Icaza Trust Corporation (ITC)

Who are we?

Icaza Trust Corporation (“ITC”) is a trust company independent from a banking institution that was established in 1996.

ITC is duly authorized by the Superintendency of Banks of Panama to offer fiduciary services in the Republic of Panama.

It is a subsidiary of the prestigious law firm ICAZA, GONZALEZ-RUIZ & ALEMAN, established in the year 1920.

ITC has a qualified team of professionals, which includes lawyers, bankers, and accountants, who have vast experience in corporate, commercial, and estate planning areas.


1. Be a one-stop shop capable of providing to High Net Worth Individuals, and High Net Worth Families the necessary tools to plan the succession of their patrimony, and to implement the transition of such patrimony to the new generations.
2. Be a company capable of providing creditors of any nature the tools and mechanisms necessary to structure guaranty vehicles.



1. To offer solutions and implement structures that accommodate the needs of each of our estate planning clients in order to achieve a well-structured corporate government within their family businesses, and an organized succession which comprehends tax efficiency and preservation of wealth.

2. Implement and administer guaranty structures in an efficient manner to attend the needs of creditors and debtors, which are governed in accordance to the applicable contractual framework.


1. Trust Services:
a. Estate Planning Trusts:
i. Discretionary Trusts
ii. Determined Purpose Trusts
iii. Settlor or Porotector Directed Trusts


b. Commercial Trusts:
i. Administration Trusts
ii. Investment Trusts
iii. Guaranty, Administration, and Source of Payment Trusts
iv. Guaranty Trusts for Publicly Traded Securities
v. Real Estate Developing Trusts


c. Public Administration Trusts

i. Escrow Account Services for specific transactions
ii. Fiduciary administration of Private Interest Foundations

iii. Custody of Corporate Documentation

Path and Experience:
Icaza Trust has structured and effectively managed more than 200 trusts. We are present in all sectors of the economy, with a large participation in family projects, family business restructurings, and projects in the financial, energy, construction, industrial and commercial sectors.


We have a highly qualified team composed of lawyers experts in structuring and administering fiduciary vehicles, bankers with vast experience in the areas of corporate banking, micro credit, finance, risk and credit, and accountants, and administrators.

We have a fiduciary software system of first level for the administration of trusts, and the management of risk associated with the structures administered.


Definition of “TRUST” under Panamanian Law:
Panamanian law defines a trust as a juridical act through which a person, named the Settlor, transfers assets or rights to a person, named the Trustee, who becomes obliged through the trust instrument to administer or dispose of these assets to meet an objective determined by the Settlor. The objective of the trust may be in favor of Beneficiaries, or in favor of meeting a determined cause or purpose. Law 1 of 1984 amended by law 21 of 2017 governs Panamanian trusts.


Advantages of Establishing a Trust
• Tax planning and efficiency;
• Estate planning structure;
• Avoid disruption on death of Settlor;
• Protect assets;
• Preservation of family wealth against dissipation;
• Circumvent forced heirship provisions;
• Confidentiality;
• Transition of family business into future generations;
• Run an individual’s business or own shares in a company;
• Guaranty a commercial obligation;
• Meet a determined purpose established by the Settlor.


Types of Trust under Panama Law
Discretionary Trusts: refers to Trusts in which the Trustee has discretion regarding the administrative and dipositive provisions of the Trust. Under discretionary trusts, distribution of capital and income between beneficiaries is at the discretion of the trustees, with the result that no beneficiary is entitled to call on the trustees to distribute capital and income.

Generally, the Trust instrument of a discretionary trust establishes a class of beneficiaries, and indicates sufficient elements to identify the members of the class. Power is generally conferred on the trustees to add further beneficiaries at a later date and to remove beneficiaries from the class of current beneficiaries.

Usually, due to the extent of the administrative and dispositive discretions conferred upon the Trustee, the Settlor will provide the Trustee with a non-binding letter setting out his or her wishes on matters such as distributions, and the investment of the trust fund. The trustees are obliged to consider such wishes and will generally act in accordance with them, if they are reasonable and practicable in the prevailing circumstances.


Fixed Trusts: refers to Trusts where the Beneficiaries and their substitutes are determined, and the dispositive provisions of the Trust in regards to the Beneficiaries are fixedly established. However, Trusts may be a hybrid between a Fixed Trust and a Discretionary Trust.


Purpose Trusts: a Trust created to meet a determined purpose. The objects for which the purpose trust is established must be clear so that any time it is possible to state with certainty whether a proposed use of the assets subject to the purpose trust is within the scope of the object.


Guaranty Trusts: a Trust established to guaranty a commercial obligation. The trust assets to guaranty the obligation may include any types of assets, credits, rights, liabilities, or obligations (i.e: real estate, contractual rights, monies derived from the operation of a commercial business, etc.). The Trust instrument will contain the terms and conditions on how the Trustee should administer the trust assets, and execute them in case of default of the obligation.


The Settlor, Protector, or any other organism established in the Trust instrument may have any rights, obligations or other responsibilities in regards to the Trust defined and determined by the Trust instrument.


For further information and assistance, please contact us:
Icaza Trust Corporation
Aquilino de la Guardia St. No. 8
IGRA Building, 2nd floor, Panama
Email: estefaniaa@icazalaw.com
Tel.: +(507) 205-6150
Fax: +(507) 264-4676

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