Buying land

[Dave Hounddriver]

I believe I have found a legal way for foreigners to own land, 100%, in Philippines.  But I'm not gonna try it.  Here is how you can try it.

A foreigner may own 100% of a Philippine Bank.

(reference here http://www.philstar.com/business/2014/11/17/1392458/foreigners-may-now-own-100-phl-banks )

So you get a friend to buy the land and finance it for them. Or you just lend money on a piece of land you would like to own and you know the people cannot afford the payments.  As soon as they miss a payment, foreclose.  Now your 100% owned bank has repossessed the land and owns it 100%

Hmmmm.  Comments?  PS.  I have seen it done many times and it works, but I have only seen it done with a licensed "lending company" when foreign husband and filipina wife co-owned the company.  I have not yet seen it done where the foreigner owns 100% of the bank.  

[Jack Peterson]

1 minute ago, Dave Hounddriver said:

I believe I have found a legal way for foreigners to own land, 100%, in Philippines.  But I'm not gonna try it.  Here is how you can try it.

A foreigner may own 100% of a Philippine Bank.

 Hmmmmmmm there will I am sure, be a catch somewhere, No one is going to leave a loophole that big, are they ?

jack

Morning All (Still at ICU with my MIL. Lumbar puncture procedure at 1 pm)  for the lovely old Lady of 95

[Gary D]

3 hours ago, Dave Hounddriver said:

I believe I have found a legal way for foreigners to own land, 100%, in Philippines.  But I'm not gonna try it.  Here is how you can try it.

A foreigner may own 100% of a Philippine Bank.

(reference here http://www.philstar.com/business/2014/11/17/1392458/foreigners-may-now-own-100-phl-banks )

So you get a friend to buy the land and finance it for them. Or you just lend money on a piece of land you would like to own and you know the people cannot afford the payments.  As soon as they miss a payment, foreclose.  Now your 100% owned bank has repossessed the land and owns it 100%

Hmmmm.  Comments?  PS.  I have seen it done many times and it works, but I have only seen it done with a licensed "lending company" when foreign husband and filipina wife co-owned the company.  I have not yet seen it done where the foreigner owns 100% of the bank.  

I think all of the foreign owned banks in the Philippines are actually franchises, so fully filipino owned.

[AlwaysRt]

Making a loan does not make you a bank, it makes you a lender. Not sure what it takes to be a "Bank" in the Philippines but would not be surprised if minimum cash on hand was in the Billions of pesos, with fees in the millions, and regulatory paperwork several cm thick.

[Snowy79]

I'm afraid there's so many loopholes to jump through to form a bank including the main one at 2C.  http://www.complianceonline.com/basic-guidelines-for-establishing-banks-in-the-philippines-an-overview-and-summary-of-requirements-13745-prdad

[robert k]

If one had the cash to become a bank you could live in any house the bank buys as one of your perks. I imaging you would need a staff to keep in compliance with laws so you might as well operate the bank and make some money while you are at it.

[Clermont]

I've been reading, ways not to get caught when buying land. The last remark is funny, maybe he will fit into the Philipino community with ease. An old Philipino told me, "we own the land, stop trying to steal it off us, " just choose your partner wisely and treat her well, a true Pinoy will be beside you when you take your last breath. What I guess he was trying to tell me, treat them as equals  and you will find more help than hinderance     from close relations when try to negotiate the mind field of purchasing land.

[Dave Hounddriver]

3 hours ago, Clermont said:

An old Philipino told me, "we own the land, stop trying to steal it off us, "

I understand their point of view and its wise to accept it. My further comments are off topic but included for those with a taste controversy.

Spoiler

Its a good plan eh?  Because it seems we Canadians stole all the land from a few natives and they want it all back so we can only lease it from them.  So even though a lot of them natives come up from the USA back when the US "took care" of their native problems it seems they still have all the rights because they don't recognize the border.  They own it all, eh. And the Canadian government just keeps paying whatever they ask, it seems.

https://ca.usembassy.gov/visas/first-nations-and-native-americans/

I guess its like here in Philippines.  That old Philipino said "we own the land etc"  and the Islamic groups in Mindanao say screw you "We own the land" and the Chinese say: We have ancestral rights to anything in the sea that we visited millennia ago.  

 

[Jack Peterson]

12 minutes ago, Dave Hounddriver said:

My further comments are off topic but included for those with a taste controversy.

Not as Controversial as it may sound as it is quite right, one would have to ask these people "And exactly When, did it become YOUR land

Where did you get it from? OH! I see, someone else, So are we not all claiming land that was/is really belonging to others

[Clermont]

Without getting into a verbal, Philipinos were nomadic tribesmen of yesteryear then along came the Spainyards. The last to conque the Philippines was the yanks around the turn of 1900, Japan invaded during the Second World War and were liberated by the yanks and their alies. They own the land through history and a bit of paper the yanks gave them at the end of WW2. Just a quick history lesson.