Get your real estate broker license in Panama: Canada citizens’ guide
Business

Get your real estate broker license in Panama: Canada citizens’ guide

Frank S. Laing

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.

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.

What is a real estate agent?

A real estate agent is a professional specializing in the real estate sector who is in charge of intermediating in the purchase, sale, and rental of properties. Its main function is to connect buyers and sellers, providing personalized advice and managing all the legal and bureaucratic procedures involved in a real estate transaction.

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 required 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 potential negligence claims and governmental penalties.
  • Submit a power of attorney and legal request via a lawyer, duly notarized, along with a legal form.
  • Provide proof of Panamanian citizenship, or if foreign, evidence of at least 5 years of residency.
  • Make an annual payment of twenty-five (USD 25) U.S. dollars for Stamp Taxes.
  • Submit documentation certifying 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 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 that purpose. If you’re in the early stages of your project and aim to excel in the real estate sector, seeking assistance from experts is the wisest move to help establish your business. In this regard, Legal Solutions Panama is a firm that specializes in the process of setting up 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.

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.