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| Foreigners Can Own Real Estate in the Philippines |
Foreigners Can Own Real Estate in the Philippines
Generally, only Filipinos are allowed by Philippine laws to acquire by purchase, transfer or assignment any lands in the Philippines. However Foreigners may be able to acquire properties in the Philippines by any of the following:
• Lease the Property - You can lease public and private land for 25 years with an automatic renewal for 25 years, (just enough time for return on investments). This is also a cheap alternative, but it makes it difficult to make any sort of investment return on a property. However, it is ideal for those thinking of retiring here. Unlike many countries such as Thailand or Indonesia, a lease on property for a foreigner is a very easy and straightforward step to take in the Philippines. This is the easiest, least time-consuming, and safest way for a foreigner to purchase small areas of land within the Philippines. It can be done directly with the owner.
• Through a Filipino Trustee or wife – Have a Filipino (you can trust) where you can put the title or ownership of property in his/her name. This is the most common way for small-scale investors to buy property here.
• Purchase land as a Balikbayan – The Government of the Philippines has recently passed the Dual Citizenship Act which gives all former Filipinos the right to purchase land within the Philippines.
• Buy A Condominium Unit - You can own 100% of the unit but not more than 40% of the entire condominium project.
• Form a Corporation – You can form a corporation with Filipino partners with the sharing of 40% foreign - 60% Filipino capital. This is the most iron-clad form of property ownership for foreign investors, and definitely the preferred form of property ownership for those thinking of establishing a resort, or tourism facility. In fact, the majority of existing resorts and businesses owned by foreigners are using this form of ownership.
• Inherit the land if your Spouse dies: This simply means, when your Filipina wife dies, you as the compulsory heir, together with your children if you have any, will become the legal owners of her property.Labels: Foreigners |
posted by Oh_Me @ 2:47 AM  |
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