⌛ Ownership

i have read here in dumaguete forum that a foreign investor cannot legally own his real estate investment. Why?
If we have to read the Philippine law you can own; in Foreign Investment Act.(R.A 7042,1991 as a amended by R.A 8179, you can. 60% for filipino and 40% foreign ownership... that is as to corporate ownership.
If you are married to a Filipino man or woman that is easy and simple unless if you really want it to be at YOUR own name only that is a big story atlarge. As husband and wife you have to share the ownership unless one is greedy of it.


For more info about ownership read _Foreign ownership of Corparations in the Philippines Philippine law firm or Philippine Property Ownership laws.
thanks

 

All true BUT

Just try and start a corporation in the Philippines, trust me not as easy as it seems. I'm not sure I have forgotten but it takes something like six or seven people to start a corporation. So you know that many people you can trust ? After living in the Philippines for five years I still only know one person I can trust my wife thats it. The general thinking there amoung is very different it is a cultural issue. I could explain it if you wat but it would be better as a PM...

 

thanks ... i know what you mean.

Cultural issue maybe one of the best reason.

 

if I am not mistaken,

As a foreigner, you can own a house but have to lease the land, Fillipino born can own a limited amount of land. Unless you are maried with a contract on property (?), you can not lease, rent etc from your spouse.

when it concerns buisness it depends very much and what type, while foreign ownership is discouraged when it concerns land (what makes sense or everything would long be owned by the Japanese) for export or technology there are much more oportunities especialy in economical development zones (incl. tax holidays etc).

Seems if you are a serious investor the bureau of foreign investments is pretty helpfull.

There is some talk with prices in India and other asian countries rising, Fillipines and Vietnam are the new places for outsourching etc. Partly that seems underway with callcenters etc.

I am interested how the Chinese seem to get around this problem if you check the Forbes list plenty of the richest Fillipino's are born Chinese. Seems plenty of Koreans are setting buisnesses up as well.

PS. this this is just my perception, sure there are plenty of people here who can clearify this.

 

Sorry, but you should do some more research and reading. Your simple solution will not fly. A corporation must have 5 or more owners, and none of them can be your spouse.

There are thousands of people ahead of you looking for that loophole in the law that is not there. Simply put, as it clearly states in the constitution, except by hereditary succession, an alien cannot own land.

Larry

 

I think there's something just out or coming out allowing foreigners to buy and own condos.

 

Foreign Ownership as a Philippine Corporation

Foreign nationals or corporations may completely own a condominium or townhouse. To take ownership of a private land, residential house and lot, and commercial building and lot, foreign nationals or corporations forms a Philippine corporation. The corporation is to be 40% foreign-owned (maximum) and 60% Filipino-owned (minimum), and with at least five [5] incorporators. Upon incorporation, a main bank account should be tied to it. A foreign national may be the sole person in the bank account, allowing him/her total control over the funds derived from the corporation and the income or sale of the asset or property.

The articles above are for reference purpose only and they are governing laws strictly complied in the realty industry in the Republic of the Philippines.

 

Yet another copy and past

 

Basicly this is in some way to our foreigners benefit also.
Cause it would mean that the philippines would have changed a way that we don't want, if all nations citicens could have bought land in the Philippines whenever they want to.
But on the other side it could have been some more legal protections for the foreigners who have "earlier" have been married to a Pinoy and have invested in house and land the PHILS.

 

Yes, a foiegner can own a condominium unit, so long as 60% of the condo complex remains Filipino owned.

Anyone who is thinking of starting a corporation in an effort to circumvent the law concerning aliens owning property, should spend some time reading and learning the true meaning of presidential decree 715, the "anti-dummy law", which expressly forbids the forming of dummy corporations for the purpose of property ownership by foriengers. This law was encacted specifically to address aliens forming coprorations in order to circumvent the law.

P.D. No. 715

Larry