Thanks to the surge and diverse nature of businesses in Panama, coupled with its appealing economic steadiness, a significant number of entrepreneurs have turned their attention to the real estate sector in recent years. The wide range of available properties and the lucrative potential of their transactions present some of the most enticing reasons for an entrepreneur in United Kingdom to dive into real estate.
Nevertheless, staying updated on the latest developments in Panama’s property market is the wisest course of action if you’re aiming to become a real estate worker and achieve success in this 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
Like any job in the financial and real estate sector, to work as a real estate agent in Panama, it is necessary to present a series of documents and comply with the legal process. The requirements are:
- Complete 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 negligence claims and government penalties.
- Submit a power of attorney and a legal request through an attorney, duly authenticated by a notary public, and include a legal form.
- Provide evidence of Panamanian citizenship or, if you are a foreign national, demonstrate a minimum of 5 years of residency.
- Pay an annual fee of twenty-five (USD 25) U.S. dollars for Stamp Taxes.
- Show evidence of a clean 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 well-informed about the array of potential property transactions and negotiations with clients. Additionally, there are several advantages to consider when preparing for a career as a real estate agent in Panamanian territory. These include:
- Strategic location: Positioned in Central America, Panama enjoys a favorable location, drawing international investors and buyers. As a real estate agent here, you’ll have access to a global client base, aiding in cross-border transactions.
- Tax reduction: This is often a preferred advantage for agents due to the financial relief it provides. For instance, purchasing property with a cadastral value under $120,000 exempts you from paying property taxes, as per Law 66 of 2017. Moreover, properties appraised up to $120,000 are not subject to real estate taxes, those valued between $120,001 and $700,000 incur a tax rate of 0.5%, and properties surpassing $700,000 are taxed at a rate of 0.7% of their cadastral value.
- Expanding real estate market: The real estate market has experienced significant growth in recent years, providing agents with opportunities to advance rapidly within the industry.
- Residency permit opportunity as an investor: Real estate investors can benefit from the real estate investment visa program. By making a qualifying real estate investment that adheres to national legal standards, investors may apply for and secure residency.
Legal Solutions Panama: Specialists in Guiding Your Company’s Incorporation 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 that purpose. If you’re in the early stages of your project and aim to excel in the real estate sector, seeking assistance from experts is the wisest move to help establish your business. In this regard, Legal Solutions Panama is a firm that specializes in the process of setting up 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.
To learn more about the services they offer, you can visit here and receive a complimentary thirty-minute consultation with one of their experts.
