Transfer and Title Question

[Joey G]

Thanks... it's definately more than 5000 sq meters and less than 1 hectare... I guess the rub will now be... what is it zoned as?  It was bare land when it purchased, so hopefully agricultural.  Will have to check on the zoning, and hope it's not residential. I guess that's determined by the local jurisdiction. If it turns out to be residential, we might have to divide it into separate parcels.  Even 5000 sq meters is a good size lot... over an acre in U.S. size. 

[Old55]

Joey, I would think you are right dividing the property that way.

But Do so insuring access to road and utilities. We understand that you’re wife’s mom and dad are agreeable and honest but later it could be other family members will come to own all or part of the “extra” property.

[Joey G]

Good point on access and utilities... 

On separate note... in the U.S. it's common to buy "Title Insurance" when you but property/house.... although it's rarely needed.On the other hand... if there was a place begging for a Title Insurance program... it sounds the Philippines would be it.

 

[sonjack2847]

3 hours ago, Joey G said:

if there was a place begging for a Title Insurance program... it sounds the Philippines would be it.

And that would be just a fraught with danger, you can have insurance here whether they pay-out or do anything for it is a lottery at best. A good Idea but I don`t think it would work. In the UK the lawyer handling the sale is responsible.

[Balisidar]

On 2/23/2019 at 1:12 PM, Joey G said:

She is a balikbayan, a U.S. citizen, and is not currently a Filipino citizen. We both currently work and live in the U.S.   We plan to move to the Philippines and live there full time. 

You know it's a really easy process for her to become a dual citizen?  We did that about a month after my wife became a naturalized U.S. citizen.

[Joey G]

so if one is dual citizen... does the PI still require they pay income tax on any income earned in the US?

[Balisidar]

1 hour ago, Joey G said:

so if one is dual citizen... does the PI still require they pay income tax on any income earned in the US?

Quick answer is No.  From the Philippine embassy website.  

Hence, all Filipinos abroad, including those who have reacquired their Philippine citizenship, have been exempted by the PhilippineGovernment from paying Philippine income tax on incomes earned abroad. Incomes earned in the Philippines, however, will be subject to Philippine income tax.

[Gary D]

25 minutes ago, Balisidar said:

Quick answer is No.  From the Philippine embassy website.  

Hence, all Filipinos abroad, including those who have reacquired their Philippine citizenship, have been exempted by the PhilippineGovernment from paying Philippine income tax on incomes earned abroad. Incomes earned in the Philippines, however, will be subject to Philippine income tax.

Back in the day the wife used to say she was a house wife, no tax.

[hk blues]

11 hours ago, Balisidar said:

 

 

11 hours ago, Balisidar said:

Quick answer is No.  From the Philippine embassy website.  

Hence, all Filipinos abroad, including those who have reacquired their Philippine citizenship, have been exempted by the PhilippineGovernment from paying Philippine income tax on incomes earned abroad. Incomes earned in the Philippines, however, will be subject to Philippine income tax.

I may be reading this wrong, or misunderstanding the original question, but if the dual citizen is living in  the Philippines they will still be required to pay tax on any income earned in the USA, surely?  

[Balisidar]

11 hours ago, hk blues said:

 

I may be reading this wrong, or misunderstanding the original question, but if the dual citizen is living in  the Philippines they will still be required to pay tax on any income earned in the USA, surely?  

Hk, they will be taxed by the u.s.government for earnings but they won't be taxed by the Philippine government.