Home Buying Guide: The Philippine Edition

** Thank you, Google & Colliers, for the research and data provided in this article.

The Philippines is now the melting pot of different culture because of all the investors coming in and the job openings for all industry is on a revamp. The Philippines is now undergoing changes and this is the right time to be a part of all the changes that are happening. With all these, comes foreigners’ doing business in the country, some are studying, some are retirees and some are businessmen and investors.

The Philippines has a large number of expatriate, according to Philippine Statistics Authority (PSA), in 2010 Census 177,365 or 0.2% of total population are considered foreigners living in the country. For them, renting is more convenient and practical because housing cost eats up a large percentage of their monthly budget. Rental rates also depend on the location, size and type of units (if furnished, semi or not furnished) but for foreigners who intend to stay for a longer period in the country or opt to have a second home, purchasing a home is more practical.

The BIG question is, Can a Foreign National own a property in the Philippines? The answer is, YES. Foreigners can own a property but not buy and own land. Let us help you plan your moves on how to own a place to stay in the country.

PLAN A – Buy a Condominium Unit

Foreign Nationals get to own the actual unit but not the land. According to The Philippine Republic Act No. 4726, foreigners can own condo units provided that at least 60% of the units in the building are owned by Filipinos.

PLAN B – Buy a House on Leased Land

Foreign Nationals can buy and own the house but only lease the land where the house stands.  Under the Investors Lease Act of the Philippines, a foreign national can enter into a lease agreement with a Filipino landowner for 50 years on a long-term lease with a one-time 25 years renewal option.

PLAN C – Marry a Filipino Citizen and Have the Spouse Purchase a Property in his/her name

The foreign Nationals name will appear on the contract to buy and sell but not on the title.  In cases, there will be a legal separation between the couple, or the spouse passes away, the land can’t be transferred to the foreign nationals’ name. But the living spouse can sell the property and keep the proceeds within the restrictions stated in the law.

In cases the living spouse has a dual citizenship; he/she have the same ownership rights as a Filipino citizen. If the living spouse happens to be a native-Filipino who become a naturalized citizen of another country, the living spouse can buy and register the land in his/her name. BUT it should be limited to 1,000 SQM of residential land or 1 hectare (2.5 Acres) of agriculture or farmland.

Now that the plan is all set, all you have to do is choose the plan that works best for you and let Megaworld Manila help you decide on where to settle. For inquiries about our projects you may contact us thru our land line 02 241 8000 or thru our cell number +63 926 679 8277. We would also love to hear from you thru our Facebook Account, just search for Megaworld Manila Official. Sending us an email would also be great at megaworldmanilammg@gmail.com.

Check out Home Buying Guide For Foreigners: