The surge and diversity of businesses flourishing in Panama, coupled with its appealing economic steadiness, have spurred many entrepreneurs to delve into the real estate sector in recent times. The assortment of properties and the lucrative advantages of their dealings are among the key attractions for an entrepreneur in United Kingdom to focus on 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.
Understanding the Role of a Real Estate Agent
A real estate agent is an expert in the property market responsible for facilitating transactions involving buying, selling, and leasing properties. The primary role is to connect buyers with sellers, offering tailored guidance and handling all the legal and administrative processes essential for a real estate deal.
Essential Criteria for United Kingdom Citizens to Become a Real Estate Agent in Panama
Similar to any role in the financial and real estate industries, becoming a real estate agent in Panama involves submitting several documents and adhering to the legal procedures. The necessary requirements include:
- Complete courses and successfully pass a written exam conducted by the Real Estate Technical Board.
- Secure a bond worth ten thousand (USD 10,000) US dollars to address negligence claims and government penalties.
- Submit a power of attorney and a legal request through an attorney, duly authenticated by a notary public, and include a legal form.
- Provide evidence of Panamanian citizenship or, if you are a foreign national, demonstrate a minimum of 5 years of residency.
- Pay an annual fee of twenty-five (USD 25) U.S. dollars for Stamp Taxes.
- Show evidence of a clean 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: 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 Real Estate Agency
To start in the real estate market outstandingly, it is important that you have a company established for that purpose. Therefore, if you have a project in its foundations, you want to take off in the real estate market. The smartest thing to do is to opt for the help of experts who will help you in the establishment of your business. Likewise, Legal Solutions Panama is a firm specialized in opening 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.
To learn more about the services they offer, you can visit here and receive a complimentary thirty-minute consultation with one of their experts.