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For all our foreign owners who are looking to buy property in the beautiful Philippines, we have listed below additional information on "Philippine Real Estate Ownership Laws", which we are sure you will find very helpful.
The general rule is that only Filipino citizens and corporations or partnerships, at least 60% Philippine owned are entitled to acquire land in the Philippines. As an exception to this rule, an alien acquisition of Philippine real estate is allowed in the following cases. Acquisition before the 1935 constitution. Acquisition thru hereditary succession if the foreign acquire is a legal heir. Purchase of not more than 40% interest as a whole in a condominium project. Purchase by a former natural born Filipino citizen subject to the limitations prescribed by law. Filipinos who are married to aliens retain their Filipino citizenship, unless by their act or omission they are deemed to have renounced their Filipino citizenship.
Ownership of Land in the Philippines is highly-regulated with land ownership reserved for persons or entities considered Philippine nations or Filipino citizens. For this purpose, a corporation, owned 60% by Filipino citizens is treated as Philippine nationals Foreigners interested in acquiring land or real property through aggressive ownership structures must consider the provisions of the Philippine's Anti-Dummy Law to determine how to proceed. A major restriction is the law is the restriction on the number of the alien members on Board of Directos of Landholding company which is limited to 40% allien participation.
Foreign nationals or corporations may completely own a condominium or townhouse in the Philippines . to take ownership of private land, resident ail house and loot, and commercial building and lot foreigners may set up a Philippines corporation in the Philippines . this means that the corporation owning the land has less than or up to 40% foreign equity and it is formed by 5-15 natural persons of legal age as incorporators, majority of whom are Philippine residents.