Exhibit 8
List of Subsidiaries
| Name of Subsidiary |
Country of Incorporation | |
| Aerolíneas Galápagos Aerogal, S.A. | Ecuador | |
| Aerovias del Continente Americano, S.A. | Colombia | |
| Líneas Aéreas Costaricenses S.A. | Costa Rica | |
| Nicaragüense de Aviación, S.A. | Nicaragua | |
| Taca International Airlines, S.A. | El Salvador | |
| Tampa Cargo S.A.S. | Colombia | |
| Trans American Airlines, S.A. | Peru | |
| Aerotaxis La Costeña, S.A. | Nicaragua | |
| Isleña de Inversiones, S.A. de C.V. | Honduras | |
| Servicios Aéreos Nacionales S.A. | Costa Rica | |
| Aerospace Investments, Limited | Bahamas | |
| Aviation Leasing Services (ALS), Inc. | Panama | |
| Aviation Leasing Services, Investments (ALS), S.A. | Panama | |
| Intercontinental Equipment Corp. | Bahamas | |
| Little Plane, Limited | Bahamas | |
| Little Plane Six, Limited | Bahamas | |
| Southern Equipment Corp. | Bahamas | |
| Turboprop Leasing Company, Limited | Bahamas | |
| Technical & Training Services, S.A. de C.V. | El Salvador | |
| Grupo Taca Holdings, Limited | Bahamas | |
| Ronair N.V. | Curaçao | |
| Avianca Inc. | USA | |
| LifeMiles B.V. | Curaçao | |
| Tampa Cargo Logistics, Inc. | USA | |
| Getcom International Investments, SL | Spain | |
| Avianca Leasing, LLC | USA | |
| Turbo Aviation Two, Limited | Ireland | |
| Latin Airways Corp. | Panamá | |
| Vu-Marsat S.A. | Costa Rica | |
| Turbo Aviation Three S.A. | Panamá |