Thanks to the rapid growth and diversity of businesses flourishing in Panama, coupled with its appealing economic steadiness, a significant number of entrepreneurs have developed a keen interest in the real estate sector over recent years. The wide range of available properties and the advantageous deals promising substantial profits are among the most enticing elements for an entrepreneur in United Kingdom to consider a specialization in 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 is a real estate agent?
A real estate agent is a professional specializing in the real estate sector who is in charge of intermediating in the purchase, sale, and rental of properties. Its main function is to connect buyers and sellers, providing personalized advice and managing all the legal and bureaucratic procedures involved in a real estate transaction.
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: Nestled in Central America, Panama boasts a prime spot to attract global investors and buyers. As a real estate agent, you’ll have the opportunity to connect with an international clientele and assist in facilitating cross-border deals.
- Tax reduction: This advantage is highly favored due to the financial ease it offers agents. For instance, purchasing a property with a cadastral value under $120,000 means you won’t have to pay taxes on it, as stipulated by Law 66 of 2017. Furthermore, properties valued up to $120,000 are exempt from real estate taxes, while those with values between $120,001 and $700,000 incur a tax rate of 0.5% on the cadastral value. If the value exceeds $700,000, the applicable tax rate is 0.7% of the cadastral value.
- Growing real estate market: The real estate sector has seen significant growth in recent years, providing a rapid path for advancement for agents in this vibrant field.
- Chance for residency permit as an investor: Real estate investors can leverage the real estate investment visa program, allowing them to apply for and permanent residency by making property investments that meet the country’s legal criteria.
Legal Solutions Panama: specialists in legal guidance for establishing your business as a real estate agent
To make a significant impact in the real estate market, it’s crucial to have a dedicated company in place. If you are in the early stages of your project and eager to excel in the real estate market, seeking assistance from specialists can be your best move. Legal Solutions Panama is an expert firm in establishing companies in Panama, poised to support your business setup.
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 on their services, feel free to visit their webpage and take advantage of a complimentary thirty-minute consultation with one of their experts.
