No answers because nobody knows how to do this for sure!
As a general rule, you need to be the titled owner. Tour Companies do it with special documentation stating that someone - the guide - is the person in charge and responsible.
In theory, you could do it with a fancy notarized etc document stating that you are the titled owner and lending it to your brother. Entering Panama will be a trick, because the bike will be stamped into his passport. In theory, that means he doesn't leave Panama without the bike.
He should have lots of copies of the notarized document, and of the orginal title, as well as the original title - not to be shown unless demanded.
Cure for that of course is you both leave with it - ride to CR - sign out the bike on his passport, then turn around and re-enter the bike on your passport.
NO guarantees, but this should work.
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Grant Johnson
Seek, and ye shall find.
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One world, Two wheels.
www.HorizonsUnlimited.com
__________________
Grant Johnson
Seek, and ye shall find.
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Inspiring, Informing and Connecting travellers since 1997!
www.HorizonsUnlimited.com
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