Buying Property

[RB1445]

Hello guys, Can anybody help me here. How true that the Philippine American citizen  will be able  buy a property in the Philippines ? I am asking this its because of my sister planing to buy a condo and retire 

in PI. 

[earthdome]

Hello guys, Can anybody help me here. How true that the Philippine American citizen  will be able  buy a property in the Philippines ? I am asking this its because of my sister planing to buy a condo and retire 

in PI. 

Anyone can buy a condo, no need to be a Philippine citizen.

 

If she no longer has Philippine citizenship she may want to reapply for that. Not sure what the process is but as I recall it has been discussed on this forum before.

 

If she doesn't want to obtain Philippine citizenship then she may want to apply for the SRRV retirement visa before purchasing a condo.

[Bruce]

Anyone can buy a condo, no need to be a Philippine citizen.

 

Not 100% true. The 40 / 60 % mix rule governs and if there already other foreigners owning, the building management is not supposed to allow more than 40% foreigners. 

 

If the sister is a fil am and had dual passports, she may slide through if she neglects to mention the US passport.  

This also applies to townhouses depending on how they are deeded.

 

While not a part of this post, there are other corporate options available, but each has a host of conditions to be met.

 

If the sister has a US SS check, make sure she is not talked into revoking her US citizenship to obtain sole Philippine citizenship IF it will affect her SS check.

 

There are also 50 year lease options.

 

All have been discussed on this forum in the past. When in doubt, talk to a Philippine immigration attorney from a named firm.

[JJReyes]

The rule is former Filipino citizens born in the Philippines who emmigrated to another country and obtained citizenship of that country, can apply for dual citizenship. Known as Fil-Ams, current law permits the purchase of up to a maximum 1,000 sqm for residential house & lot ownership. There are no restrictuion for condominium ownership. Dual citizens can also purchase up to three hectares of land in a rural area.

 

Be very careful because the United States government does not recognize dual citizenship. You need to depart and re-enter using you American passport. The Philippine government wants you to use their passport for entry and departure. I think you are also subject to the travel tax, whereas non-citizens who purchase their tickets outside of the Philippines don't pay. You might also be subject to Philippine income taxes as a dual citizenship. Be careful. Do the research.

 

If your sister wants to reside in the Philippines in retirement; limit property ownership to a condo; my recommendation is the Philippine Retirement Authority SRRV program "Courtesy" visa. The Courtesy visa avoids paying Philippine taxes on retirement income and the departure tax. There are other privileges.

Edited June 7, 2013 by JJReyes