Thanks to the surge and diverse nature of businesses in Panama, coupled with its appealing economic steadiness, a significant number of entrepreneurs have turned their attention to the real estate sector in recent years. The wide range of available properties and the lucrative potential of their transactions present some of the most enticing reasons for an entrepreneur in Canada to dive into 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.
Understanding the Role of 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.
Essential Criteria for Canada Citizens to Become a Real Estate Agent in Panama
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: uncover some of its advantages
Being a real estate agent and working in the wide real estate market in Panama means being in constant movement and informing yourself about all possible property transactions and deals with buyers. Likewise, there are some benefits that you can take into account in your preparation as a real estate agent in Panamanian territory. These are:
- 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 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.
With their vast 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 executed accurately, minimizing unexpected issues and guaranteeing 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.
