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Where can i find the laws on buying property in Philippines.

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raven-master


Arresto Menor
I am a foreigner and i plan to buy a house and lot now in Cebu the question is i know already i can not own the house more than 40? percent. But what about lot can i own that or do i need to lease it in order to be the owner? Then what about bungalows? Am i as a foreigner allowed to own one? i know i am allowed to own condo as long as foreigners own less than 40 percent of the total area of the building.

Could you please give me some links with your answer on this? I hear so much from different agents so i would like the truth before i pay for something.

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raven-master


Arresto Menor
raven-master wrote:I am a foreigner and i plan to buy a house and lot now in Cebu the question is i know already i can not own the house more than 40? percent. But what about lot can i own that or do i need to lease it in order to be the owner? Then what about bungalows? Am i as a foreigner allowed to own one? i know i am allowed to own condo as long as foreigners own less than 40 percent of the total area of the building.

Could you please give me some links with your answer on this? I hear so much from different agents so i would like the truth before i pay for something.

I really need the answer guys. Anybody knows or can give me any pointers? Its especially the rules for bungalows that i am curious about.

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HardKnockLife


Arresto Menor
Sorry but a foreigners are not allowed to buy a land here in the Philippines. A foreigner can own a building but not a land, unless the foreigner has a Philippine Special Retirement/Investment Visa.

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raven-master


Arresto Menor
Yeah but what does that mean for the case of bungalow? I am aware of the case about house and lot and i also know about condos. But the bungalow puzzles me.

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bearangel


Arresto Menor
In the Philippines a bungalow is a single storey house/ house with one floor. A foreign individual may own the bungalow but not the land on which it is built. Foreigners are disqualified from owning land in the Philippines. This is stated in the Constitution. But you may lease the land for a period of 25 years renewable for another 25 years. (Presidential Decree 471)

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jekz


Prision Mayor
raven-master wrote:Yeah but what does that mean for the case of bungalow? I am aware of the case about house and lot and i also know about condos. But the bungalow puzzles me.
Single detached , bungalows or even lot sorry but foreigners are not allowed to own it but you have options.

1. If you have filipina wife then named it under her name since you are married (assume) when your wife sell it you still have the rights to neglect it since you are married with her.
2. Name it under a corporation. 3 Filipinos / 2 Foreign will do create a back up Memorandum of Agreement that the property under this corporation is owned by you no one from the directors is allowed to sell it.

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