Page: foreigner_property(for mobile device user)
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.
You want to buy a lot and want build a house on it?
Sorry but foreigners are not allowed to buy a lot 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To qualify for this visa you must be at least 35 years old and meet the bank deposit requirement which can be withdrawn at a later date for your investments.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.