Can a Former Filipino with acquired foreign citizenship buy a property in the Philippines?
A good number of Filipinos work and live abroad. A good percentage of them find that living in the foreign country is good for their family and eventually consider acquiring citizenship in that country. But what if that person is still interest in purchasing property n the Philippines. Does the former Filipino has the right to purchase a property of has he/she forfeited his/her right to buy property in the Philippines?
A Former Filipino is someone who has denounce his or her Filipino citizenship over a foreign one. This is a bold move and one with implications for the person if he/she takes interest in the Philippine real estate.. Atty. Rex JMA Fernandez shares the rights to purchase a property for a former Filipino in the Philippines real estate.
Can a Former Filipino with acquired foreign citizenship purchase a property in the Philippines?
It is a common misunderstanding that once a person has denounce his citizenship for a foreign one, he or she has also lost his or her rights to purchase a property in the country. Atty. Fernandez says that “Filipinos retain his/her rights of succession. This has many implications.”
Let us say for example that Lady A has worked in the United States of America right after she graduated from university for more than 10 years now. She has taken interest in applying for citizenship in the US. But she has plans to purchase several properties in the Philippines as a fallback and an investment. Now, she is having second thoughts about whether to denounce her Filipino citizenship over the foreign one or apply for a dual citizenship.
As a former Filipino, you can still buy parcels of land and other real estate properties. The Foreign Investment Incentives Act of 1991 allows former Filipinos to buy parcels of land but limited to a maximum area. A Former Filipino can purchase parcels of land in urban or rural areas with the maximum of 5,000 square meters or 3 hectares.
Atty. Fernandez also adds, “But the law is clear that what you buy the first time is what you can only buy. If you buy an urban land, you can only buy an urban land and rural if rural the fist time. The former Filipino can an override this limitations if he or she repatriates him/herself through dual citizenship or revoking the acquired foreign citizenship.”
This means that if Lady A denounces her Filipino citizenship and acquires a US citizenship, she is still allowed, by rights, to purchase, a land property in the Philippines but it will come with limitations. If she has dual citizenship by acquiring a foreign citizenship but retaining her Filipino citizenship, she will able to exercise her rights without limitations when purchasing a property in her home country.
A founding member and blogger of Filipino Homes.