Thanks to Panama’s economic surge and diverse array of businesses coupled with its appealing fiscal stability, many entrepreneurs have turned their attention to the real estate sector over the past few years. The wide selection of properties available and the lucrative advantages derived from these transactions make the real estate market particularly enticing for an entrepreneur from Canada seeking to specialize in this field.
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 an expert in the property market responsible for facilitating transactions involving buying, selling, and leasing properties. The primary role is to connect buyers with sellers, offering tailored guidance and handling all the legal and administrative processes essential for a real estate deal.
Essential Criteria to Become a Real Estate Agent in Panama for Canada Citizens
As with any profession in the financial and real estate industries, working as a real estate agent in Panama entails submitting various documents and adhering to the legal procedures. The necessary requirements 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 dynamic and keeping well-informed about all potential property transactions and negotiations with clients. Additionally, there are various advantages to consider as you prepare to become a real estate agent in Panamanian territory. These benefits include:
- 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 Legal Guidance for Establishing Your Real Estate Agency
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 wealth of experience, the Legal Solutions team is well-equipped to guide you through the process of incorporating your company. Their expertise ensures that all procedures are handled correctly, minimizing surprises and paving the way for 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.