OWN PROPERTY

Filipinos away from home who want to invest their hard-earned money in real estate would do well in familiarizing themselves with the laws that govern land acquisition in the Philippines as stated in the Constitution. There is no better way to secure a bright future than to have a place of your own here at home. Here are some facts that you will need to know before you proceed with any transaction and buy your dream house in the Philippines.

• Only Filipino citizens and corporations and associations at least 60% of whose capital is owned by Filipinos may acquire private lands.


• Foreigners are allowed to purchase a condominium unit, provided that total foreign ownership of the condominium corporation does not exceed 40 %. They may also inherit real property from their deceased Filipino spouses or parents.


• Children born to a Filipino parent, whether legitimate or illegitimate, may inherit the property of the Filipino parent, even if the child is not a Filipino citizen

Filipinos who lost their Filipino citizenship will remain the owners of any property they have acquired before changing nationalities. A natural-born Filipino citizen who has lost his Philippine citizenship may be a transferee of private land up to a maximum of 5,000 square meters in the case of urban land or three (3) hectares in the case of rural land. In case he already owns urban or rural land, he shall still be entitled to be a transferee of additional urban or rural land, provided that when these are added to those already owned by him, the aggregate area shall not exceed the said maximum areas.

Owning property in the Philippines can be the wisest investment anyone can make. No matter where you fly, there will come a time when you will want to go back to your roots or introduce loved ones from foreign lands to the beauty of the Philippines. Find the best location that will suit your lifestyle and budget.