How can a foreigner buy a Property in the Philippines?
Can a foreigner buy a property in the Philippines?
Yes, but with restrictions. Buying a property in the Philippines is possible for a non-Filipino however there are limitations as to what property and how much a non-Filipino can buy. Their ownership is not absolute and subject for restrictions.
According to the Philippines Anti-Dummy Law, Foreigners (non-Filipinos) can own a property in many ways. A major restriction in the law is the restriction on the number of foreign members on the Board of Directors of a landholding company (which is limited to 40% foreign participation).
What are the properties that they can own in the Philippines?
Foreigners are welcome to purchase a condominium in the Philippines. Condominiums work as a corporation. The Condominium Act of the Philippines (R.A. 4726) expressly allows foreigners to acquire condominium units and shares in condominium corporations up to 40% of the total and outstanding capital stock of a Filipino-owned or controlled condominium corporation.
Foreigners can own townhouses as long as it has condominium titles. There are townhouses that offer condominium type of ownership. Like The Courtyards project of Pueblo de Oro Development in Cagayan de Oro City. You can simply inquire from the developers if they are giving condominium titles for the their townhouse projects. If they are, then foreigners can get a townhouse property on that project.
Remember this is only possible for those Townhouse projects with CONDO Titles.
House and not the Lot
A Foreigner may own a house but not the lot of the Property. And that is why usually for House and lot purchase, they can if they are married to a Filipino spouse. The title of the land will be named under the name of the Filipino Spouse as the primary owner of the property.
Can a foreigner inherit a land and other properties? That’s another interesting discussion. I will have to prepare that for you.
For now, share this article to your friends and family. They might find this helpful. Comment below if there are things that needs to be added in the list.
Charmaine Xy-Za Yape is a founding member and a blogger of Filipino Homes. She is also a PRC and HLURB Registered Real Estate Professional and a Licensed Financial and Investment Advisor. She is an International Realtor member. She is a Hubspot certified in Inbound Marketing. She is also the co-founder of Iligan Bloggers Society, Inc.