Can An American Actually Purchase A House In Cebu?

[foster808]

I bought my house under my wife's name in 1982.  My name is not on the property mortgage paperwork.  I consider it a loss.  I was wondering can foreigners actually purchase a house in The Philippines?  I thought that was impossible.  Advance thanks!!!

 

Ed F

[Mike J]

You can purchase a house, but not the land that the house sits on.  Hard to believe that any sane person would do that.  You can lease land for 25 years, with option to extend for another 25 year lease.  You are allowed to purchase a condo in your own name.  You will hear from some "experts" that there are ways around the law and/or loopholes. :no:   Be advised that there is also a law in place that will invalidate any contract, etc., that is designed to circumvent the law that prevents a foreigner from buying land.  :bash:

[mogo51]

You can purchase a house, but not the land that the house sits on.  Hard to believe that any sane person would do that.  You can lease land for 25 years, with option to extend for another 25 year lease.  You are allowed to purchase a condo in your own name.  You will hear from some "experts" that there are ways around the law and/or loopholes. :no:   Be advised that there is also a law in place that will invalidate any contract, etc., that is designed to circumvent the law that prevents a foreigner from buying land.  :bash:

 

Some good advice and sound comment here Mike.  The moral of the storyis 'dont go there'.  I did it through a company in Thailand and wish I had not done so.  As for putting property in the partner;s name, there is untold evidence in this forum that is NOT the way to go either.

[Dave Hounddriver]

 I was wondering can foreigners actually purchase a house in The Philippines?  I thought that was impossible.

 

I know an American who purchased a house in the Philippines.  He paid the money and got a receipt in his own name and 'owned' it until he died.  The question is:  Was it legal?  Nope.  If anyone had ever challenged him then he did not 'legally own' the house even though he was convinced he did and never had any problems with it.  My guess is the actual 'owners' just took the house and lot back when the old guy passed on and had a good chuckle about the naivety of some people.

 

You can purchase a house, but not the land that the house sits on

It could be that the fellow I refer to did exactly that.  I was not familiar enough with the details to be sure how the transaction went down but again, if no one challenges it then it is no problem.

 

And then there are condos. leases, holding companies, and other work arounds that may or may not work for you.  None of these tricks allow an American to actually purchase a house in Cebu in a safe, secure and legal fashion.

[foster808]

Thanks guys.. I thought it might not be legal and would certainly be risky.

[Jollygoodfellow]

An American, Brit or Aussie and maybe even a French man can purchase a house in Cebu. Must keep it moving though.  

 

 

 

:tiphat:

[Jack Peterson]

An American, Brit or Aussie and maybe even a French man can purchase a house in Cebu. Must keep it moving though.  

 

Moving_a_big_house.jpg

 

 

:tiphat:

Would this be the new age Trailer Trash or as us Brits call them "Travelers."

JP :)

 

Ooooooooooops edit to finish

Edited August 28, 2015 by Jack Peterson

[DavidK]

Yes but don't expect to own it.

[Thomas]

Condo organisations can be owned maximum 40 % by foreigners.   The land (if not leased) are owned by the condo organisation.

 

Basicly same rule as the condo situation can be used to own PART of LAND through a company, BUT then the foreigner CAN'T own more than max 40 % of the TOTAL, so then he CAN'T own the whole house.

But a DEMAND for such solution is that the BUSINESS NEED land to do the BUSINESS. Leasing to only the foreigner, I believe ISN'T fullfiling that demand.

 

 I was wondering can foreigners actually purchase a house in The Philippines?  I thought that was impossible.

 

I know an American who purchased a house in the Philippines.  He paid the money and got a receipt in his own name and 'owned' it until he died.  The question is:  Was it legal?  Nope.  If anyone had ever challenged him then he did not 'legally own' the house even though he was convinced he did and never had any problems with it.  My guess is the actual 'owners' just took the house and lot back when the old guy passed on and had a good chuckle about the naivety of some people.

 

You can purchase a house, but not the land that the house sits on

It could be that the fellow I refer to did exactly that.  I was not familiar enough with the details to be sure how the transaction went down but again, if no one challenges it then it is no problem.

 

And then there are condos. leases, holding companies, and other work arounds that may or may not work for you.  None of these tricks allow an American to actually purchase a house in Cebu in a safe, secure and legal fashion.

Well. A foreigner CAN own the house and LEASE the land, but when the lease ends, if it isn't AGREED to be extended, the house will belong to the land owner.

DURING the lease is still valid, the foreigner CAN sell the house legaly.  

But such house CAN'T be used as collateral.

If the land owner sell the LAND during the lease period, the lease deal is STILL VALID, because such deals follow the property, not the owner.

 

At least I claim it's like that   :mocking:

[Gratefuled]

I bought my house under my wife's name in 1982.  My name is not on the property mortgage paperwork.  I consider it a loss.  I was wondering can foreigners actually purchase a house in The Philippines?  I thought that was impossible.  Advance thanks!!!

 

Ed F

No, and it might be a good thing for the Philippines that foreigners cannot buy real estate in the Philippines. If they could, Japanese, Taiwanese, Americans, Europeans, and any other foreigner would buy up as much as they could afford.

If I remember correctly, that is what happened to Hawaii and Fiji before the government put a stop to it. In the USA, it can still happen. I remember a while back that Japanese nationals could purchase real estate with their credit card. I don't know if things have changed but that's the way it was once upon a time.

If the Philippines does not stop giving away land to the Muslims (BBL, ARMM), it might some day develope the land and use it for something useful and help the country.

Wishful thinking, I know.