Can a Foreigner Buy a Condo in the Philippines? I know this question has been asked too many times before already but only now that I had the chance to expand about the answers. Recently, I posted the best tips in buying a condo in the Philippines which you would want to read before proceeding further.
If you are one of the millions who wish to purchase a condo in my dear pretty country but you are not a Filipino citizen, then you must know the stuff discussed here.
Are you an American who wants to buy a house here? Or simply a Filipino who switched to another citizenship when migrated abroad but now into deciding buying a real estate property here? Or are you British (reminds me of someone) and loves to own a beach house in Boracay or Palawan? Perhaps you want to know first the laws and rules here before acquiring your new asset.
Can a foreigner buy and own a condominium unit or a house in the Philippines?
The answer is yes…provided the sale and ownership meets the certain conditions according to Section 5 of RA (Republic Act) 4726 a.k.a The Condominium Act which states that
“…That where the common areas in the condominium project are held by the owners of separate units as co-owners hereof, no condominium unit therein shall be conveyed or transferred to persons other than Filipino citizens or corporation at least 60% of the capital stock of which belong to Filipino citizens, except in cases of hereditary succession.
Where the common areas in a condominium project are held by a corporation, no transfer or conveyance of a unit shall be valid if the concomitant transfer of the appurtenant membership or stockholding in the corporation will cause the alien interest in such corporation to exceed the limits imposed by existing laws.”
To simplify the words in that geeky statement, it means that foreigners can buy a condo unit as long as the project or the corporation who built and own the project is acquired by 60% or more by Filipinos.
Thus, if you are a foreigner and wants a condo in Makati so bad, you can buy it and have the title in your name provided that said condo building or project is owned by not more than 40% foreigner.
Example: Sam is American and wants to purchase a pad in Makati which is a project of ABC Corporation (which is 38% foreign corporation, 62% Filipino). Can Sam buy his dream pad in Makati and register it on his name? The answer is YES!
Can a former Filipino citizen who is now a naturalized foreign citizen in another country still buy and own a house in the Philippines?
Yes, under some conditions plus he or she can apply for dual citizenship to be a Filipino citizen again. He or she then can have all the pleasure and rights of being a Filipino including buying nd owning lands, houses and real estate properties in the Philippines.
Of course we were talking about units, pads and condos there. What about land and bigger real estate property?
Can a foreigner buy land and register it on his name and ownership?
The answer is, no. Foreigners are not allowed and not entitled to buy and own land here. However, he can indirectly own it by means of 40% equity in a corporation or setting up a corporation here where 40% or less can own that land.
Can a Filipino purchase a land on behalf of a foreigner and just transfer the name, title later?
Under the Anti-Dummy Law, that is illegal and anyone proved to be breaking that law and its scope can be penalized. It’s simple to follow the rule, no foreigner can own a land in the Philippines unless he became a Filipino citizen. He can then buy lands and properties, the sky’s the limit.
Conclusions:
Foreigners may own condominiums, buildings and houses in the Philippines as long as they do not own the land where it is built. They can also allow rent or lease under certain conditions.
Filipinos including former Filipino citizens and Philippine majority owned corporations are allowed to own lands, buildings, condo units and houses.
The Viridian at Greenhills is a 53 storey residential condominium tower located at a lot area of 3,000 sq.m. along Connecticut Street and Missouri Street at Greenhills, Ortigas Center in Pasig City Philippines. It includes 50 residential floors, 4 basement parking levels, 2 retail levels, an Amenity floor, Sky Gardens, 6 elevators, a freight elevator and a helipad.
This location is ideal for a residential complex as it is still within the Greenhills Shopping Center so the residents will have complete access to all of its features and amenities, yet the site is located on the periphery of Greenhills enough to feel like a more private residential community.
Call/Text/Viber: +639064115110
the unit is in pasay manila Philippines, he was told the unit was clear title??
I have a question please, my friend purchased a second hand unit (one of 5) he was supposed to get cleat title on the purchase, now the previous owner is asking him to but part of the land that the unit is built on !! this seems impossible as the unit cant be up in the without land content to be built or sold or lived in?? what can u advise me about this please, regards george
Can a foreigner apply for dual citizenship and buy property in the Philippines?
A foreigner can become a naturalized citizen of the Philippines if he meets the requirements for Naturalization law and if made an oath to leave his/her former citizenship
Consistent with Philippine Constitution, there is NO Dual citizenship. If you are an American naturalized as a Filipino, as much as Philippines is concerned you are a Filipino.
If you are a Filipino and have acquired citizenship of another country without renouncing your Philippine citizenship, Philippines will still see you as a Filipino and that other country will see you as their citizenship and there arises a fiction of dual citizenship – but its merely a fiction, not a status.
Thank you for sharing these details 🙂
Good day to all 🙂
I am looking for someone to assume(transfer of name) my units from SMDC both are pre-selling I got it on it’s INTRODUCTORY PRICE plus discount from the agent. Details are as follows,
GRACE RESIDENCES
1 Bedroom
Unit 1545 – 27.33SQM
TCP = P2,098,302.16
Monthly = P8,780.16
Terms = 15% for 36mos and 5% on 37th month
Already paid 15mos
Facing Swimming Pool
BREEZE RESIDENCES
Studio Type
Unit 2125 – 22SQM
TCP = 2,107,446.90
Monthly = P7,277.93
Terms = 15% for 40mos and 5% on 41st month
Already paid 16 mos
Facing Makati CBD
Please e-mail me viber or whatsapp +6583832490 we can negotiate on the terms for the assume value.
i m a dutch can i buy a store wby my name and can i buy a condo by my name?
When you say corporation, is it limited to condo corporation only?
If I own apartments in a condominium in the Philippines, and I am a foreigner say British. Then can I be on the board of directors of the Condominium Corporation?
Yes if majority of the members of the board are residents of the Philippines and if the corporation has less than 40% foreign equity