How United Kingdom ex-pats can become licensed real estate agents in Panama

Due to the boom and multiplicity of businesses in Panama, in addition to its attractive economic stability, numerous entrepreneurs have become interested in the real estate market in recent years. The variety of properties and the benefits of their transactions in terms of profits are some of the most attractive points for an entrepreneur in United Kingdom to specialize in real estate.

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.

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.

Indispensable requirements to become a real estate agent in Panama for United Kingdom citizens

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:

• Complete courses and successfully pass a written test conducted by the Real Estate Technical Board.
• Secure a bond of ten thousand (USD 10,000) US dollars to cover any claims of negligence and government penalties.
• Provide a power of attorney and a request for legal documentation, submitted through a lawyer and properly notarized, along with a legal form attachment.
• Provide proof of Panamanian citizenship or, if a foreign national, evidence of at least 5 years of residency.
• Make an annual payment of twenty-five (USD 25) US dollars for Stamp Taxes.
• Submit proof of a clean 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 requires staying dynamic and continuously informed about various property transactions and buyer interactions. Additionally, there are several advantages you can consider while preparing to be 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: Specialists in Legal Guidance for Establishing Your Real Estate Agency

To make a remarkable entrance into the real estate market, it’s crucial to have a company set up for this specific purpose. Therefore, if you’re in the initial stages of a project and are eager to launch in the real estate arena, the wisest choice is to seek expert assistance for establishing your business. Similarly, Legal Solutions Panama specializes in setting up companies in Panama.

Thanks to its extensive experience, the Legal Solutions team can advise you on the incorporation of your company. Their experience will help you to carry out all the procedures correctly, without unforeseen events, and with the certainty of a successful opening.

To find out more about their offerings, feel free to visit their site, where you can enjoy a complimentary thirty-minute consultation with one of their experts.