Do you want to be a Real Estate Agent in Panama?

Everything you need to know to become a real estate agent is explained in this article.

What is a Real Estate Agent?

     If you want to be a real estate agent in Panama, the first thing you should know is that they are the accredited professionals responsible for facilitating and assisting in property transactions. They usually receive financial compensation known as commission. These agents have the option of working independently or partnering with a real estate agency or other agent. Their main role is to act as intermediaries between buyers and sellers, ensuring that the process of buying, selling or renting a property is carried out effectively and fairly.

Benefits of being a Real Estate Agent in Panama

1.     Real estate market in constant development: Foreign investment and economic growth in Panama have boosted the real estate market in recent years. This means that there are always new construction projects and investment opportunities available, allowing you to be involved in exciting transactions and keep your property portfolio up to date.

• Strategic location: Panama is strategically located in Central America, which gives it an advantageous position to attract international investors and buyers. As a real estate agent, you can access an international client base and help facilitate cross-border transactions.

• Reduce your tax burden. For example, if you buy a property with a cadastral value below $120,000, you will never have to pay taxes on that property under Act 66 of 2017.

a.    Properties with a cadastral value of up to $120,000: They are exempt from real estate taxes.

1.     Properties with a cadastral value between $120,001 and $700,000: A tax of 0.5% of the cadastral value applies.

2.    Properties with a cadastral value over $700,000: The corresponding tax is 0.7% of the cadastral value.

• Investing in Panama has become popular because it can be a method of obtaining a residence permit as an investor (Panama Investor Visa). The real estate investment visa program has attracted investors interested in taking advantage of this opportunity to establish themselves in Panama. By making an investment in real estate that meets the requirements established by the government, investors can apply for and obtain residency.

Requirements to be a Real Estate Agent in Panama

1.     Take courses and pass a written examination administered by the Real Estate Technical Board.

2.    Power of attorney and request in legal paper presented through an attorney duly authenticated before a public notary and attach a legal form.

3.    Obtain a bond of Ten Thousand (US$10,000) US dollars, to cover negligence claims and government fines.

4.    Annual payment of twenty-five (US$25) U.S. dollars for Stamp Taxes.

5.    Proof of Panamanian citizenship or in case of being a foreigner, proof of at least 5 years of residence.

6.   Present proof of not having a criminal record.

You may also be interested in this article about: investing in real estate in Panama.

In Legal Solutions Panama we have an expert team in Real Estate management, if you want to be a real estate agent in Panama we will accompany you from the first moment until the conclusion of your management so if you are interested in being a real estate agent do not hesitate to contact us.