More and more foreigners are looking to buy real estate properties in the Philippines because of the several reasons:
- The hospitality of the Filipinos
- The tropical climate
- The natural attractions to visit
- The booming economy of the country attracts investors to consider plus,
- The cost of living is very low
But can foreigners simply buy a property in the Philippines?
While it may seem simple to just purchase, you must know that the process may not be easy as you may think.
By law, foreigners do not have the right to land acquisitions in the Philippines, however, there are a few exceptions for this:
- The property was acquired before 1935.
- The property has been inherited by a foreigner through natural succession or legal heirship.
- The property will be acquired by a Filipino citizen who has been married to a foreigner.
- The property will be acquired by a foreigner who is formerly a natural-born Filipino citizen.
- The property, in cases of projects like condominiums, has no less than 60% Filipino ownership.
Other Real Estate options for foreigners:
Long Term Lease
Foreigners can settle for a long-term lease on a specific property. They will be allowed for a 50-year lease period and can be renewed for another 50 years.
Limited Size Properties
This is only applicable to former Filipinos who have already sworn citizenship for other countries, however, they are limited to the following:
For residential properties, up to 1,000 square meters will only be allowed
For agricultural lands, the one-hectare limitation will be applied.
A foreigner can purchase a property in the Philippines if he/she is married to a Filipino Citizen but the title must still be named under the Filipino Spouse.
While property ownership in the Philippines may not be an easy walk in the park, foreigners still choose to invest here.