Dipolog Houseand Lot For Sale

Dipolog house and lot for sale

Buying Property in the Philippines

The Philippines are very protective when it comes to owning land in Philippines and if you are not a Philippine citizen there are a few options you can consider.

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As mentioned above, one must be a Filipino citizen to buy property and have it under their name. But, there are a few ways around this. A foreigner person can actually inherit land if they are a legal or natural heir, meaning acquisition by hereditary succession. A foreigner owning land hereditary is a rare instance, however.

The most common way of owning property would be if the foreigner person marries a Philippine citizen. The land title in this case, would be under the Filipino or Filipina's name. But in the event that the Filipino spouse dies, the property should remain in the hands of a Filipino. In such an instance, the foreigner may give the property to his Filipino children. If he doesn't have children, he may pass the property to a relative of the deceased Filipino spouse, or he may simply sell the property.

If you don't wish to become involved with a local spouse there are another couple of way to purchase property

Form a Filipino Corporation

A corporation is also an entity that acts as an individual. This entity is allowed to borrow, lease, and purchase property. In light of this, the Corporation can legally buy property as if it were an individual purchasing the property.

In the case of a foreigner buying property with a corporation, the corporation must be at least 60% owned by Filipino citizen/s and have at least five people within the corporation (this also includes the foreigner). And so, the foreigner can own up to 40% of the property.

Foreigners can legally own Condominiums

Condominiums are treated somewhat differently. This somewhat also follows the corporation principle of the 60%- 40% rule. Foreigners can own up to 40% of the development when they purchase a units they becomes a stockholder of condominium corporation.

Leasing Philippine Real Estate The final option for the foreigner is that they or or their corporation can go into a leasing agreement with a Filipino who owns land. The lease can be held long term and the foreigner can enter into an initial 50-year contract that can be renewed for another 25 years. Any property built on the land is legally owned by the foreigner.

Dipolog house and lot for sale