Due to the boom and multiplicity of businesses in Panama, in addition to its attractive economic stability, numerous entrepreneurs have become interested in the real estate market in recent years. The variety of properties and the benefits of their transactions in terms of profits are some of the most attractive points for an entrepreneur in United Kingdom to specialize in real estate.
Nonetheless, it is highly recommended to stay updated on the latest developments concerning Panama properties if you’re considering a career as a property broker and aiming to build a successful 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.
Essential Criteria for United Kingdom Citizens to Become a Real Estate Agent in Panama
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.
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 Guiding Your Company’s Incorporation 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.
With their vast expertise, the Legal Solutions team is well-equipped to guide you through the process of incorporating your company. Their seasoned experience ensures that all procedures are executed smoothly, without any unexpected issues, guaranteeing a successful launch.
If you would like to know more about their services, you can visit their website and get a free thirty-minute consultation with one of their professionals.
