Buying A Beautiful Beachfront Property

[Dave Hounddriver]

It has been my experience that buying a beautiful, beachfront property in the Philippines has become beyond my reach. I mean the secluded type of beach that is close to a town but the beach has nice sand etc.I see places like that selling for Millions of pesos and we poor folk just cannot do it. So I am just dreaming here to see what people come up with for pro's and con's and to see if others are interested:I have seen a beautiful piece of beach in a nice area of the province I am now living. I hesitate to say too much as this is a public forum where hungry vultures may lurk. :7_4_17[1]:Anyway, this piece is about 4,000 square meters and is only 400 pesos a square meter if a person takes it all. I don't need 4,000 SM but 1,000 would be nice and the price would only be 400,000 pesos for that.So I am wondering if there are 3 others who feel the same way. The plan would be to form a corporation owned by the guys and their wives. The corporation would own the land and we would just fence off 4 lots of 1,000 meters each. If you ever want out just sell your share for whatever you can get for it to one of the other 3 or to a separate person.I am willing to bet it is the only way any of us are going to get 1,000 sqm of nice, sandy beachfront for 400K pesos but I am open to being proven wrong. Any comments?

[Jollygoodfellow]

Are you sure corporations can own the land as its not a business ?

[Dave Hounddriver]

Are you sure corporations can own the land as its not a business ?

So far its hearsay. I have been told they can but would have to check it out if people really wanted to do something like that. Edited January 25, 2012 by Dave Hounddriver

[Art2ro]

http://www.islandspr...statelaws.htm#4Fundamentals Of Property Ownership RIGHT TO OWN 1. General Rule - Only Filipino Citizens and corporations or partnerships at least 60% of the capital of which is owned by Filipinos are entitled to acquire land in the Philippines.2. As exception to the general rule, alien acquisition of real estate in the Philippines is allowed in the following cases: a.. Acquisition before the 1935 Constitution; b.. Acquisition thru hereditary succession. If foreign acquiree is a legal heir;This simply means that when the non-Filipino is married to a Filipino citizen and the spouse dies, the non-Filipino as the natural heir will become the legal owner of the property. The same is true for the children. Every natural child (legitimate or illegitimate) can inherit the property of his/her Filipino father/mother even if he/she does not have any Filipino citizenship. c.. Purchase of not more than 40% interest in a condominium project; d.. Purchase by a former natural-born Filipino citizen subject to the limitations prescribed by Law (Batas Pambansa 185 and R.A. 8179)3. A Filipino who married an alien retains her Philippine citizenship (unless by her act or ommision, she is deed to have renounced her Philippine citizenship) and may therefore acquire real estate in the Phiippines.Foreign Ownership as a Philippine CorporationForeign nationals or corporations may completely own a condominium or townhouse. To take ownership of a private land, residential house and lot, and commercial building and lot, foreign nationals or corporations should form a Philippine corporation. The corporation is to be 40% foreign-owned (maximum) and 60% Filipino-owned (minimum), and with at least five [5] incorporators. Upon incorporation, a main bank account should be tied to it. A foreign national may be the sole person in the bank account, allowing him/her total control over the funds derived from the corporation and the income or sale of the asset or property.Foreign Leasing of Philippine Real Estate PropertyA foreign national and or corporation may enter into a lease agreement with Filipino landowners for an initial period of up to 50 years, and renewable for another 25 years.Note: This document is for information purposes only. The user assumes all risks for its use. www.islandsproperties.com assumes no responsibility for such use. For more information please contact your Philippine Lawyer or a Licensed Real Estate Broker.Some more info on owning your own home in the Philippineshttp://philfaqs.com/...ne-corporation/THE CORPORATION CODE OF THE PHILIPPINEShttp://www.usig.org/...tion%20Code.pdf

[Old55]

It has been my experience that buying a beautiful, beachfront property in the Philippines has become beyond my reach. I mean the secluded type of beach that is close to a town but the beach has nice sand etc.I see places like that selling for Millions of pesos and we poor folk just cannot do it. So I am just dreaming here to see what people come up with for pro's and con's and to see if others are interested:I have seen a beautiful piece of beach in a nice area of the province I am now living. I hesitate to say too much as this is a public forum where hungry vultures may lurk. :7_4_17[1]:Anyway, this piece is about 4,000 square meters and is only 400 pesos a square meter if a person takes it all. I don't need 4,000 SM but 1,000 would be nice and the price would only be 400,000 pesos for that.So I am wondering if there are 3 others who feel the same way. The plan would be to form a corporation owned by the guys and their wives. The corporation would own the land and we would just fence off 4 lots of 1,000 meters each. If you ever want out just sell your share for whatever you can get for it to one of the other 3 or to a separate person.I am willing to bet it is the only way any of us are going to get 1,000 sqm of nice, sandy beachfront for 400K pesos but I am open to being proven wrong. Any comments?

A Filipina wife who is Philippine citizen or dual citizen could own a lot. Good luck on your plan sounds like it could be a sweet deal.

[sjp52]

what area is it in

[intrepid]

My wife and I may be interested. Could you please send me a PM with the location and any other thoughts you may have.Sounds like a good start worth looking into.danny

Edited January 25, 2012 by intrepid

[Jollygoodfellow]

If it was me, I would think maybe a better solution is buy all and subdivide each lot. Still you can get the 3 other buyers and all cover the cost of dividing it and at least that way once it is done there is no ongoing problems.

[JJReyes]

One approach is to lease the property for 50 years, which should include rights to resale under a lease/purchase agreement. A later resale to a foreigner is the "purchase" of the remaining lease. If the buyer is a Filipino, the property can be converted to a purchase. You will need an attorney practicing in the field of real estate law on this one.You can try and get three additional buyers, but I would not try to form a corporation. Too many potential problems especially if spouses are also included as shareholders.Another approach is to convince the seller to divide the property into four parcels and that you purchase one parcel at a pre-agreed price such as P400,000 less a 10% discount. Your ownership, and I assume the construction of a house after the sale, will increase the property value and attract other potential buyers. He can then offer the remaining three parcels at P500,000 each.

[FlyAway]

Is the property area 4,000sqm at high tide or low tide? Joke there on that one. But I do know of people being burned on that for so called "Beach Front" property.My wife and I are interested in more details.