The surge and diversity of businesses flourishing in Panama, coupled with its appealing economic steadiness, have spurred many entrepreneurs to delve into the real estate sector in recent times. The assortment of properties and the lucrative advantages of their dealings are among the key attractions for an entrepreneur in United Kingdom to focus on real estate.
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 is a real estate agent?
A real estate agent is a skilled specialist in the property market, tasked with facilitating the buying, selling, and leasing of properties. Their primary role is to bridge the gap between buyers and sellers, offering tailored guidance and handling all the legal and administrative processes associated with property transactions.
Essential Criteria for United Kingdom Citizens to Become a Real Estate Agent in Panama
As with any position in the financial and property market, becoming a real estate agent in Panama entails submitting specific documentation and adhering to the legal procedures in place. 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 dynamic and continuously gathering information on potential property transactions and negotiations with clients. Additionally, there are several advantages to consider while preparing to become a real estate agent in Panamanian territory. These 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: Specialists in Legal Guidance for Establishing Your Business as a Real Estate Agent
To make a remarkable entry into the real estate market, it is crucial to have a business entity dedicated to that purpose. So, if you’re initiating a project and aiming to soar in the real estate sector, seeking the assistance of professionals who can guide you in setting up your business is a wise decision. Legal Solutions Panama is a firm that specializes in establishing companies in Panama.
With their vast experience, the Legal Solutions team is well-equipped to guide you through the process of incorporating your company. Their expertise ensures that all procedures are executed accurately, minimizing unexpected issues and guaranteeing a successful launch.
To learn more about their services, you can explore this site and avail yourself of a complimentary thirty-minute consultation with one of their experts.