Derechos literally translates to "rights" or "privileges". However, in the context of this song's title, Amigos con Derechos, it's part of a very popular slang phrase in Spanish.
"Amigos con derechos" is the direct equivalent of "friends with benefits" in English. The song explores a modern relationship where two friends share intimacy and affection without the formal commitment of being a couple, enjoying the 'rights' of a relationship without the strings attached.
Ever heard of "friends with benefits"? Reik and Maluma lay out the rules for this exact kind of relationship in "Amigos Con Derechos". The song starts with some surprisingly sweet lines, like offering to lend his eyes so she can see how beautiful she is: "Te presto mis ojos / Para que veas lo hermosa que eres" [I'll lend you my eyes / So you can see how beautiful you are]. But he quickly makes the deal clear. He's not looking for love or a serious relationship. Instead, he suggests, "Seamos eternos solo esta noche" [Let's be eternal just for tonight].
This whole song is about a secret arrangement between two people who are more than friends but less than a couple. They agree to keep things physical and private, with only the walls as their witnesses. Maluma's verse tells the story of how they met and gets straight to the point, saying "Quitémonos ya la ropa / Que así desnuda te ves más sexy" [Let's take off our clothes now / Because you look sexier naked]. The main idea is that they can have all the fun of a relationship without any of the commitment, as the chorus says: "Yo no te pido que seamos novios / Si siendo amigos ya nos damos de todo" [I'm not asking us to be a couple / If as friends we already give each other everything].