Sunday, August 16, 2015

How difficult to purchase property in the Philippines for the foreigners?


Property Buying Guide:

If you are a foreigner you cannot own a lot, yet you can own condominium units or apartment in high-rise buildings as long as the foreign proportion does not exceed 40%. Foreigners married to a Filipino/Filipina who obtain the land usually have their Filipino spouse purchase instead. However, the reason of death or separation, the land cannot be transferred to the foreigner. There is another option to acquire land is through corporation. Please bear in mind that the 1935 constitution of the lands purchased are not covered by the land ownership restriction.

Foreigners can buy condominiums units. Ownership of condominium units is evidenced by the condominium title but the transfer of title is usually not executed until the property is fully paid. R.A 4726, the condominium Act of the Philippines, expressly allows the foreigners to obtain condominium units and shares in condo corporations not more than 40% of the total capital stock of a Filipino-owned condo corporation. 

Foreigners may legally own a house as long as the land on which the house or building is built is not owned by the foreigner. If you are a foreign national considering the acquisition or property in the Philippines, this is the time to do the excellent investment opportunity of the country now offers.

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