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Who can own land here?

Discussion in 'Off-Topic Forum' started by alex, May 4, 2013.

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  1. alex

    alex DI Forum Patron Highly Rated Poster

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    I just heard that a korean citizen can own land here , I also heard that anyone can own half of a 1000sq lot with their wife. All of a condominium . anyone know the truth.
    cheers
     
    alex, May 4, 2013
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  2. nice_sherwood

    nice_sherwood DI Senior Member

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    Certainely not true,only Filipino citizens can own land but a foreigner can own a condominium. A foreigner can only own land if it's inherited by a Filipino citizen but there's another way a foreigner can acquire a property but still it'll be under a Filipino name and not the foreigners.

    06. Usufruct | Civil Law of the Philippines
     
    nice_sherwood, May 4, 2013
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  3. denpet

    denpet DI Senior Member Highly Rated Poster Blood Donor Veteran Air Force

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    The 1000sqm thing is for Filipinos who lost their citizenship due to acquiring of foreign citizenship. They are the only "foreigners" allowed to own land. And as nice_sherwood said, any foreigner can own land they inherit, but only for a period of time it takes to sell it. Which I guess can be quite flexible. Not sure what will happen if you put it up a for sale at 12,000p / sqm. You are technically trying to sell, but not very hard.
     
    denpet, May 4, 2013
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  4. Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

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    I have heard you can own the house but not the property itself. Hard to tell bs from the truth though. Owning land has never been something I have been interested in here so never bother to look into it. The safest bet is to assume there is no reasonable way for a foreigner to own land, you can lease if you like though.
     
    Rye83, May 4, 2013
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  5. Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

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    But hey, who says you have to remain a "foreigner"?

     
    Rye83, May 4, 2013
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  6. denpet

    denpet DI Senior Member Highly Rated Poster Blood Donor Veteran Air Force

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    There are tax reasons for that. A Filipino citizen is taxable for income world wide. A foreigner is only taxable for income derived from within the Philippines. So, if you for example decided to retire and move back to the Phils and live of your retirement funds from abroad, you save on tax by not getting back your Philippine citizenship.
     
    denpet, May 4, 2013
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  7. nice_sherwood

    nice_sherwood DI Senior Member

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    I agree with this. If a Filipino citizen moves to other country and denounce his/her citizenship, he/she will not be able to own or buy any properties in the Philippines. So for a Filipino living overseas, we have to be a dual citizenship so we won't loose ownership of our family properties and to be able to buy thus we get taxed if we go in and out of the country.
     
    nice_sherwood, May 4, 2013
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  8. Last Call

    Last Call DI Junior Member

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    Foreigners can lease land for 25 years with an automatic 25 year renewal.

    You can incorporate and own property. The corporation shares must be more than half Filipino owned. A good lawyer can set it up so the Filipino owned shares are no voting and in essence lack equity.
     
    Last Call, May 5, 2013
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  9. Knowdafish

    Knowdafish DI Forum Luminary

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    "Automatic renewal"??? Where did you get this information please?
     
    Knowdafish, May 5, 2013
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  10. Last Call

    Last Call DI Junior Member

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    Last Call, May 5, 2013
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