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FOREIGNERS OWNING LAND & HOUSE/BUSINESS

 
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fpshangzhou



Joined: 13 Mar 2012
Posts: 270

PostPosted: Sat Feb 13, 2016 10:44 am    Post subject: FOREIGNERS OWNING LAND & HOUSE/BUSINESS Reply with quote

Hello Expats,

My fiance and I have been introduced to the real estate industry there in Philippines. As a foreigner, can someone direct me to some legit websites displaying or explaining the rights foreigners have in order to buy property, business or home opportunities? I'm just thinking beforehand just in case our relationship goes sour in the future, what consequences I might face or what rights/protections from the worst case scenario of divorce.
So far, I've read a few sites stating foreigners that are married have many opportunities to invest or buy properties/businesses/homes, but if divorced/separated, the foreigner can't own land or will only be able to own 40% of the property (excluding land ownership) and the citizen would be granted 60% of the property/business/home. I would appreciate any feedback or legitimate websites with current laws that I can research furthermore.

Cheers,
Aaron in China
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suphanburi



Joined: 20 Mar 2014
Posts: 678

PostPosted: Sat Feb 13, 2016 1:02 pm    Post subject: Re: FOREIGNERS OWNING LAND & HOUSE/BUSINESS Reply with quote

fpshangzhou wrote:
Hello Expats,

My fiance and I have been introduced to the real estate industry there in Philippines. As a foreigner, can someone direct me to some legit websites displaying or explaining the rights foreigners have in order to buy property, business or home opportunities? I'm just thinking beforehand just in case our relationship goes sour in the future, what consequences I might face or what rights/protections from the worst case scenario of divorce.
So far, I've read a few sites stating foreigners that are married have many opportunities to invest or buy properties/businesses/homes, but if divorced/separated, the foreigner can't own land or will only be able to own 40% of the property (excluding land ownership) and the citizen would be granted 60% of the property/business/home. I would appreciate any feedback or legitimate websites with current laws that I can research furthermore.

Cheers,
Aaron in China


Foreigners cannot own land - full stop.

Foreigners can own a condo provided 60% of the development is owned by Filipinos.

Business ownership is complex because some business are restricted (no foreign ownership), some are controlled (some foreign ownership, percentage varies with business type)), and some businesses (with sufficient paid up capital (in the order of $1 million plus)) can enter the market without restriction or are confined to SEZ or MEPZ.

The good news is that, in the Philippines, she cannot divorce you.
There is no divorce in the Philippines and even if she initiates a divorce abroad it won't be recognized in the the Philippines (provided your marriage was registered in the Philippines) so thinking like a Kano is going to be out-to-lunch.

And the bottom line is: don't invest in anything you aren't prepared to lose 100% of.

.
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thechangling



Joined: 11 Apr 2013
Posts: 205

PostPosted: Sun Feb 14, 2016 2:39 am    Post subject: Re: FOREIGNERS OWNING LAND & HOUSE/BUSINESS Reply with quote

suphanburi wrote:
fpshangzhou wrote:
Hello Expats,

My fiance and I have been introduced to the real estate industry there in Philippines. As a foreigner, can someone direct me to some legit websites displaying or explaining the rights foreigners have in order to buy property, business or home opportunities? I'm just thinking beforehand just in case our relationship goes sour in the future, what consequences I might face or what rights/protections from the worst case scenario of divorce.
So far, I've read a few sites stating foreigners that are married have many opportunities to invest or buy properties/businesses/homes, but if divorced/separated, the foreigner can't own land or will only be able to own 40% of the property (excluding land ownership) and the citizen would be granted 60% of the property/business/home. I would appreciate any feedback or legitimate websites with current laws that I can research furthermore.

Cheers,
Aaron in China


Foreigners cannot own land - full stop.

Foreigners can own a condo provided 60% of the development is owned by Filipinos.

Business ownership is complex because some business are restricted (no foreign ownership), some are controlled (some foreign ownership, percentage varies with business type)), and some businesses (with sufficient paid up capital (in the order of $1 million plus)) can enter the market without restriction or are confined to SEZ or MEPZ.

The good news is that, in the Philippines, she cannot divorce you.
There is no divorce in the Philippines and even if she initiates a divorce abroad it won't be recognized in the the Philippines (provided your marriage was registered in the Philippines) so thinking like a Kano is going to be out-to-lunch.

And the bottom line is: don't invest in anything you aren't prepared to lose 100% of.

.

But she (or he) can apply for an annulment of the marriage which is similar to a divorce.
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jimpellow



Joined: 12 Oct 2007
Posts: 713

PostPosted: Tue Apr 26, 2016 4:01 am    Post subject: Reply with quote

"The good news is that, in the Philippines, she cannot divorce you."
The bad news is that there is a fair chance that her family will just kill him.
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suphanburi



Joined: 20 Mar 2014
Posts: 678

PostPosted: Tue Apr 26, 2016 7:35 am    Post subject: Reply with quote

Like the close in my previous post says....
suphanburi wrote:
And the bottom line is: don't invest in anything you aren't prepared to lose 100% of.


.
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