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  • Is it legal for a foreigner to own a property as long as the he/she does not own the land on which the house is built?
    Republic Act 4726, known as the Condominium Act of the Philippines, explicitly grants foreigners the right to acquire condominium units and shares in condominium corporations up to 40% of the total and outstanding capital stock of a Filipino-owned or controlled condominium corporation.
  • How can I purchase a property in the Philippines if I am based abroad?
    For investors based abroad, you need an "attorney-in-fact" or representative. This can be a person who you trust, or a licensed real estate broker (REB). You would need to have the following information of this person: - Photocopy of the passport; - Address in the Philippines; - Contact number. Before going to the Philippine embassy or consulate in the country where you are situated, get first the following documents: - Photocopy of your valid passport; - For employed investors, a Certificate of Employment and Payslip; - Proof of income (for example business shares, pensions, sale of property, etc.); - Latest income tax declaration; - Latest bank statement (min. 6 months). Afterwards, visit the Philippine embassy or consulate in the country where you are and get: - Special Power of Attorney (SPA) Specify the functions you will give to your attorney-in fact. This public and legal document entitles your representative to perform on your behalf - purchase a property, sign, etc. - If necessary, translation of the some documents might be required. Send all these papers by certified mail to your attorney-in-fact. He/she should help you to get your Verified Tax Identification Number (TIN). This can be secured from the Bureau of Internal Revenue (BIR) office. In order to get this, provide him/her with your complete name, address and date of birth. It takes a day or two to get this.
  • Who can purchase properties in the Philippines?
    Only Filipino citizens and corporations or partnerships, with at least 60% of the shares owned by Filipinos, are entitled to own or acquire land in the Philippines. Foreigners or non-Filipino nationals, by virtue of the Condominium Act, may purchase condominiums, buildings, and enter into a long-term land lease.
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