Sep 01 2015

Can a Foreigner Buy Property / Real Estate in The Philippines

Buying Property or Real Estate in the Philippines

Can a Foreigner Buy Property / Real Estate in The Philippines ? Yes and No.

Can a Foreigner Buy Property in The Philippines ? Yes

Can a Foreigner Buy Real Estate in The Philippines ? No

What is the Difference between Real Estate and Property?

Real estate is “property consisting of land and the buildings on it”

Property is “Something that can be owned”.  This could be a House, a House and Land package, a Condo, etc. A very wide description.

Under the Philippine Constitution only Filipino Citizens are allowed to PURCHASE land in the Philippines.

Condominium Act: http://www.lawphil.net/statutes/repacts/ra1966/ra_4726_1966.html

Philippine Constitution: “Save in cases of hereditary succession, no private lands shall be transferred or conveyed except to individuals, corporations, or associations qualified to acquire or hold lands of the public domain.” (Philippine Constitution Article XII, Section 7)

Under the pertinent provisions of the Philippine Constitution only Filipino citizens and corporations or partnerships at least 60% Philippine owned are entitled to acquire land in the Philippines. One exception to that rule is a purchase of not more than 40% interest in a condominium project by foreigners.
http://www.sec.gov.ph/investorinfo/opinions/ogc/cy%202008/08-27.pdf

 

(Post Rating: 5 - 1 - 168,280)


Permanent link to this article: http://www.in-philippines.com/can-a-foreigner-buy-property-real-estate-in-the-philippines/

Leave a Reply to this Posting, but no links please.