Exhibit 8.1
SUBSIDIARIES OF THE REGISTRANT
| NAME | JURISDICTION OF INCORPORATION | |
| COPA HOLDINGS, S.A | Panamá | |
| COMPAÑÍA PANAMEÑA DE AVIACIÓN, S.A. | Panamá | |
| ENTERPRISES SUPPORT, INC | Panamá | |
| LA NUEVA AEROLINEA, S.A. | Panamá | |
| AEROFINANCE CORPORATION | British Virgin Islands | |
| AERO CORPORATION ONE LTD | British Virgin Islands | |
| AERO CORPORATION TWO LTD | British Virgin Islands | |
| FINANCIAL LEASING HOLDINGS, INC | British Virgin Islands | |
| AEROREPUBLICA, S. A. | Colombia | |
| OVAL FINANCIAL LEASING LTD. | British Virgin Islands | |
| ALSACE HOLDINGS LTD | British Virgin Islands | |
| ANCON LEASING | British Virgin Islands | |
| NEW WINGS LEASING, INC. | Delaware | |
| INTERNATIONAL AVIATION LEASING GROUP LTD | British Virgin Islands | |
| INTERNATIONAL AVIATION LEASING GROUP TWO LTD | British Virgin Islands | |
| NEW TRIUMPH PACIFIC | British Virgin Islands | |
| NEW TRIUMPH ENGINE TWO | British Virgin Islands | |
| ONMAX ENTERPRISES LIMITED | British Virgin Islands | |
| REGIONAL AIRCRAFT HOLDINGS, LTD | British Virgin Islands | |
| LEASE MANAGEMENT SERVICES LLC | Delaware | |
| ASIAN AIRCRAFT LEAS. LTD. | Irlanda | |
| ASIAN AIRCRAFT LEAS. 2 LT | Irlanda | |
| ASIAN AIRCRAFT LEAS. 3 LT | Irlanda | |
| ASIAN AIRCRAFT LEA 4 LTD | Irlanda | |
| ASIAN AIRCRAFT LEA 5 LTD | Irlanda | |
| PANAMAX 20 LEASING LTD | Irlanda |