Panama, maby in 10 years they will do it, right now they have bigger problems. They first need to be able to make the argentina ops to work. They are loosing more money than expected, they where soposed to start making money this year and last quarter they loose almost 10M USD. They were expecting to be able to fly CC from argentina to miami and future routes, and that is illegal here. As you know, one of the basics about lan, is thay they operate all the aircraft register in chile, and they use all the planes in all the subsidiaries they have in other countries. They rotate the fleet, saving a lot of money. You arrive to miami with a chilean crew and instead of having the aircraft doing nothing in miami, a crew from ecuador get on the aircraft and fly it ecuador and so. That is their secret. To maximise the use of aircraft. But here in argentina is illegal. That means they are having extra costs they weren´t expecting on their buisness. To fly to miami on a daily basis, you need 2 aircraft register in Argentina, but if you fly them all register as CC, you need 1,5 aircraft to do the same job, saving money. Its a very dificult market Argentina, and passengers are dificult to attract. They will make it, but they will probably loose 2 or even 3 times more money they were expecting to loose which means they still have 2 o 3 years until they are profitable.
The second problem is they want to start flying in Brazil in a future. And that is a very dificult market, with lots of restrictions to foreign operatos, the max a foreign investor can have in an airline is 25 percent. The other problem is thay they will need to register the aircraft in Brazil.
Maby they will try colombia in a future, but they have the problem that colombia law dont allow to rotate fleets as LAN want, like argentina and brazil.