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Aug 9, 2015

Foreigners Can Own Property in the Philippines

Unknown     8/09/2015  No comments

Foreign Owned Property Philippines:

Foreigners cannot legally own land in the Philippines. However, they can own other properties.

 Here are 5 Ways Foreigners can own property in the Philippines:

1. Foreigners  (Non- Philippine citizens) can own houses or buildings in the Philippines, but they cannot own the land where their buildings or houses are built. They can rent the land/ lot where their building or house is built.

2. Foreigners can own condominium units in the Philippines as long as foreigners don’t own more than 40% of the condominium building.

3. Foreigners can form a company with Filipinos and that company can own properties in the Philippines. The company must have a minimum of 5 shareholders and Filipinos must consist 60% of the shareholders.

4. Foreigners or foreign corporations can lease land in the Philippines on a long-term contract involving a 50-year initial period, which is renewable every 25 years.

5. Natural born former Philippine citizens can own a maximum of 5000 square meters of urban land and 3 hectares of agricultural land in the Philippines.

 Philippine Tax for Philippine Properties owned by Foreigners:

 1. Documentary tax of 1.5%,

2. Transfer tax of 0.5%

3. Value Added Tax (VAT) of 10%

4. Income tax on rent of 5.13%, along with other fees.



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