Steps to get a real estate broker license in Panama for Canada

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 Canada to consider a specialization in 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.

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

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 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.

Being a real estate agent in Panama: discover some of its benefits

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: Situated in Central America, Panama boasts a prime position to attract international investors and buyers. As a real estate agent, you’ll gain access to a global client base and assist in facilitating cross-border transactions.
• Tax Reduction: This perk is highly favored due to the financial relief it offers agents. For instance, if you purchase a property valued at less than $120,000, you won’t need to pay taxes on it under Law 66 of 2017. Properties valued up to $120,000 are exempt from real estate taxes, while those valued between $120,001 and $700,000 incur a 0.5% tax on the cadastral value. Properties valued above $700,000 are taxed at 0.7% of the cadastral value.
• Expanding Real Estate Market: The real estate sector has been experiencing steady and rapid growth in recent years, offering agents ample opportunities to advance swiftly in this industry.
• Residency Permit Opportunity for Investors: Real estate investors can benefit from the real estate investment visa program. By making an investment that aligns with the nation’s legal criteria, investors are eligible to apply for and obtain residency.

Legal Solutions Panama: Specialists in Legal Guidance for Establishing Your Real Estate Agency

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 wealth of experience, the team at Legal Solutions can guide you through the incorporation of your company. Their expertise ensures that all processes are completed accurately, avoiding 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.