By If you are interested in purchasing a home or a commercial building in the Philippines it is important to undertake due diligence before moving forward. Hiring the right people can be very important, but doing your own research is just as important, if not more. There are many benefits to living in the Philippines, but you need to know all of the laws and regulations first.
Foreigners Cannot Own Land
Many foreigners who want to buy land in the Philippines end up doing so through their citizen spouse. A foreigner does not have the ability to purchase land themselves which means this is often not a viable option. It is possible; however, to lease the land and build a home upon that land that you in fact own.
Foreigners May Own Condominiums
Luckily, it is completely legal for a foreigner to own a condominium in the Philippines, which makes it the best option for most foreigners. If you are looking to move to an area in the Philippines, you will often find lower fees and a much easier living situation if you decide to purchase a condominium.
Corporations May Buy Property
Someone searching for Philippines commercial property to purchase is allowed to do so if they own a company that is 60% owned by Filipino residents. Purchasing land in the Philippines can be a tricky thing for foreigners even if they own their own corporation there. In order to purchase land, you must have a Filipino resident owning a larger share in your company. A foreign corporation can actually lease land in the Philippines for up to 50 years with an option to renew that lease for another 25 after that.
Before purchasing commercial real estate, it is important to research the area. This is a large undertaking and requires that you understand what you are really getting yourself into. Depending on what you plan to use your property for, you want to be sure that the location will benefit you.
Understand the Laws
As long as you do the proper research to understand all of the various laws, living in the Philippines can be a truly great option. The current prices are favorable to any foreigner looking to invest or even move permanently. In order to successfully move, it is important to do thorough research so that you do not end up in trouble later on. Some of the laws can be a bit more complex and may require that you hire a lawyer to fully understand the details.
Hiring a property agent is also an important step before you decide to purchase a home. Having someone who understands the area will be very beneficial to you once you begin searching for a place to live.
Living in the Philippines can be a truly amazing experience for foreigners and more should consider it. With a modest paycheck you can actually live rather lavishly while being able to enjoy the local sights with no problem. The weather is beautiful and almost everyone there speaks English, which is a great benefit. There is a very welcoming sense in the Philippines that makes foreigners feel at ease and at home.
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