This movement is no coincidence: it occurs in a context of high fiscal pressures in Spain, driven by the government of Pedro Sánchez, which has borne the tax burden on large fortunes and corporations.
Roberto Kriete Ávila, the most powerful businessman in El Salvador and main shareholder of Avianca, continues to move strategic pieces. In a turn that has aroused international interest, Kriete decided to move his patrimonial company from Spain to Panama, according to The Objective media.
The millionaire has already registered the project to relocate World Maintenance, Repair and Overhaul in Panama, a firm that has been operating in Madrid since 2017. At the end of 2023, this company reported assets of 132 million euros ($138 million), according to Insight View data.
The transfer, approved on October 28 by the board of directors, implies a cross-border transformation outside the European Union. This movement is no coincidence: it occurs in a context of high fiscal pressures in Spain, driven by the government of Pedro Sánchez, which has borne the tax burden on large fortunes and corporations.
The king of the heavens now flies higher in Panama
Kriete is no stranger to business activity in Panama. According to the Public Registry, he presides over and participates in several joint stock companies, including SA Logistics Holdings and MRO Holdings Inc., accumulating his name in at least seven companies in the country.
Its influence on the aeronautical industry is undeniable. Since Avianca’s merger with TACA, Kriete consolidated its power in 2019, leading key restructurings and strategic alliances with Viva Air and the Brazilian Gol. This last movement marked a before and after in the expansion of Avianca at the regional level.
Roberto’s success story began with his father, Ricardo Kriete, who in 1961 acquired 30% of TACA. Years later, Roberto not only took full control of the company, but was also a fundamental piece in its merger with Avianca, becoming the key man behind the most emblematic airline in the region.
With this new play, Kriete reaffirms his ability to adapt and maintain his position as the tycoon of the Central American skies. Will this be the beginning of a new stage for your business in Panama? Time will tell, but one thing is certain: the name of Kriete will continue to resonate in both business and in the corridors of power.