Real estate agent in Panama: License process for United Kingdom citizens
Business

Real estate agent in Panama: License process for United Kingdom citizens

Brigette J. Stringer

Thanks to Panama’s flourishing business scene coupled with its appealing economic steadiness, a significant number of entrepreneurs have shown a newfound interest in the real estate sector in recent years. The diverse range of properties available, along with the lucrative opportunities they present, make real estate a particularly appealing venture for an entrepreneur in United Kingdom.

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 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 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 relevant courses and successfully pass a written examination conducted by the Real Estate Technical Board.
  • Secure a guarantee bond of ten thousand (USD 10,000) U.S. dollars to cover potential claims of negligence and government penalties.
  • Submit a power of attorney along with a legal request through an attorney, duly authenticated in front of a notary public, and include a legal form.
  • Provide evidence of Panamanian citizenship or, if foreign, proof of a minimum of 5 years of residency.
  • Make an annual payment of twenty-five (USD 25) U.S. dollars for Stamp Taxes.
  • Submit documentation confirming no 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 involves staying dynamic and continuously gathering information on potential property transactions and negotiations with clients. Additionally, there are several advantages to consider while preparing to become 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: experts in legal advice to incorporate your company 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.

To learn more about their services, you can explore this site and avail yourself of a complimentary thirty-minute consultation with one of their experts.