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 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.
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 courses and successfully pass a written test conducted by the Real Estate Technical Board.
- Secure a bond of ten thousand (USD 10,000) US dollars to cover any claims of negligence and government penalties.
- Provide a power of attorney and a request for legal documentation, submitted through a lawyer and properly notarized, along with a legal form attachment.
- Provide proof of Panamanian citizenship or, if a foreign national, evidence of at least 5 years of residency.
- Make an annual payment of twenty-five (USD 25) US dollars for Stamp Taxes.
- Submit proof of a clean criminal record.
Advantages of Being a Real Estate Agent in Panama: Explore the Benefits
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: 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 make a remarkable entrance into the real estate market, it’s crucial to have a company set up for this specific purpose. Therefore, if you’re in the initial stages of a project and are eager to launch in the real estate arena, the wisest choice is to seek expert assistance for establishing your business. Similarly, Legal Solutions Panama specializes in setting up companies in Panama.
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.