|Central Bank of Philippines|
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|Buying Philippines Real Estate|| |
Buying Philippines real estate can be a challenge for international investors because of restrictive foreign ownership laws and other processes such as obtaining title deeds and registering property. Similar to other Asian countries, foreigners are not allowed to own land but condominiums are the common avenue for foreigners wishing to buy Philippines property. The following is an overview of the key aspects of buying Philippines real estate, as well as our firms services related to this:
Buying Philippines real estate can be a challenging process if not properly planned and managed. A poor reputation as a place of doing business is supported by the low ranking in the 2009 Corruption Perception Index by Transparency International. The Philippines ranked 139th out of 180 countries on this index, a decline in the rankings from 2007 where it was equal 131st (out of 179 countries). Buying Philippines real estate requires in-depth knowledge of local laws and conditions, including optimum locations for investment.
Foreign investors tend to favour major residential projects built by large, reputable property developers (for example, Robinson's Land Corporation) because they minimize the risk of legal problems. Healy Consultants recommends buying Philippines real estate which is backed by well established developers, especially for projects sold 'off-plan'.
Foreign investors buying Philippines real estate should be aware of fraudulent title deeds and the high transaction costs in the Philippines. New condominium developments are less affected by the title deeds issues.
A foreign investor is eligible to buy Philippine real estate under the following circumstances:
i) The foreign investor has a Filipino spouse through which they buy the property
ii) The foreign investor purchases a condominium unit
iii) The foreigner holds a Special Retirement/Investment Visa
iv) Via forming a company. When buying Philippines property via a company, a minimum of five shareholders are required, and the Filipino shareholding must be at least a 60%.
To obtain a Special Retirement/Investment Visa, the foreigner is required to:
i) be at least 35 years old
ii) inject a minimum of US$50,000 into a Filipino bank. This sum can be withdrawn after six months, but must be used for investment purposes in the Philippines (for example, to buy property, shares, securities etc)
iii) pay a processing fee of US$1,500
Healy Consultants assists clients buying Philippines real estate to obtain a Special Retirement/Investment Visa, if required.
Healy Consultants assists international investors by managing all steps in the process of buying Philippines real estate, and for selling real estate in the Philippines. Our firm's services cover the following processes:
Providing an overview of the Philippines residential and commercial property markets. Reputable sources including the Philippines' National Economic and Development Authority (NEDA) and the Philippines national statistics office are used as reference for the required information.
Establishing the needs of clients in relation to location, size, budget, property facilities, security requirements, proximity to transport and schools.
Providing our client with options for buying Philippines real estate. Information provided can include photos, summaries of locations, rental yields and market sentiment.
Appointing and supervising a local lawyer to ensure the legal matters associated with buying Philippines real estate are undertaken correctly.
Healy Consultants assists clients to maintain peace of mind after buying Philippines real estate by managing time consuming property management activities such as organizing property maintenance and refurbishments, sourcing property security, arranging property valuations, organizing property insurance and ad hoc problem solving.
For clients migrating to the Philippines, Healy Consultants will project manage the requirements for obtaining immigration visas, organizing relocation services and providing familiarization with aspects of the Philippines.
For more information on buying Philippines real estate, call our Singapore office at (+65) 67350120 or contact firstname.lastname@example.org
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