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owner of a house & lot who intend to have a change of citizenship

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lionessheartspade


Arresto Menor
What happens to the house & lot property owned by a Filipino citizen who will soon give up his FIL citizenship to change to a foreign one?? ( the foreign citizenship cannot accept dual citizenship)
- the property will be confiscated?
- need to pay more taxes? how much?
- any extra costs?
- would u advise the person to have a change of owner-- pass the property to sibling??
- what would be the least expensive & most convenient course of action for this?
Thank you

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AWV


Reclusion Perpetua
lionessheartspade wrote:What happens to the house & lot property owned by a Filipino citizen who will soon give up his FIL citizenship to change to a foreign one?? ( the foreign citizenship cannot accept dual citizenship)
- the property will be confiscated?
- need to pay more taxes? how much?
- any extra costs?
- would u advise the person to have a change of owner-- pass the property to sibling??
- what would be the least expensive & most convenient course of action for this?
Thank you

Yes! You are better off to pass on your property to your sibling because the minute you obtained your new citizenship, you no longer have rights to own a land in the Philippines. But you can buy and own a condominium as a foreigner.

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lionessheartspade


Arresto Menor
thanks, just to confirm... the residential property (house & lot) obtained before giving up my Filipino citizenship shall no longer be legally owned by me once i take on another citizenship? can u please elaborate on the BP 185 for residential use clause? does it mean that a residential house & lot can still be legally owned by me despite giving up Filipino citizenship?
would there be any documents I need to prepare before I change my citizenship? SSS/Pagibig/ PhilHealth all the contributions can be withdrawn before the actual change of citizenship ( give up Philippine citizenship) Thanks

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AWV


Reclusion Perpetua
thanks, just to confirm... the residential property (house & lot) obtained before giving up my Filipino citizenship shall no longer be legally owned by me once i take on another citizenship?
can u please elaborate on the BP 185 for residential use clause? does it mean that a residential house & lot can still be legally owned by me despite giving up Filipino citizenship?

Owning Land in the Philippines
Former natural-born Filipinos can own property in the Philippines, subject to limitations prescribed by Philippine Republic Act 8179 (residential property up to 1000 square meters of urban land or one hectare of rural land) and Batas Pambansa 185 (business property 5000 square meters of urban land or three hectares of rural land).

Philippines real estate law does not allow outright ownership of real property by foreign nationals. Filipinos and former Filipino citizens and Philippine majority owned corporations are permitted to own land, buildings, condominiums and townhouses.

Foreign nationals may buy condominiums units in Philippine condos (shares in condominium corporations) as long as not more than 40% of the units in a project are acquired by foreigners (Republic Act 4726, otherwise known as the Condominium Act).
http://www.philippineconsulate.com.au/owning-land-in-the-philippines.html

Check this as referral for when you become foreigner in the Philippines after losing the citizenship.
http://www.die-philippinen.com/en/foreigner_property.php


would there be any documents I need to prepare before I change my citizenship? SSS/Pagibig/ PhilHealth all the contributions can be withdrawn before the actual change of citizenship ( give up Philippine citizenship) Thanks

This last bit we need someone to tell you because I haven't encounter this fact, so I am not certain how to guide you.

May I ask what nationality you're going to obtain? if you don't mind! I am just curious why they are not allowing you to obtain dual citizenship.

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lionessheartspade


Arresto Menor
some countries do not allow dual citizenship... I will go for US dual citizenship but my friend cannot

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lionessheartspade


Arresto Menor
some countries do not allow dual citizenship... I will go for US dual citizenship but my bestfriend in another country cannot..thanks for your prompt reply

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