Why Canada citizens should get a real estate broker license in Panama

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 Canada to specialize in real estate.

Nevertheless, it is highly recommended to stay updated on the latest developments in Panama’s property market if you’re looking to become a real estate agent and successfully build your career in the field.

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 Canada Citizens to Become a Real Estate Agent in Panama

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 courses and pass a written test conducted by the Real Estate Technical Board.
• Secure a bond valued at ten thousand (USD 10,000) US dollars to address claims of negligence and potential government penalties.
• Submit a power of attorney and a legal request through a lawyer, properly authenticated by a notary, along with an official form.
• Provide evidence of Panamanian citizenship or, for foreigners, proof of at least five years of residency.
• Pay an annual fee of twenty-five (USD 25) U.S. dollars for Stamp Taxes.
• Submit a certificate indicating no criminal history.

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 involves staying dynamic and continuously gathering information on potential property transactions and negotiations with clients. Additionally, there are several advantages to consider while preparing to become a real estate agent in Panamanian territory. These 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 Real Estate Agency

To make a significant impact in the real estate market, it’s crucial to have a dedicated company in place. If you are in the early stages of your project and eager to excel in the real estate market, seeking assistance from specialists can be your best move. Legal Solutions Panama is an expert firm in establishing companies in Panama, poised to support your business setup.

Owing to its vast expertise, the Legal Solutions team is well-equipped to guide you through incorporating your company. Their proficiency ensures that you navigate all procedures seamlessly, avoiding unexpected issues, and paving the way for a successful launch.

To find out more about their offerings, feel free to visit their site, where you can enjoy a complimentary thirty-minute consultation with one of their experts.