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 in the real estate arena whose primary responsibility is facilitating the buying, selling, and leasing of properties. The core duty of a real estate agent is to link buyers with sellers, offering tailored guidance while handling all legal and administrative tasks associated with a real estate deal.
Essential Criteria for United Kingdom Citizens to Become a Real Estate Agent in Panama
As with any profession in the financial and real estate fields, becoming a real estate agent in Panama requires submitting various documents and adhering to the legal procedures. The necessary criteria include:
- Take courses and pass a written examination administered by the Real Estate Technical Board.
- Obtain a bond of ten thousand (USD 10,000) US dollars to cover negligence claims and government fines.
- Power of attorney and request for legal paper presented through an attorney duly authenticated before a notary public, attach a legal form.
- Proof of Panamanian citizenship or, in case of being a foreigner, proof of at least 5 years of residence.
- Annual payment of twenty-five (USD 25) U.S. dollars for Stamp Taxes.
- Present proof of 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 Business as a Real Estate Agent
To make a remarkable entry into the real estate market, it’s crucial to have a company set up specifically for this purpose. If you have a budding project and wish to thrive in the real estate field, seeking the assistance of experts can be a strategic move in establishing your business. In this regard, Legal Solutions Panama is a renowned firm that specializes in launching businesses in Panama.
Owing to its vast expertise, the Legal Solutions team is well-equipped to guide you through incorporating your company. Their proficiency ensures that you navigate all procedures seamlessly, avoiding unexpected issues, and paving the way for a successful launch.
For more information about their services, you can explore their site and take advantage of a complimentary thirty-minute consultation with one of their experts.
