We present the general behavior of the scalar sector in a Three Higgs Doublet Model (3HDM) with a Z 5 flavor symmetry. There are regions of the parameters space where it is possible to get a SM-like Higgs boson with the other Higgs bosons being heavier, thus decoupled from the SM, and without relevant contributions to any flavor observables. There are however other more interesting regions of parameter space with a light charged Higgs (m H ± ∼ 150 GeV) that are consistent with experimental results and whose phenomenological consequences could be interesting. We present a numerical analysis of the main B-physics constraints and show that the model can correctly describe the current experimental data.