Toby Shacalo

Toby Shacalo is a Panamanian attorney and a Founding Partner of Díaz, Shacalo & Asociados. He advises international clients on maritime, corporate and immigration matters and works alongside founding partner Julio Enrique Díaz Escalante.

Maritime Law · Corporate and Commercial Matters · Immigration · International Legal Services

In The Business Year’s Panama 2026 interview, Toby discussed why shipowners have historically chosen the Panamanian flag — an established maritime legal framework, favorable tax treatment for qualifying international maritime activity, a global consular network and relatively efficient registration procedures — and noted that the firm’s maritime clients today are mostly private vessel owners.

English, Spanish and Hebrew

The Business Year — Panama 2026. Toby Shacalo and Julio Enrique Díaz Escalante were interviewed as Founding Partners of Díaz, Shacalo & Asociados in an interview published on November 10, 2026.

Read our overview of the interview · View the original interview on The Business Year

Editorial coverage; not an endorsement, ranking or award.

Main Office: Avenida Samuel Lewis, Obarrio, Edificio PH Omega, Oficina 4F, Panama City, Republic of Panama

Office telephone: +507 318-4699

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