Philippines Tax Authority

World Bank Philippines page

Purchasing property in the Philippines is an excellent option for foreign investors. As in several other Asian countries, the foreign ownership of land in the Philippines is restricted. However, condominiums are a popular way for foreigners purchasing property in the Philippines to enter the local market. Below is an overview of our services related to purchasing property in the Philippines.

Foreigners are not able to buy land in the Philippines. However, foreigners can purchase property in the Philippines via condominiums as long as the total foreign ownership in the building doesn't exceed 40%. A foreign investor can actually buy a house in the Philippines but can not own the land it sits on. Leases of up to 50 years are available, with an option of renewing for a further 25 years.

For foreigners wishing to acquire land in the Philippines the only options are i) marrying a Filipino citizen, ownership must be under the Filipino's name and in the event of separation there can be no transfer of ownership to the foreigner and ii) via forming a corporation, however any corporation can be a maximum of 40% foreign owned.

Healy Consultants works with international entrepreneurs and investors to efficiently manage all steps in the process of purchasing property in the Philippines, and for selling property in the Philippines. Services are tailored to the needs of clients, whether that be in the residential property market or the commercial property market.

Arranging property finance for purchasing property in the Philippines is a valuable service provided by Healy Consultants. Our firm will provide financing options to clients and negotiate mortgage terms and conditions for the chosen option. Leading international banks including ANZ Bank, HSBC, DBS Bank and OCBC Banks are preferred for sourcing property finance.

Healy Consultants will consider variables such as location, size, budget, property facilities, proximity to transport and international schools, and security when developing options for clients purchasing property in the Philippines.

Property taxes payable when purchasing property in the Philippines include document stamp tax, deed of sale, transfer tax and income tax if the property is rented out. Healy Consultants provides invaluable tax and accounting advice to clients to ensure the tax obligations of purchasing property in the Philippines are met.

Healy Consultants will appoint and supervise a local lawyer. This allows the strengths of local laws to be utilized to protect the purchasers' asset and to ensure the legal matters associated with purchasing property in the Philippines are undertaken correctly.

After purchasing property in the Philippines, Healy Consultants assists clients to maintain peace of mind over their newly acquired asset by project managing activities such as:

Sourcing appropriate property insurance to secure the structure and contents of their property.

Organizing requirements for migration to the Philippines including immigration visas, relocation services and familiarization with the Philippines.

Managing agents and contractors to undertake property management activities such as property maintenance, refurbishments, property security, property valuations, problem solving.

For more information on purchasing property in the Philippines, call our Singapore office at (+65) 67350120 or contact us at email@healyconsultants.com

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