Simple tips for Expats on owning property in the Philippines.
Many of us have friends or family who do not fit the mold of being ethnically Filipino. They come in many forms, but in this case, we are referring to expatriates or expats. They grace our country with their presence for various reasons - for work or to be with their Filipino spouses. - and have lived here long enough to call this place home.
Compared to their country of or origin or other countries where they have resided, many have found life in the Philippineseasier (the low cost of living) or more to their taste (the people’s hospitality, the warm climate). Because of this, many expats choose to reside here permanently or for the long-term.
Some expats have had the pleasure of being wed to a Filipino and consequently have had an easier time of purchasing properties since they can share the titles with their spouse.
Many expats though are not as lucky. Expats and foreigners can face certain difficulties in land purchases and ownership being that many are not technically Filipino Citizens. But they need not worry, if they follow these tips below, expats can have ownership of their desired property in no time.
First, a corporate entity can be formed with the expat or the Foreigner, wherein the corporation is 60% Filipino owned and must have at least 5 incorporators and have up to 40% of bring foreign owned. In doing so, as a corporation, you may purchase, sell, lease, rent it, etc.
A second way to owning land as an expat or foreigner is by leasing it from a Filipino owner, initially for a 50 year contract, which can be renewed for another 25 years if need be. The benefit of taking this route is that you have full control of all the buildings on the property as well as enhancements on it. (Tips from Real Estate World)
From my property to yours, happy hunting