high-net-worth and UHNW Latin American families with three core services: wealth management, capital strategy, and consolidated reporting. The ex-Credit Suisse pedigree gives Zentral credibility with families accustomed to Swiss private banking standards but seeking lower costs and closer proximity to their regional assets.

UBS Panama

No other office in Panama offers comparable global reach. UBS connects local families to a worldwide network spanning wealth management, asset management, and investment banking. For multigenerational UHNW families, the firm provides integrated solutions, research, and access to global communities.

The tradeoff is clear. UBS lacks the boutique, relationship-driven character of smaller Panama MFOs. Yet families requiring cross-border capabilities on multiple continents benefit from its scale. UHNW families managing managed assets above US$100 million who need investment banking alongside wealth advisory will find few alternatives with equivalent resources in Panama.

Octogone Asesores Panama

Swiss-rooted portfolio management meets LATAM market knowledge at Octogone Asesores Panama. The firm opened its Costa del Este office in 2023 as part of Swiss asset manager Octogone Group's regional expansion. Located in the Financial Park tower, Octogone serves Latin American clients with asset management, capital strategy, and custom-made services.

Each portfolio manager brings over 10 years of regional experience from major financial institutions. The firm operates under SMV regulation and uses WealthArc's digital platform for consolidated reporting and regulatory compliance. Families seeking a Swiss-rooted approach with local LATAM expertise will find this hybrid model distinct from Panama's homegrown MFOs.

Geneva Asset & Wealth Management

GAWM stands apart by combining traditional wealth management with family oversight, estate planning, and lifestyle management. Based in Costa del Este's PH Plaza 58, the firm offers business development advisory and charitable giving services alongside core wealth preservation.

Families navigating generational wealth transfer or setting up philanthropic structures can access succession planning and not-for-profit organization setup through a single provider. This holistic model appeals to families who view wealth management as inseparable from family unity and social impact.

Squadra MFO

Squadra serves a deliberately small group of Latin American entrepreneurs and multigenerational families. The firm's team built careers in Switzerland, the United Kingdom, Spain, Andorra, and Panama, bringing cross-border expertise to private banking, advice, and alternative capital deployment.

Team members hold CFA and CAIA designations, reflecting a commitment to institutional-quality analysis. Squadra's philosophy centers on proximity, independence, and critical thinking without conflicts of interest. Entrepreneurs building wealth or younger generations taking over family businesses get tailored advice shaped by each client's personal situation and vision.

Pardini & Asociados

Panama's most extensive law-firm-based wealth platform operates through its affiliate Business Panama Group as a true one-stop-shop. Services span company, trust, and foundation incorporation in Panama, BVI, Delaware, Belize, Nevis, Cayman, and Seychelles.

The firm also opens bank accounts in multiple jurisdictions, provides accounting and secretarial support, and manages ongoing legal compliance through offices in 75+ countries. Families in the early stages of structuring their wealth, especially those needing multi-jurisdictional corporate vehicles before engaging a dedicated MFO, will find this model both practical and cost-effective.

Panama Finance Law & Co.

This firm occupies a unique niche by combining family office services with authorized local custodian status and private equity fund formation. Led by licensed lawyer Arturo Enrique Miranda Castillo, the firm holds custodian authorization under Agreement No. 1048. It operates under regulation by the Intendence of Supervision and Regulation of Non-Financial Subjects.

Services include investment banking, real estate advisory, and PE fund setup. Institutional allocators and private wealth offices seeking a Panama-regulated custodian for fund structures benefit from a capability that most local providers lack.

Investment Trends Shaping Panama's Wealth Sector

Private Foundations and Trust Structuring

Panama's private foundation law allows families to create a legal entity with its own juridical personality. This structure offers more founder control than traditional trust arrangements. Family foundations can appoint a dedicated management company and need no government authorization, providing both confidentiality and flexibility. Latin American families often prefer foundations over trusts because civil law traditions in their home countries align more closely with the foundation model.

Real Estate and Direct Capital Deployment

Real estate remains a core allocation for Panama-based private wealth offices. Several firms, including K&B and Panama Finance Law & Co., offer dedicated real estate transaction and advisory services. Direct investments and co-investment opportunities are gaining traction among LATAM families seeking operational control over their capital rather than delegating to fund managers.

