Monday, December 14, 2015

Filipinos, Foreigners and Former-Filipinos: Process of having a Home in the Philippines

Having your own real estate in the Philippines is nice to hear. There are many beautiful places to go. Beaches like Boracay in Aklan, waterfalls like Pagsanjan falls in Laguna, and big shopping malls. If you are a foreigner, you will like the people here in the Philippines because of their warm hospitality. Having a home in this country is quite difficult, especially if you’re a foreigner. You must undergo processes to have one.

For Filipinos, owning or having a home by themselves is not quite easy. Finding a place that suites your taste, finding a place that is near in the places you want to go, and finding a perfect home for your family. But don’t worry, there are people who can help you, they are called Real Estate Brokers. Brokers will help you find your perfect home and place. Their responsibility is to offer you a development that’s probably close enough to your dream house.

For foreigners, you own a building, but not the piece of land where the building is put on. So you can rent the land for 25 years* (which should be enough) and build a house on it which you own.You can purchase a unit in condominium buildings or high-rise apartment as long as foreign ownership will not exceed to 40 percent in a single project. But if you are keen on purchasing your own land, there are options:
  • If you are married to a Filipino citizen, you can buy land but the title will be provided in his/her spouse name, but if in event of death or separation, the land remains to the Filipinos and will be given to his/her heirs (siblings or families)
  • Another option to acquire land is through corporation. And only 40% in corporation is foreign-owned and the 60% is to the Filipinos. The land can be leased by the foreigner on a long term contract for an initial 50 year period and renewable every 25 years.
  • If you are a retired foreigner, you can own a business and property by the use of the visa called the Special Resident Retirement Visa (SRRV). This visa cost $1500 for application and $400 a year to renew it. You just have to deposit money in a local bank account with the amount of $10,000 and $50,000. The exact amount depends on your age and your pension status.

For Former-Filipinos, same as the natural Filipinos, the process of owning or having a home is the same. Former-Filipinos are natural born Filipinos that are naturalized citizens in different foreign countries. If a former-Filipino who avails Dual Citizenship Law can buy as much land as any other Filipino Citizens. If a Former-Filipino does not avail, they can still own land but it is limited.

For Residential Use
  • Only up to 1,000 square meters of residential land.
  • Only up to one (1) hectare of agricultural of farm land.


For Business / Commercial Use
  • Only up to 5,000 square meters of urban land.
  • Only up to three (3) hectares of rural land.

   
Ergo, owning or having a land in Philippines is not a joke. You must know the law and the processes and have to follow it for your own good. Don't get easily discouraged just because the process of having a home or land is quite hard because in the long run, it is really worth it. You have to be patient, and respect the country. Good day, and Happy Living and have a good life!

This is a guest post by Sam Lemuel Mabatid from Philippines

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