IN THE PRESS · THE BUSINESS YEAR · PANAMA 2026
Díaz, Shacalo & Asociados Featured in The Business Year
A Conversation on Panama’s Future, International Investment and the Practice of Law.
Founding Partners Julio Enrique Díaz Escalante and Toby Shacalo share their perspectives with The Business Year on building an internationally focused law firm, guiding foreign investors and families, and navigating Panama’s evolving legal, financial and business environment.
An interview published by The Business Year
The Interview
Two founding partners on Panama’s legal and investment landscape
The Business Year, an international business publication, interviewed Julio Enrique Díaz Escalante and Toby Shacalo, the founding partners of Díaz, Shacalo & Asociados, as part of its Panama 2026 coverage. The conversation moves from the origins of the firm to the practical questions international clients bring to Panama: residency and investment routes, corporate compliance and private interest foundations, digital assets and banking, and the outlook for the Panamanian ship registry.
For investors, families and business owners considering Panama, the interview offers two practicing attorneys’ view of how these areas connect, and of how the firm approaches them as one coordinated relationship rather than as isolated transactions.
The summaries on this page are an original editorial overview prepared by Díaz, Shacalo & Asociados; they are not quotations. The Business Year is the original publisher of the interview. This is editorial coverage, not an endorsement, ranking or award.
Read the full interview on The Business Year ↗Source: The Business Year, “Julio Enrique Díaz Escalante & Toby Shacalo,” interview, Panama 2026, published November 10, 2026.
Six themes from the conversation
Key Perspectives from the Interview
Original summaries prepared by DSA. Each theme links to the firm’s related services and guides for readers who want more detail.
The Story Behind the Firm
From a Shared Vision to an International Legal Practice
Julio and Toby met through a shared interest in extreme sports: Toby was Julio’s skydiving instructor while Julio was earning his license. Later, when Julio looked for a partner, Toby had independently seen the same opportunity in corporate and immigration advisory. In the interview, they explain why they chose to build a firm rather than continue as individual practitioners: a firm name and an office where clients can meet their attorneys in person give international clients greater confidence.
International Clients
Beyond a Single Legal Transaction
The partners describe clients who come mainly from North America and Europe, including nationals of countries covered by Panama’s Friendly Nations framework. Each engagement is approached as a long-term advisory relationship: residency, a property purchase, a company or foundation and the matters that follow are coordinated within the firm wherever possible as the client’s needs change. Toby identifies trust, supported by transparent and professional pricing, as the firm’s main advantage in a competitive market.
Residency and Investment
Panama as a Destination for International Investors and Families
The conversation covers the routes clients most often consider: retiree residency for applicants with a qualifying lifetime pension; Qualified Investor residency through qualifying real estate, fixed-term deposits or securities; and, for eligible Friendly Nations nationals, employment-based residency, including employment through an established Panamanian company where there is a genuine employment relationship and all immigration and labor requirements are met. The partners also contrast the predictable but modest returns of fixed-term deposits with the rental income and potential appreciation of real estate, which depend on market conditions. Eligibility is always assessed case by case.
Corporate and Compliance
Corporate Planning, Foundations and Compliance
The partners see Panama’s economic substance framework as part of a broader push for transparency and international credibility, while noting the added compliance and operating considerations it brings for certain entities within multinational groups. They point out that resident agents already carry their own due-diligence, beneficial-ownership and record-keeping obligations. Private interest foundations, in their view, remain useful for estate planning, asset protection and wealth organization when properly structured and administered, and should be assessed against the client’s country of residence and tax rules, ideally with a tax adviser in that jurisdiction.
Private Interest FoundationsPanama CorporationsEconomic Substance Guide
Digital Assets and Banking
Digital Assets and Panama’s Financial Future
Julio, who has invested personally in cryptocurrencies since 2017 and whose family has been involved in traditional banking for about two decades, expects digital assets to play a growing role in Panama’s financial services. He notes that Panama does not currently have a comprehensive cryptocurrency-specific regulatory framework, so existing banking, anti-money-laundering and other legal requirements continue to apply. The firm has assisted with real estate purchases funded with proceeds from cryptocurrency investments, working through banking channels and their compliance procedures. Julio also highlights self-custody, meaning direct control of one’s own digital assets, as one of their most compelling features.
Maritime Law
Panama’s Maritime Tradition in a Changing Global Market
Toby explains 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. He notes that Panama’s position in tonnage rankings has shifted recently, depending on the data used, and that the firm’s maritime clients today are mostly private vessel owners. Julio adds that changing trade conditions, sanctions-related compliance and closer scrutiny of Panamanian-flagged vessels in some jurisdictions now weigh on registration decisions.
Ship Resident Agent & Fleet ServicesShip & Yacht Registration
Looking Ahead
Priorities for 2027
Asked about the year ahead, Toby frames the firm’s main challenge as growth without losing what built it: expansion is a genuine objective, but not at the expense of the personal attention clients receive.
The partners’ complete answers are available in the original interview on The Business Year.
The Founding Partners
Meet Our Founding Partners
The two attorneys interviewed by The Business Year lead the firm’s work with international clients.
Julio Enrique Díaz Escalante
Founding Partner
Panamanian attorney, licensed real estate broker (license PN-5940) and licensed mediator. His practice focuses on international clients and investors.
Languages: Spanish and English.
Real estate brokerage is provided by Julio personally under his individual license PN-5940 and is a separate engagement from the firm’s legal representation.
View full profile →Toby Shacalo
Founding Partner
Panamanian attorney advising international clients on maritime, corporate and immigration matters.
Professional languages: English, Spanish and Hebrew.
View full profile →Work With DSA
International Perspective. Panamanian Legal Counsel.
Whether you are considering residency, establishing a business, investing in Panama or managing cross-border legal matters, our team can evaluate your objectives and explain the legal services available.
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