My father is a Philippine citizen,and me too. My father want to create a Philippine Trust with me as a trustee. He wants to have the trust buy a one hectare lot. He also wants to transfer to the trust a lot he currently owns here. the registrar of deeds has told us that the trust can not own the real property and he will not accept either of the deeds. he said we will have to use a corporation. Some friends have told us that a trust can own a real estate and the registrar of deeds is incorrect. Which one is telling the right process ? if the registrar is incorrect what can i tell him to get him allow the lots to be transfer the trust.?...
A trust fund certainly can own property, but most trust funds in the Philippines are part of a bank asset. So i'm not sure if it is possible to start a trust fund with limited capital. Anyway to start a trust fund you will need a lawyer so better ask a lawyer about the do's and dont's of a trust fund. And maybe you can find something here:UITF website
Instead of "fighting city hall", why not put the title in all the names who would otherwise be on the trust. I bought a lot owned by 3 brothers and sisters and one on my block for sale is owned by 6 brothers and sisters. Keep it simple.
Trust funds certainly are usually set up for ,, tax avoi,,, NO ,, not avoi ,, TAX MINIMALISATION Has worked wonders here in Australia for my family A corporation may be the best method , quite simple to set up and you just have seperate shares and voting rights depending on who you want controlling the assets. Would cost a few thousand Peso a year to do the taxes etc , yes still need to do a tax return even if the corporation did not earn any income.
