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.
