Tuesday, June 14, 2016
Tuesday, December 2, 2014
Real Estate Buying Guide in the Philippines for Foreigners (http://real-estate-guide.philsite.net/foreigners.htm)
Real Estate Buying Guide in the Philippines for Foreigners (http://real-estate-guide.philsite.net/foreigners.htm)
Foreigner's Guide
By law, foreigners don't have the right to acquire land in the Philippines. Only Filipino citizens can own land (there have been many proposals to amend this law but of this writing, the law remains unchanged.) The simplest way for a foreigner to acquire real estate properties is to have a Filipino spouse purchase a property in his/her name.
Exceptions:
Corporations or partnerships that is at least 60% Filipino owned are entitled to acquire land in the Philippines. An exception to this rule, is foreignacquisition of a Philippine real estate inthe following cases:
* Acquisition before the 1935 constitution.
* Acquisition thru hereditary succession if the foreign acquire is a legal or natural heir. This means that when you are married to a Filipino citizen and your husband/wife dies, you as the natural heir will become the legal owner of his/her property. The same is true for the children. Every natural child (legitimate or illegitimate) can inherit the property of his/her Filipino father/mother even if he/she is not a Filipino citizen.
* Purchase of not more than 40% interest in a condominium project.
* Purchase by a former natural-born Filipino citizen subject to the limitations prescribed by law. (natural born Filipinos who acquired foreign citizenship is entitled to own up to 1,000 square meter of residential land, and 1 hectare of agricultural or farm land)
* Filipinos who are married to aliens who retain their Filipino citizenship, unless by their act or omission they have renounced their Filipino citizenship.
Owning of houses or buildings is legal as long as the foreigner does not own the land on which the house is build.
Setting up a corporation with 40% of the stocks in the foreigner's name and 60% to Filipinos is a good alternative. There must be a minimum of 5 stockholders, and foreigner can have the Filipinostockholders sign blank transfer of the stocks for security.
Rent
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.
Condominiums
The Condominium Act of the Philippines, R.A. 4726, expressly allows foreigners to acquire condominium units and shares incondominium corporations up to 40 % of the total and outstanding capital stock of a Filipino owned or controlledcondominium corporation.
Those who claim that foreigners can own a house & lot in the Philippines have acondominium title to their property. There are a very few single-detached homes or Townhouses in the Philippines with condominium titles. Most condominiums are mid to high rise buildings.
Please see our condominiums for sale in the Philippines.
If you wish to stay permanently in the Philippines or if you frequent the Philippines and stay for long periods. Avail of the government's Special Resident Retirement Visa (SRRV).
By law, foreigners don't have the right to acquire land in the Philippines. Only Filipino citizens can own land (there have been many proposals to amend this law but of this writing, the law remains unchanged.) The simplest way for a foreigner to acquire real estate properties is to have a Filipino spouse purchase a property in his/her name.
Exceptions:
Corporations or partnerships that is at least 60% Filipino owned are entitled to acquire land in the Philippines. An exception to this rule, is foreignacquisition of a Philippine real estate inthe following cases:
* Acquisition before the 1935 constitution.
* Acquisition thru hereditary succession if the foreign acquire is a legal or natural heir. This means that when you are married to a Filipino citizen and your husband/wife dies, you as the natural heir will become the legal owner of his/her property. The same is true for the children. Every natural child (legitimate or illegitimate) can inherit the property of his/her Filipino father/mother even if he/she is not a Filipino citizen.
* Purchase of not more than 40% interest in a condominium project.
* Purchase by a former natural-born Filipino citizen subject to the limitations prescribed by law. (natural born Filipinos who acquired foreign citizenship is entitled to own up to 1,000 square meter of residential land, and 1 hectare of agricultural or farm land)
* Filipinos who are married to aliens who retain their Filipino citizenship, unless by their act or omission they have renounced their Filipino citizenship.
Owning of houses or buildings is legal as long as the foreigner does not own the land on which the house is build.
Setting up a corporation with 40% of the stocks in the foreigner's name and 60% to Filipinos is a good alternative. There must be a minimum of 5 stockholders, and foreigner can have the Filipinostockholders sign blank transfer of the stocks for security.
Rent
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.
Condominiums
The Condominium Act of the Philippines, R.A. 4726, expressly allows foreigners to acquire condominium units and shares incondominium corporations up to 40 % of the total and outstanding capital stock of a Filipino owned or controlledcondominium corporation.
