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

Thanks to Panama’s economic surge and diverse array of businesses coupled with its appealing fiscal stability, many entrepreneurs have turned their attention to the real estate sector over the past few years. The wide selection of properties available and the lucrative advantages derived from these transactions make the real estate market particularly enticing for an entrepreneur from United States seeking to specialize in this field.

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

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 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 negligence claims and government penalties.
Submit a power of attorney and a legal request through an attorney, duly authenticated by a notary public, and include a legal form.
Provide evidence of Panamanian citizenship or, if you are a foreign national, demonstrate a minimum of 5 years of residency.
Pay an annual fee of twenty-five (USD 25) U.S. dollars for Stamp Taxes.
Show evidence of a clean criminal record.

Becoming a Real Estate Agent in Panama: Uncover the Advantages

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: Positioned in Central America, Panama enjoys a favorable location, drawing international investors and buyers. As a real estate agent here, you’ll have access to a global client base, aiding in cross-border transactions.
Tax reduction: This is often a preferred advantage for agents due to the financial relief it provides. For instance, purchasing property with a cadastral value under $120,000 exempts you from paying property taxes, as per Law 66 of 2017. Moreover, properties appraised up to $120,000 are not subject to real estate taxes, those valued between $120,001 and $700,000 incur a tax rate of 0.5%, and properties surpassing $700,000 are taxed at a rate of 0.7% of their cadastral value.
Expanding real estate market: The real estate market has experienced significant growth in recent years, providing agents with opportunities to advance rapidly within the industry.
Residency permit opportunity as an investor: Real estate investors can benefit from the real estate investment visa program. By making a qualifying real estate investment that adheres to national legal standards, investors may apply for and secure 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 that purpose. If you’re in the early stages of your project and aim to excel in the real estate sector, seeking assistance from experts is the wisest move to help establish your business. In this regard, Legal Solutions Panama is a firm that specializes in the process of setting up companies 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.