|
|
In the Philippines only Filipinos can own land. Consequently it is
almost impossible for foreigners to own a house and lot. However, there
are no restrictions on condominiums or apartments. A foreigner buying a
condominium will receive a freehold deed of ownership, exactly the same
as a Filipino. There are no restrictions on you occupying or renting. If
you decide you wish to sell at some time in the future you are free to
export your money with no restrictions.
A common problem with buying a house and lot is where a
Filipina is married to a foreigner and the house and lot is bought in
the Filipina wife's name. On the death of the Filipina the property
cannot pass to the husband, as he is not a Filipino national, nor to any
children they may have that have foreign nationality, and the property
has to pass to Filipino relatives of the wife's family. This is
not a problem with condominiums, as they can be passed on to Non
Filipino nationals.
Another problem can arise with house and lots where both
husband and wife are Filipinos. If they are working abroad and have
children who gain citizenship of another country, then these children
are unable to inherit the parents property in the Philippines.
Here again, this is not a problem with condominiums, as they can be
passed on to Non Filipino nationals.
|
