According to the constitution of the Philippines, foreigners are not allowed to purchase real estate properties in the country. It is only under certain circumstances, will these non-Filipinos be allowed to acquire ownership on Philippine realties.
A foreigner could only own a real estate property in the Philippines if he/she obtained it through intestate succession, or he/she was a natural born Filipino but had denounced his/her Filipino citizenship.
But aside from these two exceptions, there could be more ways to let a foreign entity own real estate in the Philippines. According to the Republic Act No. 4726, or the Condominium Act of the Philippines, foreigners are allowed to acquire real estate in the Philippines in the form of condominium units.
Basically, buying a condominium unit is like buying a house and lot for sale in the Philippines. The buyer will be granted an abode which he could design according to the way he wants; and at the same time, he will be recognized as a co-owner of the land in which the condominium building is erected.
This is a lenient move from the government of the Philippines towards the foreigners in the country. However, this kind of leniency has limitations. It has to be understood that only 40% of the ownership of the condominium in the Philippines should be intended for the foreigners. The remaining 60% should be made available for Filipino citizens only.
Another way for non-Filipinos to acquire real estate in the Philippines is by buying the piece of land using the name of a registered business establishment in the country. For example, an American businessman who has registered and established a good corporation in the country is entitled to buy Philippine real estate, provided that it will be identified as a property of the company. Technically, it is not of the American’s; but since the company is his, the property in Philippines is his, as well.
As the Philippines is such a good place to live in – considering the cheap cost of living and the ideal environment, foreigners would definitely love to own Philippine real estate. The easiest way, of course, is buying condominiums in the Philippines.
And in buying a condominium unit, one has to consider the location. It is ideal to buy one that is fronting the beach because it would not just exude a sophisticated charm but a relaxing atmosphere as well. In the Philippines, there are many beachfront properties for sale to foreigners. The best recommendation will be La Union real estate properties.
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