Thanks to Panama’s flourishing business scene coupled with its appealing economic steadiness, a significant number of entrepreneurs have shown a newfound interest in the real estate sector in recent years. The diverse range of properties available, along with the lucrative opportunities they present, make real estate a particularly appealing venture for an entrepreneur in United Kingdom.
Nevertheless, it is highly recommended to stay updated on the latest developments in Panama’s property market if you’re looking to become a real estate agent and successfully build your career in the field.
What does a real estate agent do?
A real estate agent is a specialist within the real estate industry responsible for facilitating the transactions of buying, selling, and renting properties. The agent’s primary role is to link buyers with sellers, offering tailored guidance and handling all the necessary legal and administrative processes involved in a property transaction.
Essential Criteria for United Kingdom Citizens to Become a Real Estate Agent in Panama
Similar to any role in the financial and real estate industries, becoming a real estate agent in Panama involves submitting several documents and adhering to the legal procedures. The necessary requirements include:
- Complete required courses and successfully pass a written exam conducted by the Real Estate Technical Board.
- Secure a bond worth ten thousand (USD 10,000) US dollars to address potential negligence claims and governmental penalties.
- Submit a power of attorney and legal request via a lawyer, duly notarized, along with a legal form.
- Provide proof of Panamanian citizenship, or if foreign, evidence of at least 5 years of residency.
- Make an annual payment of twenty-five (USD 25) U.S. dollars for Stamp Taxes.
- Submit documentation certifying no criminal record.
Becoming a Real Estate Agent in Panama: Uncover the Advantages
Working as a real estate agent within the expansive real estate market in Panama involves staying active and keeping up-to-date with all potential property dealings and negotiations with buyers. Additionally, there are several advantages you can consider while preparing to become a real estate agent in Panamanian territory. These benefits include:
- Strategic location: Positioned in Central America, Panama offers a prime location for attracting global investors and buyers. As a real estate agent, you can tap into an international client base and assist in cross-border transactions.
- Tax reduction: This advantage is highly favored due to the financial ease it provides the agent. For instance, purchasing a property with a cadastral value below $120,000 exempts you from taxes on that property under Law 66 of 2017. Properties valued up to $120,000 are free from real estate taxes, whereas those valued between $120,001 and $700,000 incur a tax rate of 0.5% of the cadastral value, and for values exceeding $700,000, the tax is 0.7%.
- Developing real estate market: The real estate sector has consistently expanded in recent years, offering agents rapid advancement opportunities in this field.
- Possibility of residency permit as an investor: A significant benefit for real estate investors is the real estate investment visa program. By undertaking an investment that meets the country’s legal criteria, investors are eligible to apply for and obtain residency.
Legal Solutions Panama: Specialists in Legal Guidance for Establishing Your Real Estate Agency
To start in the real estate market outstandingly, it is important that you have a company established for that purpose. Therefore, if you have a project in its foundations, you want to take off in the real estate market. The smartest thing to do is to opt for the help of experts who will help you in the establishment of your business. Likewise, Legal Solutions Panama is a firm specialized in opening companies in Panama.
Thanks to its extensive experience, the Legal Solutions team can advise you on the incorporation of your company. Their experience will help you to carry out all the procedures correctly, without unforeseen events, and with the certainty of a successful opening.
If you would like to know more about their services, you can visit their website and get a free thirty-minute consultation with one of their professionals.
