Metro Manila · Buying Property In The Philippines: A Guide For Foreigners
Planning to buy a home in the Philippines? Find out how to buy property in the country as a foreign national.
You've settled in, and now that you've seen how wonderful it is to be living in the Philippines, you're planning your next move - buy a home in this tropical paradise. Unfortunately, it is against the law for foreign nationals to buy land in the country amidst proposals that this be amended.
If you would like to own land in the country, there would be a need to put up a corporation or a partnership that is entitled to acquire land in the country.
But one must remember that to be able to do this, you would have to have a Filipino business partner or partners who would own 60% of the company with you owning the other 40%. Find out more about starting a business in the Philippines here.
There is a possibility of owning land in the country if you are a foreigner though and that is being an heir to a land holding. For those married to a Filipino, you are the legal heir to land owned by your Filipino spouse when he or she dies. The same goes for the children whether they are Filipino citizens or not.
According to real estate experts, foreigners can rent land for an initial period of 50 years and can build a house on that land. The foreigner would then legally own the house on said land. If this kind of deal is not for you, you can acquire a condominium unit and even own up to 40% shares in a condominium corporation if you choose to. Owning a condominium unit is by far the best deal you can get if you would like to acquire property in the Philippines.
Good luck with your condominium unit hunting and tell us more about your experiences in buying property in the country in the comments section.