Foreign Property Ownership in the Philippines
Hacks on how to own a real estate in the Philippines when you are not a Filipino citizen
The Philippines have been recognized as one of the best places to retire because of the surprisingly low cost of living, beautiful beaches, and English-speaking locales. With roughly $1000 a month, you can live comfortably on a beachfront. But to retire in the Philippines, you would need a stable place to stay. So here are the rules that you should know about if you want to move to the Philippines.
You can own a condo unit
There is freedom in owning any condominium unit, as long as 60 percent of the total number of units are owned by Filipinos. The Philippines has been one of the leading fast-growing economies in Southeast Asia. And with this growth is the surge of the construction of infrastructures and transportation projects. Hence, there is a wide variety of condos in a wide variety of locations to choose from.
You can own a house but…
If you prefer a landed property more, it is possible to own the house itself but the land where it sits on should be leased. That being said, you can lease the land for a maximum of 50 years and renew the contract every 25 years.
You can pioneer a company
Company-Owned lands are a thing in the Philippines. Though the same catch applies. And that is 60% of the company’s shareholders should be Filipino Citizens.
Be a naturalized Filipino citizen
The Philippine state grants citizenship to foreigners who are either born in the Philippines or have Filipino parents when certain conditions are met. Some of these conditions include staying in the Philippines for 10 years, owning at least Php 5000 ($96.15) of real estate shares in the Philippines, able to read and speak either English, Spanish, or Filipino, and have his/ her children enrolled in one of its recognized school.
Living in the Philippines might be a whole new level of culture, but once you overcome these things it is hard to un-love the Pearl of the Orient Seas. And to have the best experience in finding your home in the Philippines, find an expert local that would assist you through the entire process.
By: Jel Vinculado