Property Acquisition – Is a Foreigner Allowed to Acquire Property in the Philippines?
The Philippines is a tourist attraction and the home to a large community that wants to enjoy the beaches and rainforest with a tropical climate. As the year passes, more and more people are showing interest in owning real estate property in the Philippines. However, there are some specific laws regarding how you can buy. If you are a foreigner who wants to acquire land in the Philippines, then this article is a must-read for you. Let’s start with the general questions.
Can a Non-Filipino Buy Property in the Philippines?
Yes, they can buy property in the Philippines, but there are certain restrictions. So if you are a non-Filipino, there is a restriction on how much or what property you can buy. Regarding land properties, foreigners do not have the right to own land in the Philippines. Only Filipino citizens can own land. All the people for a greater community of expats are appealing to amend this rule, but to date, it remains unchanged.
Are There any Exceptions to This Restriction?
- Those who have acquired property before the 1935 constitution.
- Filipinos who are married to international and have Filipino citizenship.
- Can have ownership of not more than 40% in a condominium project.
- Natural-born Filipino having foreign citizenship can acquire property but with restricted ownership rights.
Can Corporations Own Land?
Any corporation that may have set their domestic operation in the Philippines can take ownership of any commercial building, residential houses, or private land. They can also invest in condominiums and other homes in the Philippines.
Ownership by the Individuals
Foreigners can own any residential house or building in the Philippines as long as they don’t hold the ownership right of the land on which the building is built. Even after losing their Filipino citizenship, natural-born Filipino citizens can own an area of 5000 square meters. In the case of married couples there, they can purchase the area together, not exceeding the limit set by the law.
If you want to purchase property in the Philippines as a foreigner, you can buy townhouses and other real estate properties, but you have to have specific requirements in the case of land. As per law, you have to be a citizen of the Philippines.
However, if you are not a Filipino, there are many ways you can acquire Filipino citizenship, but if you want to deal in real estate properties like buildings, you are good to go as a foreigner. If you are interested in looking for houses for sale or townhouses for lease in fully open, you can look up at a trusted platform. your one-stop solution for buying and selling properties online.
