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

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

Frank S. Laing

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 States to focus on 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 does a real estate agent do?

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.

Essential Criteria for United States 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

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: Nestled in Central America, Panama boasts a prime spot to attract global investors and buyers. As a real estate agent, you’ll have the opportunity to connect with an international clientele and assist in facilitating cross-border deals.
  • Tax reduction: This advantage is highly favored due to the financial ease it offers agents. For instance, purchasing a property with a cadastral value under $120,000 means you won’t have to pay taxes on it, as stipulated by Law 66 of 2017. Furthermore, properties valued up to $120,000 are exempt from real estate taxes, while those with values between $120,001 and $700,000 incur a tax rate of 0.5% on the cadastral value. If the value exceeds $700,000, the applicable tax rate is 0.7% of the cadastral value.
  • Growing real estate market: The real estate sector has seen significant growth in recent years, providing a rapid path for advancement for agents in this vibrant field.
  • Chance for residency permit as an investor: Real estate investors can leverage the real estate investment visa program, allowing them to apply for and permanent residency by making property investments that meet the country’s legal criteria.

Legal Solutions Panama: specialists in legal guidance for establishing your business as a real estate agent

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.

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.

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.