Thanks to Panama’s economic surge and diverse array of businesses coupled with its appealing fiscal stability, many entrepreneurs have turned their attention to the real estate sector over the past few years. The wide selection of properties available and the lucrative advantages derived from these transactions make the real estate market particularly enticing for an entrepreneur from United Kingdom seeking to specialize in this field.
Nevertheless, it is highly recommended to stay updated on the latest developments in Panama’s property market if you aspire to become a real estate agent and wish to secure success in your journey.
Understanding the Role of a Real Estate Agent
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 position in the financial and real estate industries, becoming a real estate agent in Panama requires submitting a variety of documents and adhering to the legal steps. The necessary qualifications 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: Explore Its 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 an advantageous position to attract international buyers and investors. As a real estate agent, this provides access to a global client base, enabling you to facilitate international transactions.
- Tax reduction: This perk is highly favored for the financial relief it provides agents. For instance, under Law 66 of 2017, purchasing a property valued under $120,000 means no taxes are owed on it. Moreover, properties valued up to $120,000 are free from real estate taxes. Those valued between $120,001 and $700,000 incur a tax rate of 0.5% of the cadastral value, while properties over $700,000 are taxed at 0.7% of the cadastral value.
- Developing real estate market: The real estate sector has been rapidly expanding in recent years, providing agents with the opportunity to advance swiftly in their careers.
- Possibility of residency permit as an investor: Another appealing benefit for real estate investors is the real estate investment visa program. By making a qualifying real estate investment that meets the country’s legal criteria, investors have the opportunity to apply for and obtain residency.
Legal Solutions Panama: experts in legal advice to incorporate your company as a real estate agent
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.
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.
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.
