Real estate broker license in Panama: What United Kingdom citizens need
Business

Real estate broker license in Panama: What United Kingdom citizens need

Frank S. Laing

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.

However, the most advisable thing to do is to be informed about the latest news in Panama properties, if you are interested in becoming a real estate agent and consolidating your success along the way.

What is a real estate agent?

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 Kingdom Citizens to Become a Real Estate Agent in Panama

Like any job in the financial and real estate sector, to work as a real estate agent in Panama, it is necessary to present a series of documents and comply with the legal process. The requirements are:

  • 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: Uncover the Advantages

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 a prime location for attracting global investors and buyers. As a real estate agent, you can tap into an international client base and assist in cross-border transactions.
  • Tax reduction: This advantage is highly favored due to the financial ease it provides the agent. For instance, purchasing a property with a cadastral value below $120,000 exempts you from taxes on that property under Law 66 of 2017. Properties valued up to $120,000 are free from real estate taxes, whereas those valued between $120,001 and $700,000 incur a tax rate of 0.5% of the cadastral value, and for values exceeding $700,000, the tax is 0.7%.
  • Developing real estate market: The real estate sector has consistently expanded in recent years, offering agents rapid advancement opportunities in this field.
  • Possibility of residency permit as an investor: A significant benefit for real estate investors is the real estate investment visa program. By undertaking an investment that meets the country’s legal criteria, investors are eligible 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’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.