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.
Yet, for those aspiring to become a property agent and achieve success in this field, staying updated with the latest developments in the property market in Panama is highly recommended.
What is a real estate agent?
A real estate agent is an expert focusing on the real estate industry, responsible for facilitating the buying, selling, and leasing of properties. Their primary role is to link buyers with sellers, offering tailored guidance and overseeing the various legal and administrative processes involved in real estate transactions.
Indispensable requirements to become a real estate agent in Panama for Canada citizens
As with any position in the financial and real estate industries, becoming a real estate agent in Panama requires submitting a variety of documents and adhering to the legal steps. The necessary qualifications 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.
Exploring the Advantages of Being a Real Estate Agent in Panama
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 Business as a Real Estate Agent
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.
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 learn more about their services, you can explore this site and avail yourself of a complimentary thirty-minute consultation with one of their experts.
