Steps to get a real estate broker license in Panama for United States

Steps to get a real estate broker license in Panama for United States

Thanks to Panama’s flourishing business scene coupled with its appealing economic steadiness, a significant number of entrepreneurs have shown a newfound interest in the real estate sector in recent years. The diverse range of properties available, along with the lucrative opportunities they present, make real estate a particularly appealing venture for an entrepreneur in United States.

Nevertheless, it is highly recommended to stay updated on the latest developments in Panama’s property market if you aspire to become a real estate agent and wish to secure success in your journey.

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 to Become a Real Estate Agent in Panama for United States Citizens

As with any profession in the financial and real estate fields, becoming a real estate agent in Panama requires submitting various documents and adhering to the legal procedures. The necessary criteria include:

  • Complete relevant courses and successfully pass a written examination conducted by the Real Estate Technical Board.
  • Secure a guarantee bond of ten thousand (USD 10,000) U.S. dollars to cover potential claims of negligence and government penalties.
  • Submit a power of attorney along with a legal request through an attorney, duly authenticated in front of a notary public, and include a legal form.
  • Provide evidence of Panamanian citizenship or, if foreign, proof of a minimum of 5 years of residency.
  • Make an annual payment of twenty-five (USD 25) U.S. dollars for Stamp Taxes.
  • Submit documentation confirming no criminal record.

Becoming a real estate agent in Panama: uncover some of 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: 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 this purpose. If you have a budding project and wish to thrive in the real estate field, seeking the assistance of experts can be a strategic move in establishing your business. In this regard, Legal Solutions Panama is a renowned firm that specializes in launching businesses 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.

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