In Panama, only a licensed broker may legally act as the intermediary when someone else's property is sold or rented. The law requiring it dates from 1999, yet the regulator, the Junta Técnica de Bienes Raíces, still warns about “corredores brujos”: people who collect commissions or advances without being authorized. Checking is quick, free, and protects you in one of the biggest purchases or leases of your life.
What the law says
Decree-Law 6 of 1999 regulates the real estate broker profession (people who act as intermediaries in selling or renting other people's property for a commission) and requires a license to practice it. Licenses are issued by the Junta Técnica de Bienes Raíces (JTBR), which sits within the Ministry of Commerce and Industries (MICI). To get one, an applicant needs:
- An exam: on real estate law, contracts, leases, condominium law, taxes and anti-money-laundering rules (MICI syllabus).
- A bond: of B/.10,000 in favor of the board, which must be kept current (MEF requirements).
- A clean record: a criminal and police record certificate.
- Nationality: Panamanian, or a foreigner with at least five years of residence in Panama.
Companies need their own license, but it does not cover their agents. In June 2025 the JTBR said it plainly: every agent, without exception, must hold an individual license (La Estrella).
How to check a license in five minutes
If the person does not appear, or tells you their license is “being processed”, do not hand over money or original documents.
Signs that something is wrong
- The advert shows no license number, or the number does not match the name.
- You are asked for an advance “to hold it” before you have seen the property or have a contract.
- You are asked to transfer money to a personal account or to someone else's name.
- Nobody can show you the property's Public Registry certificate.
- The price is far below the market and there is pressure to close fast.
- “The owner is abroad” and everything has to be done by message.
The JTBR does act: in 2019 it imposed more than B/.49,000 in fines for illegal practice or ethics breaches, and between January and November it canceled 183 individual and 87 company licenses (La Estrella).
Why a good broker asks for your documents
Real estate brokers are obligated parties under Law 23 of 2015 on preventing money laundering: they must identify their client and the beneficial owner of the deal, and keep those records. That is why you will be asked for ID and may be asked questions about the transaction. It is not mistrust, it is the law; a broker who asks nothing is another red flag.
Who pays the commission
The commission is agreed with the broker and is normally paid by whoever hires them. Put it in writing before you start: how much, who pays it and when. Be wary of anyone who asks for it before a contract is signed.
Where to report a broker
Complaints are filed in writing with the JTBR's Secretariat (requirements on the MICI website). The broker has ten working days to respond, there is an evidence period, and the board decides by resolution. Sanctions include fines of B/.100 to B/.10,000 and can go as far as canceling the license. Practicing without a license is fined B/.10,000. If you lost money, also file a criminal complaint with the Public Ministry.
Check us too
Urban Realty Panama works under real estate broker license PN-4871, held by Irina Efremova de Martínez. Look it up in MICI’s registry (choose “Licencia Natural” and type “Efremova”) before you contact us: it is exactly what we recommend doing with any broker.
Frequently asked questions
How do I know if a real estate broker is licensed in Panama?
Ask for the license number and ID card, and look it up in MICI's Consulta de Corredores Idóneos. The name on the license must match the person you are dealing with.
What happens if someone works as a broker without a license?
The Junta Técnica de Bienes Raíces fines anyone who brokers real estate without a license B/.10,000, and an unlicensed company has its operations suspended immediately.
Can a foreigner be a real estate broker in Panama?
Yes, with at least five years of residence in Panama and the other requirements: the exam, the bond and a clean record.
Who pays the broker's commission?
Normally whoever hires the broker pays it, but it depends on what is agreed. Put it in writing before you start: the amount, who pays and when.
Where do I report a real estate broker?
In writing, to MICI's Junta Técnica de Bienes Raíces. It can impose fines of B/.100 to B/.10,000 and even cancel the license.
Sources: Decreto Ley 6 de 1999 · MICI, Consulta de Corredores Idóneos · La Estrella, junio 2025 · La Estrella, febrero 2020 · MICI, denuncias ante la JTBR · MEF, requisitos para corredores · MICI, temario del examen · Deloitte, Ley 23 de 2015