Wash/rinse the shrimp thoroughly, you can leave the shells on or remove them, depending on your preference. Pat the shrimp dry using a paper towel.

In a large bowl, season the shrimp with dry seasonings: paprika, garlic powder, onion powder, ground annatto, dried oregano, ground cumin, kosher salt and black pepper. Drizzle the shrimp with a tablespoon of the olive oil, and toss gently. Cover the bowl with plastic wrap and let it sit in the refrigerator for 1-4 hours, or overnight.

Melt the butter in a dutch oven over medium heat. Add the minced garlic and onions and cook them until fragrant. Add the bay leaves, saffron and stir in the hot sauce.

Add the lager to the pan and let cook over medium heat for 3-5 minutes. The liquid will reduce in volume slightly. Add the remaining olive oil in a slow and steady stream while stirring constantly. Turn the flame down low and cook for another 3 minutes.

Add the shrimp and watch the color closely as it cooks. Once the shrimp turns pink turn the flame down even lower, cover the pot and let the shrimp cook for 10 minutes in the shells. For peeled shrimp, flip them once the sides facing up turn pink then turn the flame off as soon as the shrimp turns pink on both sides.

Add a squeeze of 1 lemon wedge and stir in the chopped cilantro. Give the shrimp and sauce a final stir. Cover and let sit for a few minutes to allow the flavors to settle. 

Present the shrimp on a platter, or on individual plates over rice. Make sure to spoon lots of sauce over the shrimp! Serve fried potatoes or crusty bread on the side for dipping. Garnish with any remaining lemon wedges.