House for Sale in Makati: Can Foreigners Own Them?

The Philippines has always been a fascinating destination for many tourists and holidaymakers turned expatriates who enjoy not only the country’s tropical climate, beautiful nature, and friendly people, but its relatively low cost of living. In fact, the country is home to an ever growing community of expats from all over the world, most of whom are retirees. While foreigners are generally prohibited from buying and owning land in the country, they are allowed a legal residence, meaning you can buy a house for sale in any city, but not the land it stands on. The simplest way to acquire land is to have a Filipino spouse or relative purchase the property in their name. When deciding to own a residence in Makati or any other major city in the country, you have several options like:

A condominium unit – Perhaps the easiest property option for a foreigner, a condo unit fits right into the allowable legal residence type as you get to own the structure but not the land beneath. The Philippine Condominium Act states that a foreigner can own a condo unit, as long as 60 percent of the units within the building is Filipino-owned.

A house – Foreigners may also legally own houses as well as other types of buildings, as long as they don’t own the land on which the house sits. A good workaround is buying a freestanding home and leasing the property. The Investor’s Lease Act of the Philippines allows a foreign national to enter a lease agreement with a local landowner with an initial period of 50 years (maximum) and a one-time renewal option for up to 25 years.

A corporate land – Corporations are allowed to own land in the state, provided that at least 60 percent of the company is Filipino-owned. Corporations need to be registered with the BOI or Board of Investment in order to buy or sell, or act as intermediary in any real estate transaction.

Blog Source URL: http://housal.com/microsite/house-for-sale-in-makati-can-foreigners-own-them/


Comments

Post a Comment

Popular posts from this blog

House and Lot for Sale in Manila Philippines: Where You Can Get the Best Property at an Affordable Price

A house and lot for sale in Manila, Philippines is a great investment because property prices tend to increase at a steady and dependable rate here. In fact, the Philippines has never experienced a real estate meltdown. If you are interested in living in Metro Manila to access a vibrant and modern lifestyle, then the time to buy is now. Due to a great demand, affordable properties are harder to find. But if you look hard enough and use the right resources, you can surely find a house and lot that is worthy of your hard-earned money. Here is a list of places that offer the best property at an affordable price: Paranaque Paranaque is an ideal city for those who want to live in quiet residential communities such as better living or multinational village. These neighborhoods are not as too far south as most people think. In fact, these are minutes from Makati and BGC, which are two of the major financial districts in Metro Manila. These are even accessible to airports, malls, an
Read more

Lot For Sale Manila: How to Choose the Best

With so many investors and home seekers looking for lots for sale in Manila, the market competition is really tough. If you don't know what to do and where to look, then your chances of getting the best deals are slim to none. Regardless of the type of lot you need—whether commercial or residential—the following are the initial steps that you should do:  1. Read up on market prices - Your first homework is to read up on the current market prices. This will give you an idea of how much will it cost you to buy land in a certain neighborhood or area and how long it will take to complete the payment. Also, this will help you assess your financial capacity and find out if you are ready for this commitment.  2. Determine the type of lot you are looking for - You must also focus your research on the specific type of land that you need. The important factors to consider when choosing include price, location, neighborhood, and property condition. For commercial lots, rea
Read more

How to Find Luxury Homes & Apartment For Sale in the Philippines

When searching for a house or apartment for sale in Manila Philippines, you are not only looking for a place to stay and sleep in—you also want a well-located abode that can put you in the heart of the action. To find the best luxury home or apartment for sale in Manila Philippines, you must first write in detail all the amenities and features that you want your home to have. List all your negotiables on one side and your non-negotiables on the other, just to be clear about what aspects you are willing to compromise on. For example, consider a parking area. Do you need one? A parking area in crowded Metro Manila is considered a luxury. In fact, a tiny 12-sqm space for your car can easily cost millions of pesos. But if you can afford to buy one, it’s definitely a major convenience. What facilities do you need? If you want access to jogging and swimming facilities, look into well-equipped subdivisions in the metro area. Many luxury condos also offer these amenities. Once
Read more