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Philippine Real Estate Law
September 5, 2011Posted by on
Foreign nationals can own Philippine Real Estate through the purchase of Condominium Units or Townhouses constituted under the Condominium principle with Condominium Certificates of Title.
In the Philippines, Foreign Nationals can only buy condominium units under Republic Act 4726, otherwise known as the Condominium Act.
The law provides that no condominium unit can be sold without at the same time selling the corresponding amount of rights, shares or other interests in the condominium management body (The Condominium Corporation) , and no one can buy shares in a condominium corporation without at the same time buying a condominium unit.
Now the Condominium Act of the Philippines, R.A. 4726, expressly allows foreigners to acquire condominium units and shares in condominium corporations up to not more than 40 % of the total and outstanding capital stock of a Filipino owned or controlled corporation.
As for Philippine Visa Requirements, for those Nationals planning to stay for longer term visits to the Country, or for Non Philippine Nationals, a Retirement Visa may be applied through the Philippine Leisure Authority where proposed or “pre-existing investments may qualify the applicant for a Philippine Retirement Visa. The Philippine Leisure and Retirement Authority (PLRA) is now accepting Special Resident Retiree’s Visa (SRRV) applicants with pre-existing investments in the Philippines. This policy has been in place since October 28, 2003. Pre-existing investments in the form of a previously purchased condominium unit, shares of stock in corporations, leasehold agreements and proprietary membership shares are accepted in lieu of the required US dollar time deposit.
In addition to the usual documentary requirements for SRRV application, applicants should submit specific documents depending on the type of investment they will be using in lieu of the US dollar time deposit. For condominium units or long-term leasehold agreements, applicants should submit: Condominium Certificate of Title (CCT) or Transfer Certificate of Title (TCT) duly certified by the Registry of Deeds; and Deed of absolute sale as proof of the property’s purchase price, which should be at least USD 50,000.00 or USD 75,000.00, whichever is applicable, based on the exchange rate at the time the property was purchased or acquired.