COUNTRY OVERVIEW

  • 7,641 islands under three main geographical divisions from north to south: LuzonVisayas, and Mindanao.
  • The Philippines is considered to be an emerging market and a newly industrialized country, which has an economy transitioning from being one based on agriculture to one based more on services and manufacturing.
  • Capital City: Manila City
  • Area: 300,000 square kilometers (115,831 sqm)
  • Population: Approximately 100 million
  • Official Languages: Filipino and English
Source: https://en.wikipedia.org/wiki/Philippines

 

 

Why Invest in the Philippines

Build! (BBB) Program is the centerpiece program of the Duterte administration that aims to usher the “Golden age of infrastructure” in the Philippines. This program has listed 100 Infrastructure Flagship Projects nationwide.

These projects are expected to have an impact on the economic development of the country.

Philippines Cuts Key Rate to 2.25%

Property Investments as Source of On-going Income

Rental Yield in PH compared to Asia

International Gaming, Technology, KPO & BPO Companies expanding in and outside of Metro Manila

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

World-Class Tourism Destinations

Filipinos are Friendly & Hospitable

MANILA, PHILIPPINES – Forbes Magazine acknowledged the Top 15 Friendliest Countries based on the result of the HSBC’s “Expat Explorer Survey” which had been released last month. The Philippines was able to rank as the Top 8 among the world and 1st in Asia. Malaysia and Singapore, two Asian countries who were also able to join the list, ranked 10th and 14th respectively.

 

 

Who can buy in the Philippines?

Can a Foreigner Own Land in the Philippines?

Foreigners or ex-pats interested in acquiring land or real property through aggressive ownership structures must consider the provisions of the Philippines’ Anti-Dummy Law to determine how to proceed. A major restriction in the law is the restriction on the number of foreign members on the Board of Directors of a landholding company (which is limited to 40% foreign participation). Another concern is the possible forfeiture of the property if the provisions of the law are breached.

Are there any exceptions to the restriction on the foreign land acquisition?

Yes, there are. The list of exceptions to the restriction is as follows:

  • Acquisition before the 1935 Constitution
  • Acquisition through hereditary succession if the foreigner is a legal or natural heir
  • 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 (natural-born Filipinos who acquired foreign citizenship is entitled to own up to 5,000 sq.m. of residential land, and 1 hectare of agricultural or farmland).
  • Filipinos who are married to aliens and able to retain their Filipino citizenship (unless by their act or omission they have renounced their Filipino citizenship)

Can a Corporation Own Land in the Philippines?

Foreign nationals, ex-pats or corporations may completely own a condominium or townhouse in the Philippines. To take ownership of private land, residential house and lot, and commercial building and lot, they may set up a domestic corporation in the Philippines. This means that the corporation owning the land has less than or up to 40% foreign equity and is formed by 5-15 natural persons of legal age as incorporators, the majority of which must be Philippine residents.

Can a Foreigner Lease Real Estate Property in the Philippines?

Leasing land in the Philippines on a long-term basis is an option for foreigners, ex-pats, or foreign corporations with more than 40% foreign equity. Under the Investors’ Lease Act of the Philippines, they may enter into a lease agreement with Filipino landowners for an initial period of up to 50 years renewable once for an additional 25 years.

Can a Foreigner Own Residential Houses or Buildings in the Philippines?

Foreign ownership of a residential house or building in the Philippines is legal as long as the foreigner or ex-pat does not own the land on which the house was built.

Can a Foreigner Own Condominiums or Townhouses in the Philippines?

The Condominium Act of the Philippines (RA 4726) expressly allows foreigners to acquire condominium units and shares in condominium corporations up to 40% of the total and outstanding capital stock of a Filipino-owned or controlled condominium corporation.

However, there are very few single-detached homes or townhouses in the Philippines with condominium titles. Most condominiums are high-rise buildings.

Can a Foreigner Married to a Filipino Citizen Hold a Land Title in the Philippines?

If holding a 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 the 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.

Can a Former Natural-Born Filipino Citizen own Private Land in the Philippines?

Any natural-born Philippine citizen who has lost their Philippine citizenship may still own private land in the Philippines (up to a maximum area of 5,000 square meters in the case of rural land). In the case of married couples, the total area that both couples are allowed to purchase should not exceed the maximum area mentioned above.

Can a Former Filipino Citizen, OFW Buy and Register Properties Under Their Name?

Former natural-born Filipinos who are now naturalized citizens of another country can buy and register, under their own name, land in the Philippines (but with limitations in land area).

However, those who avail of the Dual Citizenship Law in the Philippines can buy as much as any other Filipino citizen.

Under the Dual Citizenship Law of 2003 (RA 9225), former Filipinos who became naturalized citizens of foreign countries are deemed not to have lost their Philippine citizenship, thus enabling them to enjoy all the rights and privileges of a Filipino citizen regarding land ownership in the Philippines.

How to buy in the Philippines

Bank Loans in the Philippines

Home Loan Rates

Documentary Requirements for OFW

Documentary Requirements for Foreign Borrowers