Apparently, Genoa ruled Panama from 1520 to 1671. How was Panama ruled? Was It a proper genoese colony like the ones in the mediterranean, or was It still nominally in control of Spain?
from wikipedia:
"From 1520 some Genoese merchants ruled the commerce and the Port of Old Panama (Panamá Viejo) on the Pacific Ocean for a century, thanks to a concession given by the Spaniards, who had the Republic of Genoa as allies."
The Genoese never 'ruled' Panama. The government was always composed of officials appointed by the Spanish crown.
Having published on colonial Panama I'm not even aware of a single document that could even confirm this statement. It sounds like they are referring to a private merchant guild. These existed in many major cities (such as Seville) and could be immensely powerful in shaping trade, but I can categorically say the Genoese never ruled Panama.