A growing country. Southeast Asian archipelago of over 7,100 islands, only eleven account for 90% of the population, the Philippines is a republic with more than 100 million in 2014. After gaining its independence from the United States in July 1946, the archipelago, unlike other Asian territories, remains a country dominated by the English language and partly governed by US trade law.
In recent years, the Philippines point to a growth rate of nearly 7%, making the country an emerging high potential. Foreign direct investment are only increased since 2011 and expected to increase to over 15% in 2016 to reach 55.5% in 2026.
The acquisition of a property in the Philippines is governed by the 8179 Act Republican.
You are legally married to a Filipino citizen and the latter holds the Philippine citizenship (or dual nationality). Therefore, you are entitled to buy property in the Philippines to the names of the spouses. On the death of your wife you will become the legal heir of the property and your children.
You are abroad and want to invest in the Philippines, 3 options available to you:
1- According to the Condominium Act of the Philippines RA 4726, foreigners can acquire an apartment in a building (called simply « Condominium ») on condition that foreign owners in this building do not exceed 40% all owners. Most of these apartments are in buildings; however, some townhouses are also considered apartments and enter the Regulatory condominiums.
2- You associate yourself with a Filipino citizen to create a society where you will hold a maximum of 40% of the shares. The property will be acquired on behalf of the company.
Because of the prohibition of land ownership for foreigners this leads to montages with local partners.
3- You sign a lease for a period of 50 years which can be renewed once 25 years (« Leasing »).
The information above is for informational purposes.