Lease hold for example, 70 years.
2006-11-06 00:37:57 · 7 answers · asked by GP M 1 in Travel ➔ Asia Pacific ➔ Philippines
I am a little confused by the question but I will give it a shot as a recent resident of Metro Manila.
A foreigner, that is anyone besides a Filipino citizen can not own real property in the Philippines. This is part of the Constitution of the Republic.
If you are not a Filipino citizen you may own a condominium, any size you want. If you are asking about actually owning a title rather than a lease, you do own the title virtually forever.
The answer I believe would be "free hold". You buy the condo, and as long as you pay the maintenance dues, you can leave it in your will to their children, and to their children, and so on.
Investing in a condo right now in the Philippines is really a pretty good prospect.. Also consider that the Peso recently hit a 5 year high against the Dollar, thanks to an upgrade by Moody's. Investments are being encouraged right now and this may avail you of a very hassle free visa ff you buy a condo unit, this can be used to satisy the requirement for the investor visa or the PRC at this source. http://www.plra.gov.ph/main
If you want more specific details there is a really good Yahoo group that is based on the Philippines. http://groups.yahoo.com/group/Philippine_Living_Island_Paradise
is the link to the group and it is an information group where they will not try to sell anything to you.
2006-11-06 02:06:39 · answer #1 · answered by Yahoo 6 · 1⤊ 0⤋
You can enter into an agreement with the owner on possible rent or lease arrangements.The land can be leased by the foreigner or a foreign corporation on a long term contract for an initial 50 year period and renewable every 25 years. A foreigner can rent a lot and at the same time legally own the house on the rented land.
Philippine law prohibits foreign nationals to own properties except in the cases of condominiums. Condominium Act or Republic Act 4726 which was signed into law several years ago allow foreigners to buy condominium legally under their own names. Other foreign nationals acquire their properties in the Philippines through their Filipino spouses. Another alternative is having a Filipino partner when acquiring a property. The partner owns 51% or more and the remainder is owned by the foreigner.
2006-11-06 12:05:09 · answer #2 · answered by Ces B 2 · 1⤊ 1⤋
Leasehold. Foreigners are not allowed to own lot here under the current constitution. The maximum I think is only 50 years and it can be renewed for another 50 years.
I hope you don't mind. Why aiming to have a leasehold of 70 years? I guessed you won't last that long. Assuming your current age is above 20 years old.
2006-11-08 01:21:00 · answer #3 · answered by xandrix79 2 · 1⤊ 0⤋
The above answer is very comprehensive and accurate, and the cheapest way to get your hands on a Condo in Manila is through "pre selling" whereby companies sell the apartments before the block is built and you can make progressive payments for the purchase of the property.
they will be freehold land titles, although if you're looking to invest land is a very good option, there's a new SM planned near Ayala Alabang (near the Kings Road) and land there is cheap at the moment.
2006-11-06 06:51:29 · answer #4 · answered by Slackbladder 3 · 1⤊ 0⤋
Leasehold on a maximum seventy year lease. The Condo should be bought after residency has been granted, at which point it can be taken from your $50,000 or $35,000 bank deposit (age dependent).
2006-11-06 14:57:50 · answer #5 · answered by Tropic-of-Cancer 5 · 0⤊ 0⤋
Think as a flat would be leasehold.
2006-11-06 00:40:04 · answer #6 · answered by hornyheluk 2 · 1⤊ 0⤋
Interesting question , i would like to know this myself !
2006-11-06 00:40:22 · answer #7 · answered by Anonymous · 0⤊ 0⤋