Those who claim that foreigners can own a house & lot in the Philippines have acondominium title to their property. There are a very few single-detached homes or Townhouses in the Philippines with condominium titles. Most condominiums are mid to high rise buildings.
Please see our condominiums for sale in the Philippines.
If you wish to stay permanently in the Philippines or if you frequent the Philippines and stay for long periods. Avail of the government's Special Resident Retirement Visa (SRRV).
Thursday, November 13, 2014
THE LOOP IN LIMKETKAI, CAGAYAN DE ORO CITY: Month of November Updates
THE LOOP IN LIMKETKAI, CAGAYAN DE ORO CITY: Month of November Updates: The LOOP Studio unit (inner) Location:6 th floor Unit number: 611 Floor area: 21.64 sqm Total Contract price: 1,990,589 Outright disc...
Month of November Updates
The LOOPStudio unit (inner)Location:6th floorUnit number: 611Floor area: 21.64 sqm Total Contract price: 1,990,589Outright discount: 10,000Discounted Total Contract price: 1,980,589Reservation Fee: 20,000 Spotcash:
8% discount: 144,860Payable within 30 days: 1,815,729 Deferred cash:
Balance after reservation: 1,960,589Monthly amortization for 36 equal months: 54,461 per month Bank Financing:
20% Downpayment for 36 months ====10,44880% Financing for 15 years =====15,142
Wednesday, February 5, 2014
THE LOOP
LIMKETKAI CENTER, CAGAYAN DE ORO CITY
Studio unit
Total floor area: 20.10
Total contract price: 1,818,398
Less discount: 25,000
Discounted
contract price : 1,793,398
Option 1: Step up downpayment:
5% downpayment 89,670
Reservation fee 25,000
Balance 64,670
Monthly
downpayment for the 1st 12 months 5,389
10% downpayment 179,340
Monthly
downpayment for 18 months 9,963
25% downpayment 448,350
Monthly
downpayment for 24 months 18,681
Bank financing:
60%
loanable amount 1,076,039
Monthly
amortization for 15 years @ 10% pa 11,563
(subject
for repricing)
Option
2: deffered cash 54 months @ 0% pa
Total contract price: 1,793,398
Reservation fee: 25,000
Balance: 1,768,398
Monthly
payment for 54 months @ 0% pa: 32,748
Option
3: 12% spotcash discount
Total contract price: 1,793,398
Reservation fee: 25,000
Spotcash discount 12%: 197,196
Balance
after 30 days of reservation: 1,571,202
1 bedroom unit
Total floor area: 29.55 sqm
Total contract price: 2,707,397
Less discount:
Discounted
contract price :
Option 1: Step up downpayment:
5% downpayment 135,370
Reservation fee 25,000
Balance 110,370
Monthly
downpayment for the 1st 12 months 9,197
10% downpayment 270,740
Monthly
downpayment for 18 months 15,041
25% downpayment 676,849
Monthly
downpayment for 24 months 28,202
Bank financing:
60%
loanable amount 1,624,438
Monthly
amortization for 15 years @ 10% pa 17,456
(subject
for repricing)
Option
2: deffered cash 54 months @ 0% pa
Total contract price: 2,707,397
Reservation fee: 25,000
Balance: 2,682,397
Monthly
payment for 54 months @ 0% pa: 49,674
Option
3: 12% spotcash discount
Total contract price: 2,707,397
Reservation fee: 25,000
Spotcash discount 12%: 295,573
Balance
after 30 days of reservation: 2,386,823
2 BEDROOM UNIT
Total floor area: 50.81 sqm
Total contract price: 5,382,106
Less discount: 40,000
Discounted
contract price : 5,342,106
Option 1: Step up downpayment:
5% downpayment 267,105
Reservation fee 40,000
Balance 227,105
Monthly
downpayment for the 1st 12 months 18,925
10% downpayment 534,211
Monthly
downpayment for 18 months 29,678
20% downpayment 1,068,421
Monthly
downpayment for 24 months 44,518
Bank financing:
65%
loanable amount 3,472,369
Monthly
amortization for 15 years @ 10% pa 37,314
(subject
for repricing)
Option
2: deffered cash 54 months @ 0% pa
Total contract price: 5,342,106
Reservation fee: 40,000
Balance: 5,302,106
Monthly
payment for 54 months @ 0% pa: 98,187
Option
3: 12% spotcash discount
Total contract price: 5,342,106
Reservation fee: 40,000
Spotcash discount 12%: 532,363
Balance
after 30 days of reservation: 4,769,743
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