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Where and How to buy Philippines Real Estate
Where to Buy
Deciding which island to buy on is a complicated affair. I would suggest thinking about the kind of environment you like. Every major island in the Philippines has an area with ample countryside but not every island has a major city. Cebu is the middle road. There is a good size city and a geographically diverse countryside. Bohol is an almost entirely agricultural island with a quaint seaside town. Palawan, often called the Philippines "Last Frontier", is vast and breathtaking. If the beach is your thing, you will find it in Palawan. Land in Palawan is much cheaper than other areas of the Philippines. I’ve seen subdivisions with lots advertised as low as $USD1, 800. Domestic travel is inexpensive so find out what island speaks to you.
How to Buy
The procedure for buying real estate in the Philippines takes some getting used to. Foreigners (non-Filipinos not including former Filipinos) can not buy property outright. The easiest way for a non-Filipino to buy property is to have a Filipino spouse purchase the land. Former Filipinos can buy land up to a certain amount. The foreigner can own the building but not the land, unless the foreigner has a Philippine Special Retirement/Investment Visa. To qualify for this visa you must be at least 35 years old and meet the bank deposit requirement which can be withdrawn at a later date for your investments. There is a 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 investors visa website. Foreigners are allowed to own condominium units outright but are only allowed to own 40% of a building or complex. You can also form a corporation where you and a Filipino or former Filipino partner, divide the ownership. This partner could be your spouse or child. For corporations, the Philippine government recognizes the right of succession in the case of foreigners.
The Philippines offers a unique environment for your get-away or permanent home. There are so many islands to choose from and a well developed industry accustomed to accommodating foreigners.
Right To Own Philippine Real Property
Under the pertinent provisions of the Philippine Constitution only Filipino citizens and corporations or partnerships at least 60% Philippine owned are entitled to acquire land in the Philippines.
As an exception to this rule, foreign acquisition of Philippine real estate is allowed in the following cases.
Acquisition before the 1935 constitution.
Acquisition thru hereditary succession if the foreign national is a legal heir.
Purchase of not more than 40% interest as a whole in a condominium project.
Purchase by a former natural born Filipino citizen subject to the limitations prescribed by law.
A Filipino who is married to an alien retains their Philippine citizenship, unless by their act or omission they are deemed to have renounced their Philippine citizenship.
For more inquiries, just contact: Roy Sunpayco
Email address: roysunpayco@yahoo.com Tel: Office (63 32) 4161526 / 3439178 Home: (63 32) 4136814 Mobile Cell phone: 0916 4793230
website: http://cebuhomes.tripod.com
website: http://asia.geocities.com/homescebu
website: http://asia.geocities.com/realestate_cebu/
website: http://cebuproperties.tripod.com/
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