Cross-Border Flows and Multi-Jurisdictional Structuring

LATAM and European wealth continues migrating into Panama-based structures. These use vehicles spanning BVI, Cayman, Delaware, and Swiss jurisdictions alongside Panama entities. Pardini & Asociados facilitates this through incorporation services in eight or more jurisdictions. The ability to combine Panama's territorial tax benefits with offshore holding structures in a single engagement model is a competitive advantage few rival hubs can match at comparable cost.

Technology Adoption in Wealth Operations

Octogone Asesores Panama's adoption of the WealthArc platform for consolidated reporting and regulatory compliance illustrates a broader trend. Panama MFOs invest in digital tools to automate portfolio management, meet CRS and FATCA reporting requirements, and provide clients with real-time asset visibility. Smaller MFOs that lack proprietary technology partner with fintech providers rather than building systems in-house.

Impact Investing and Charitable Giving

Next-generation family members in Latin America drive demand for ESG-aligned investments and structured social-impact programs. Geneva Asset & Wealth Management offers philanthropic advisory, including not-for-profit organization setup and impact allocations in companies with positive social outcomes. This service line is still niche in Panama but growing as generational wealth transfers bring younger decision-makers into family oversight roles.

Evaluating a Wealth Advisor in Panama

Start with regulatory standing. Every investment advisor operating in Panama should hold a licence from the Superintendencia del Mercado de Valores (SMV). Zentral and Aurora Multi Family Office both hold SMV authorizations, while Octogone Asesores Panama operates under SMV regulation. An office without SMV credentials should prompt caution.

Test for independence. Ask whether the firm acts as a fiduciary or earns commissions from product sales. K&B and Zentral position themselves as independent advisors without conflicts of interest, aligning the firm's incentives with client outcomes. Offices that sell proprietary products may prioritize their own revenue over client returns.

Verify custodian arrangements. In Panama, asset safeguarding depends on relationships with global custodians or authorized local custodians. Panama Finance Law & Co. holds formal custodian authorization, while Zentral partners with global custodians. Families should confirm that their assets sit separately from the office's own balance sheet.

Assess cross-border compliance capabilities. Families using Panama structures for international wealth must ensure their advisor can handle CRS and FATCA reporting. The regulatory landscape has grown more complex since Panama committed to automatic exchange of tax information. An office that cannot demonstrate compliance readiness creates risk for its clients.

In practice, team credentials matter as much as the firm's licence. Look for CFA, CAIA, or equivalent designations. Confirm that the team has experience in the specific jurisdictions relevant to your structures, whether BVI, Cayman, Delaware, or Swiss entities. Squadra MFO's team, for instance, holds CFA and CAIA designations with careers spanning five countries.

Which Office Fits Your Needs?

UHNW families managing above US$100 million and requiring integrated global solutions should explore UBS Panama for its worldwide network. Geneva Asset & Wealth Management suits those who also need estate planning, family oversight, and social-impact advisory. Both offer capabilities that smaller boutique firms cannot replicate, though at the cost of intimate client relationships.

Latin American entrepreneurs preserving business wealth face a different decision. Squadra MFO specializes in this exact profile, offering independent advice with CFA-level rigor and no product-selling conflicts. K&B Family Office suits entrepreneurs who also need immigration, tax, and real estate services bundled with wealth management, a common requirement for founders relocating to Panama.

Next-generation family members inheriting wealth and seeking modern, data-driven advisory should consider Zentral, whose ex-Credit Suisse team brings institutional standards to consolidated reporting and capital strategy. Families at an earlier stage, those needing corporate structures, foundations, or trusts before engaging a dedicated wealth advisor, can begin with Pardini & Asociados and its 75+ country network for entity formation and banking setup.

Methodology

This guide to family offices in Panama draws on publicly available data from office websites, SMV registration records, and industry reports. Selection criteria required verified Panama operations, active client-facing services, and identifiable team or institutional backing. Each office was evaluated on breadth of services, regulatory standing, team credentials, and stated client focus. Data was gathered in March 2026 and reflects the market as of that date. Panama's private wealth sector adds new entrants regularly, so this guide will be updated as the landscape evolves.