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.
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