Home Condo Buying Guide for Foreigners

Non-Filipino or Foreigner’s Buying Guide


By law, foreigners don’t have the right to acquire land in the Philippines. Only Filipino citizens can own land. The simplest way for a foreigner to acquire real estate properties is to have a Filipino spouse purchase a property in his/her name.


Bonifacio Global City Skyline in full development
EXCEPTIONS:
Corporations or partnerships that is at least 60% Filipino owned are entitled to acquire land in the Philippines. An exception to this rule, is foreign acquisition of a Philippine real estate in the following cases:


·         Acquisition before the 1935 constitution.


·         Acquisition thru hereditary succession if the foreign acquire is a legal or natural heir. This means that when you are married to a Filipino citizen and your husband/wife dies, you as the natural heir will become the legal owner of his/her property. The same is true for the children. Every natural child (legitimate or illegitimate) can inherit the property of his/her Filipino father/mother even if he/she is not a Filipino citizen.


·         Filipinos who are married to aliens who retain their Filipino citizenship, unless by their act or omission they have renounced their Filipino citizenship.


·         Purchase by a former natural-born Filipino citizen subject to the limitations prescribed by law. (Natural born Filipinos who acquired foreign citizenship is entitled to own up to 1,000 square meter of residential land and 1 hectare of agricultural or farm land)


·         Purchase of not more than 40% interest in a condominium project.





Owning of houses or buildings is legal as long as the foreigner does not own the land on which the house is build.



Setting up a corporation with 40% of the stocks in the foreigner’s name and 60% to Filipinos is a good alternative. There must be a minimum of 5 stockholders, and foreigner can have the Filipino stockholders sign blank transfer of the stocks for security.
 
CONDOMINIUM
The Condominium Act of the Philippines, R.A. 4726, expressly allows foreigners to acquire condominium units and shares in condominium corporations up to 40 % of the total and outstanding capital stock of a Filipino owned or controlled Condominium Corporation.





Those who claim that foreigners can own a House & Lot in the Philippines have a condominium title to their property. There are a very few single-detached homes or townhouses in the Philippines with condominium titles. Most condominiums are mid to high rise buildings.

Foreigners can retire and stay permanently in the Philippines thru availment of the government’s Special Resident Retirement Visa (SRRV).


Special Resident Retirement Visa (SRRA) is a privilege granted to foreigners who would like to have a permanent resident status in the Philippines. For investing in the Philippines, foreigners can enter and leave the country as many times and as long as one wishes, including family members. With a Special Resident Visa, a holder can live, do business, study in the Philippines indefinitely.

RENT
The land can be leased by the foreigner or a foreign corporation on a long term contract for an initial 50 year period and renewable every 25 years. A foreigner can rent a lot and at the same time legally own the house on the rented land.

Now is the BEST TIME to reserve a unit at Robinsons Residences even your not a FILIPINO citizen

Own any of the following projects closer to your heart:

The Magnolia Residences, New Manila, Quezon City
The Sapphire Bloc, Ortigas CBD, Pasig City
The Radiance Manila Bay, Roxas Boulevard, Pasay City
The Trion Towers, Bonifacio Global City, Taguig City

Sonata Private Residences, San Miguel Avenue, Mandaluyong City
Signa Designer Residences, Valero, Makati City
Woodsville Residences, Merville, Paranaque City


For professional property consultation, please contact:
 
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