Business

Panama real estate careers: Tips for United States nationals to get started

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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.

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 specialist within the real estate industry responsible for facilitating the transactions of buying, selling, and renting properties. The agent’s primary role is to link buyers with sellers, offering tailored guidance and handling all the necessary legal and administrative processes involved in a property transaction.

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

As with any position in the financial and property market, becoming a real estate agent in Panama entails submitting specific documentation and adhering to the legal procedures in place. 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 keeping up-to-date with all potential property dealings and negotiations with buyers. Additionally, there are several advantages you can consider while preparing to become a real estate agent in Panamanian territory. These benefits 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 business as a real estate agent

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.

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.

To learn more about their services, you can explore this site and avail yourself of a complimentary thirty-minute consultation with one of their experts.