Steps to get a real estate broker license in Panama for United States

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 States 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.

Understanding the Role of 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.

Essential criteria for United States citizens to qualify as a real estate agent in Panama

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:

• 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.

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

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: Panama is a country located in Central America, which gives it an advantageous position to attract international investors and buyers. As a real estate agent, you can have access to an international client base and help facilitate cross-border transactions.
• Tax reduction: this benefit is one of the favorites due to the financial relief it means for the agent. For example, if you buy a property with a cadastral value below $120,000, you will not have to pay taxes on that property under Law 66 of 2017. In turn, properties with a cadastral value up to $120,000 are exempt from real estate taxes, while properties with a cadastral value between $120,001 and $700,000 are taxed at 0.5% of the cadastral value. And if the cadastral value is higher than $700,000, then the corresponding tax is 0.7% of the cadastral value.
• Developing real estate market: it is a fact that the real estate market has continued to grow like foam over the last few years, allowing you to move up as an agent in this field very quickly.
• Possibility of residency permit as an investor: another benefit that is being taken advantage of by real estate investors is the real estate investment visa program. This is based on the fact that by making a real estate investment that complies with the legal requirements established in the country, investors can apply for and obtain residency.

Legal Solutions Panama: Specialists in Legal Guidance for Establishing Your Business 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 this purpose. If you have a budding project and wish to thrive in the real estate field, seeking the assistance of experts can be a strategic move in establishing your business. In this regard, Legal Solutions Panama is a renowned firm that specializes in launching businesses 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.

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.