BUYERS GUIDE FOR FOREIGN AND FORMER FILIPINOS
Condominiums
The Condominium Act of the Philippines, R.A. 4726, expressly allows foreigners to acquire condominium units and shares in condominium corporations up to not more than 40 % of the total and outstanding capital stock of a Filipino owned or controlled condominium corporation.
Those who claim that foreigners can own a house & lot in the Philippines have a condominium title to their property. There are a very few single-detached homes or Townhouses in the Philippines with condominium titles. Most condominiums are high rise buildings.
Foreigners Owning Philippine Land
Only Filipino citizens and corporations and associations at least 60% of whose capital is owned by Filipinos may acquire private lands.
Foreigners are allowed to purchase a condominium unit, provided that total foreign ownership of the condominium corporation does not exceed 40%. They may also inherit real property from their deceased Filipino spouses or parents.
Children born to a Filipino parent, whether legitimate or illegitimate, may inherit the property o the Filipino parent, even if the child is not a Filipino citizen.
Those who claim that foreigners can own a house & lot in the Philippines have a condominium title to their property. There are a very few single-detached homes or Townhouses in the Philippines with condominium titles. Most condominiums are high rise buildings.
Foreigners Owning Philippine Land
Only Filipino citizens and corporations and associations at least 60% of whose capital is owned by Filipinos may acquire private lands.
Foreigners are allowed to purchase a condominium unit, provided that total foreign ownership of the condominium corporation does not exceed 40%. They may also inherit real property from their deceased Filipino spouses or parents.
Children born to a Filipino parent, whether legitimate or illegitimate, may inherit the property o the Filipino parent, even if the child is not a Filipino citizen.
Filipinos who lost their Filipino citizenship will remain the owners of any property they have acquired before changing nationalities. On the other hand, a natural-born Filipino citizen who has lost his Philippine citizenship may be a transferee of private land, subject to the following limitations and conditions:
If you have any questions please feel free to contact me
WHAT's New CLICK HERE
CONDO UNITS CLICK HERE
RESIDENTIAL LOT's CLICK HERE
ACTUAL SITE CLICK HERE
LOCATION CLICK HERE
