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Who can own land here?

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

  1. nice_sherwood

    nice_sherwood DI Senior Member

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    Thats what we call as USUFRUCT AGREEMENT where in the foreigner finance or bought the property under a Filipino name (they call it a dummy) but there's a separate agreement ( USUFRUCT) between the foreigner and the Filipino( dummy) that the Filipino can't sell the land without the permission of the foreigner and the foreigner has more rights in what he wants to do with the property except legally owning it outright. I remember an American couple who bought one of our apartments and did this with my attorney because that's the only way they can buy a property here but by saying that u MUST find a trusted Filipino to act in your behalf of the property ownership because at any time they can run away.
     
  2. shadow

    shadow DI Forum Luminary

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    The law reads the lease can be renewed if both parties are in agreement, I don't think that makes it "automatic".

    Larry
     
  3. shadow

    shadow DI Forum Luminary

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    There is also a "separate agreement" called the anti dummy law, AKA PD715, which has VERY stiff penalties for those foriegners trying to control land, not the least of which is the forfeiture of ALL assets of the corporation.

    "punished by imprisonment for not less than five nor more than fifteen years and by a fine of not less than the value of the right, franchise or privilege enjoyed"

    P.D. No. 715

    Larry
     
  4. nice_sherwood

    nice_sherwood DI Senior Member

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    ive been told by my atty that this is safe and legit? But in the eyes of the law, its the filipino dummy that owns the property. This usufruct is like a caveat to protect the foreigner who finance the property from the filipino to sell it without his permission.
     
  5. shadow

    shadow DI Forum Luminary

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    Have your lawyer explain to you what this means;

    "That any person, corporation or association shall, in addition to the penalty imposed herein, forfeit such right, franchise, privilege and the property provisions of this Act"

    Allow me to do it for him, it means you lose the property and all assets.

    I can find you an attorney in this town to tell you most anything you want to hear. That does not make it legal.

    Larry
     
  6. OP
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    alex

    alex DI Forum Patron Highly Rated Poster

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    I Am confused now,I have an aussie friend that just purchased 3htr in SAN MIGUEL BACONG It has been very well developed some one spent a LOT of money building a 60 pen piggery and well layed out market garden. He claimes it was a Korean who owned it and it was he who signed the deed of sale and no pinoy was involved. He said his lawer told him Koreans could own land here , I think their is a lot more to this story to come, I just hope he does not loose his money . He has shifted in and it all seems ok. It is a top spot you can see the tip of Siquijor one way and backs on to the mountains the other and has a hot spring
    cheers
     
  7. nice_sherwood

    nice_sherwood DI Senior Member

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    I only know a little bit about it because it was between him and the new owner but unfortunately this filo lady according to him is nowhere to be found now :-(
     
  8. Broadside

    Broadside DI Forum Patron

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    That statement alone tells you why it's nigh on impossible, given the sheer dishonesty of most business practices here, but you'll have no trouble finding plenty of people who have a "cousin who can help you".
     
  9. shadow

    shadow DI Forum Luminary

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    Unless the Korean inherited it from his late Filipino wife, he could not own it, any more than your Aussie friend can buy it. The law is fairly straightforward and every possible loophole has been closed for many years. Yet, nearly every week I hear stories of foreigners who "have found a way to own land!". They are treading on thin ice, and may get away with it. But all it takes is one person to get angry, jealous, or want the land and it all can go away forever.

    Larry
     
  10. OP
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    alex

    alex DI Forum Patron Highly Rated Poster

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    SORRY i failed to say my friend purchased it in his wifes name .
     
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