Hi @Sergio Londono ,
As of my last knowledge update, there isn’t a direct way to bypass the guest account requirement for external users with user-defined permissions in Microsoft Purview Sensitivity Labels. However, you can explore Azure AD Business-to-Business (B2B) collaboration. B2B collaboration enables external users to access resources without being guests in your tenant. Keep in mind that this approach might not align perfectly with user-defined permissions.
Thanks