Benefits of being a real estate agent in Panama for United States nationals

Benefits of being a real estate agent in Panama for United States nationals

The surge and diversity of businesses flourishing in Panama, coupled with its appealing economic steadiness, have spurred many entrepreneurs to delve into the real estate sector in recent times. The assortment of properties and the lucrative advantages of their dealings are among the key attractions for an entrepreneur in United States to focus on real estate.

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 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 States Citizens to Become a Real Estate Agent in Panama

Similar to any role in the financial and real estate industries, becoming a real estate agent in Panama involves submitting several 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.

Being a real estate agent in Panama: discover some of its benefits

Working as a real estate agent within the expansive real estate market in Panama involves staying active and well-informed about the array of potential property transactions and negotiations with clients. Additionally, there are several advantages to consider when preparing for a career as 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: experts in legal advice to incorporate your company 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.

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 learn more about the services they offer, you can visit here and receive a complimentary thirty-minute consultation with one of their experts.

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Mattie B. Jiménez

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