| Owning Property in the Philippines |
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| For foreign individuals interested in owning property in the Philippines, purchasing condominiums is the common route as foreign ownership of land is prohibited in the Philippines. Below are details related to owning property in the Philippines along with the services provided by Healy Consultants: | |||||
1.
| Non-Filipinos don't have the right to own property in the Philippines. A common way for a foreign individual to acquire real estate is to have their Filipino spouse purchase the property. The only way to acquire land in the Philippines is by being a Filipino citizen and by forming a corporation (at least 60% Philippine-owned). Exceptions to this rule are in the following cases:
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i)
| Acquisition of the property was prior to the 1935 constitution.
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ii)
| Purchase of condominium, provided the total foreign ownership in the complex does not exceed 40%.
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iii)
| Purchase by a former natural-born Filipino citizen, subject to the relevant laws.
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iv)
| Acquiring a property via hereditary succession
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2.
| Foreign individuals can actually buy a house, or building, in the Philippines but can not own the land which the house is built on. The land is leased on a long term basis, up to 50 years, but the house is legally theirs.
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3.
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The actual cost of owning property in the Philippines is high if you consider the costs to the buyer and seller. According to the Global Property Guide, this can reach up to 23% of the cost of the property. Taxes in the Philippines are also significant and include a documentary tax of 1.5%, a transfer tax of 0.5%, Value Added Tax (VAT) of 10%, income tax on rent of 5.13%, along with other fees. Healy Consultants provides invaluable tax and accounting advice to investors to ensure all tax obligations are met.
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4.
| For individuals interested in owning property in the Philippines, Healy Consultants arranges appropriate property finance, including international mortgages. Our firm will source competitive finance options from international banks including ANZ Bank, DBS Bank and OCBC Bank and negotiate mortgage terms and conditions.
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5.
| Investors who pursue owning property in the Philippines benefit from the property management services provided by Healy Consultants. Outsourcing activities such as property maintenance, refurbishments, security, property valuations, finding tenants, organizing property insurance and ad hoc problem solving requirements is an effective way for clients to save time and money. |
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6.
| Healy Consultants offers comprehensive professional advice and management services related to the residential property market or the commercial property market to assist clients interested in owning property in the Philippines. Our firm establishes the property needs of the client in terms of budget, location, size, proximity to schools, and security requirements to develop appropriate property investment options. |
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7.
| Healy Consultants will appoint and supervise a local lawyer to make sure all legal matters related to owning property in the Philippines are undertaken correctly. Having an experienced lawyer is advised to help avoid any problems in the transaction and protect the interests of the foreign individual. |
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8.
| For clients migrating to the Philippines, Healy Consultants will arrange all requirements including immigration visas, relocation services, and familiarization with the country.
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| Contact Us | |||||
For more information on owning property in the Philippines, call our Singapore office at (+65) 67350120 or contact us at email@healyconsultants.com
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