Philippine Real Estate Choices

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Pinoy Real Estate

.A blog of the latest real estate news, information and properties in the Philippines. Filipinos or not, use this as a guide on how to make make a real estate purchase or rental in the Philippines. We will also feature real estate properties worth checking out. Properties like Alabang, Fort Bonifacio Global City, Makati, Ayala Alabang, Laguna, Tagaytay, Batangas, and Boracay.

How Foreigners can acquire real estate in the Philippines.

There are have been so many inquiries regarding how a foreigner can own a real estate property in the Philippines. First of all, they have to know what type of property can they own.

With the passing of the Condominium Act of the Philippines, R.A. 4726, foreigners are allowed to acquire condominium units and shares in condominium corporations up to not more than 40 % of the total and outstanding capital stock of a Filipino owned or controlled condominium corporation. Those who claim that foreigners (as individuals) can own a house & lot in the Philippines actually owns a condominium title to their property.

So how can they own lands then? I made a research on this and I found out that the simplest way is to have a Filipino spouse purchase a property. Another alternative is having a Filipino partner when acquiring a property. The partner owns 51% or more and the remainder is owned by the foreigner. Another good alternative is to set up a corporation with 40% of the stocks in the foreigner's name and 60% to Filipinos. There must be a minimum of 5 stockholders, and foreigner can have the Filipino stockholders sign blank transfer of the stocks for security.  Upon incorporation, a main bank account should be tied to it. A foreign national may be the sole person in the bank account, allowing him/her total control over the funds derived from the corporation and the income or sale of the asset or property. (Tip: The foreigner can have a blank deed of sale signed by the Filipino partner for security). Still, I would refer you to an experienced lawyer on this so you can feel secure that the right process is being done.  

For listings, I suggest you check my website: http://www.phil-realestate-choices.com .

For special visa requirements, check this site: http://www.philembassy.se/consulr/sirvvs.htm  

For  more information on the legal aspects, check this site: http://www.kittelsoncarpo.com/philippines-property-ownership.  

Related Articles: http://www.escapeartist.com/efam/42/Real_Estate_in_Asia.html

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