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Keywords on this page:
Philippines,
own, property, buy, a lot, house, building, Investment Visa, Retirement
Visa, Filipina, Filipino citizen, bank
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Is it allowed for foreigners to buy or own a property in the
Philippines? Can they own or buy a condominium? What's possible? Read more
to get some important information's.
You are foreigner and wanted to own a property in the paradise?
Is it possible for a foreigner to grab this chance?
You want to buy a lot and
wanna build a house on it?
Sorry but a foreigners are not allowed to
buy a land here in the Philippines. A foreigner
can own a building but not a land, unless the
foreigner has a Philippine Special
Retirement/Investment Visa.
To qualify for this visa you must be at least 35
years old and meet the bank deposit requirement
which can be withdrawn at a later date for your
investments. There is a processing fee and the
amount of the deposit/investment needed depends
on whether or not you are married to a Filipino
or former Filipino. This allows you almost all
of the investment privileges of a Filipino
citizen. For specifics on the program, check out
the Philippine investors visa website.
Foreigners are allowed to own condominium units
outright but are only allowed to own 40% of a
building or complex. You can also form a
corporation where you and a Filipino or former
Filipino partner, divide the ownership. This
partner could be your spouse or child. For
corporations, the Philippine government
recognizes the right of succession in the case
of foreigners.
Another solution can be, you can marry a
Filipina. The most common practice done by
foreigners is to have the Land Title in the name
of the Filipino (also Filipina) spouse; in other
words, have the Filipino spouse buy the real
estate.
In the event of death (which will eventually
happen) of the Filipino spouse, the foreigner
may do any of the following: Dispose of the
property for a reasonable time and collect all
the proceeds. Turn over the ownership of the
property to legal heirs or children. If the
couple have no children, pass ownership to the
relatives of the Filipino spouse. Or either,
Corporations or partnerships that is at least
60% Filipino owned are entitled to acquire land
in the Philippines.
This is another way for foreign nationals to
invest in Philippine real estate is for the
Foreign national or foreign corporation to
create a Philippine corporation to hold title.
This allows the Philippine corporation of a
foreign national or foreign corporation less
investment risk and more control of their
Philippine real estate investment, and other
Philippine investment assets.
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