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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
ASIAN AIRCRAFT LEA 6 LTD
Irlanda
ASIAN AIRCRAFT LEA 7 LTD
Irlanda
ASIAN AIRCRAFT LEA 8 LTD
Irlanda
ASIAN AIRCRAFT LEA 9 LTD
Irlanda
ASIAN AIRCRAFT LEA 10 LTD
Irlanda
ASIAN AIRCRAFT LEA 11 LTD
Irlanda
PANAMAX 20 LEASING LTD
 Irlanda
SMALL PLANES, INC
 British Virgin Islands