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Land prices - what is reasonable?

Discussion in '☋ Expat Section ☋' started by 2divers, Sep 12, 2011.

  1. Rodneyemr

    Rodneyemr DI Member

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    I am currently registering my company right now with the SEC. 4. The minimum number of incorporators and directors are 5 and the maximum is 15. Majority must be residents of the Philippines (not necessarily Filipino). However the majority of shares can be held by a foreigner. (I own 99% of the shares). However, those are rules that apply to a company which exports at least 70% of its services abroad. My company is not qualified to own land. For a company to own land, yes, it must be 60% Filipino.
     
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  2. shadow

    shadow DI Forum Luminary

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    A Philippine corporation must have 5 board members 4 of which are Filipino, and it must be at least 60% Filipino owned.

    There are quite a few foreigners who have set up corporations in this manner, and it is legal, except, the corporation
    must have a reason for existence, such as a legitimate business. If it is determined that the corporation is set up for the main purpose of which is owning land, the corp will fall under the anti dummy law, and all assets of the corp are forfeited to the government, as well as fines and deportation.

    Larry
     
  3. shadow

    shadow DI Forum Luminary

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    I was about to fall over out of my chair, until I read about the export clause. Yes, there are other provisions for those
    corporations and entities whose main business is export.

    :wink:

    Larry
     
  4. Rodneyemr

    Rodneyemr DI Member

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    Regarding a corporation which owns land, Larry is correct, as I understand it. If you own a dummy corporation which owns your land, I think you are at risk.
     
  5. lapux2

    lapux2 DI Junior Member

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  6. PatO

    PatO DI Forum Luminary Highly Rated Poster Showcase Reviewer Veteran Marines

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    Hi Cherry, you uncle's lot sounds like a great buy. What size lot and how much beach frontage? Are you saying it is sold or up for sale? Thanks
     
  7. PatO

    PatO DI Forum Luminary Highly Rated Poster Showcase Reviewer Veteran Marines

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    In Bacong, 1 kilometer directly up from the beach on a paved road with primary Noreco Power and water, lots are going for a range of
    800-1200 sqmtr. There are some beach lots available but negotiable prices.
     
  8. c_rymz

    c_rymz DI Forum Adept

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    Pato,

    its still up for sale...its up for sale...mind if u give me ur email address and ill mail u a pic tomorrow... there are 2 lots..one is 2,850 sq m and the other one is 3,323... and we can have a look at it too :smile:
     
  9. PatO

    PatO DI Forum Luminary Highly Rated Poster Showcase Reviewer Veteran Marines

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    Cherry, actually given the fair lot price and some DI members have been asking about beach lot prices, I was just trying to glean the size and price for other members. I cannot afford a beach lot myself but the numbers you stated are attractive. How about the right-away access?

    Thank you for the congrats, I will tell Crislyn.
     
  10. c_rymz

    c_rymz DI Forum Adept

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    no problem with the road access because its on a barangay road....the barangay road passes by the property..hence, there are 2 lots being sold adjacent to each other Pat:smile:
     
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