September 4th, 2009
Facts about Property Purchases in the Philippines
The Philippines has a lot to offer when it comes to sheer natural beauty. This has caused a lot of foreigners over the years to decide to live in the country. If you are thinking of making the same move yourself, here are some facts that can help you decide whether you should spend your money on the Philippine real estate market.
Foreigners are not permitted to own land, but they are allowed to buy houses and get leases on the land on which the buildings stand for up to 50 years with the option to renew it for another 25 years. Foreigners can also purchase apartments or condominium units in buildings as long as the number of such individuals does not exceed 40% of the total tenants.
If a foreigner is determined to buy land, there are a number of ways by which he can go about acquiring it. One is by marrying a Filipino citizen. However, the property would be in the name of the Filipino spouse and, in the event of a separation or death, the ownership of the land cannot be transferred to the foreigner. Another purchase option involves acquiring a piece of land through a corporation. But only 40% of the corporation should be owned by foreign individuals.
The maximum amount of land that can be acquired for a residential property is 1,000 square metres in urban areas and one hectare in rural regions. So you can navigate through the purchase process, it is advisable to get the services of real estate agent from an established firm in order to be sure that you are getting the best deals.
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