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 Canada to dive into real estate.
Nonetheless, it is highly recommended to stay updated on the latest developments concerning Panama properties if you’re considering a career as a property broker and aiming to build a successful career in the field.
What is 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.
Indispensable requirements to become a real estate agent in Panama for Canada citizens
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
Being a real estate agent and working in the wide real estate market in Panama means being in constant movement and informing yourself about all possible property transactions and deals with buyers. Likewise, there are some benefits that you can take into account in your preparation as a real estate agent in Panamanian territory. These are:
- 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.
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.
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.
