Limits on Foreign Property Purchase

[Danmart57]

Newbie here, looking to get SRRV and acquire a home next year.

1 - Is it true I can only buy a condominium not a house?

2 - How many years do I have to have a long-term house rental as per SRRV rules?

Thanks

Dan

[Old55]

Welcome to the forum Dan. Pleased to have you.  

Have you ever visited the Philippines?

Yes. In many cases you may own a condo as a non Filipino citizen.

Do you have a Filipina girl friend or wife? This would affect long-term rental and how long you would be allowed to stay. 

It's also within the law to lease land as a non Filipino citizen and build a house on that land.

Edited June 1 by Old55

[Jollygoodfellow]

44 minutes ago, Danmart57 said:

Newbie here, looking to get SRRV and acquire a home next year.

1 - Is it true I can only buy a condominium not a house?

2 - How many years do I have to have a long-term house rental as per SRRV rules?

Thanks

Dan

To answer your question. No, you can not own land here in your name as it's against the law, You can own a structure on the land.

So yes you can buy a condo and that's it as long as the building is 60 percent owned by Filipinos. 

Long term lease as per SRRV rules I believe is 50 years but check that.

[Danmart57]

JGF Thanks for the info.

1 - So, it seems it could be worked out for a long-time friend to buy a Property and I build/own the house. In short , some type of dual ownership contract, right?

2 - Is it also workable to buy a house where it gets written up as a split ownership to that effect?

 

[Danmart57]

Old55 - I have a non-Filipino wife, so I understand that adds limitations.

I am further intrigued by your comment “with the law…to lease the land” from a Filipino to build a house. I really want to explore that possibility.

Will need to find a recommended RE lawyer.

Thanks,

Dmart

[Old55]

Dan, I suggest you start a new topic asking for a trusted/known real estate attorney around the area you expect to live. A member may have recent experience.

This topic comes up occasionally. Us the search function to learn general background info.

Basically your choices are rent, buy a condo, lease land build a home or take over a lease on land with a home on it. Other forum members may step in with more specific info.

We would STRONGLY suggest you never get into a finical partnership of this kind in Philippines. 

I'll ask once more have you visited Philippines for any length of time? Recommend you rent a place in the area you have interest living before buying.

 

[Danmart57]

Old55, I have been in Cavite area almost every year for a week, so have some familiarity with the area. Yeah, spending more extended time, I expect will give the best insight.

[Snowy79]

On 6/2/2024 at 8:28 PM, Danmart57 said:

JGF Thanks for the info.

1 - So, it seems it could be worked out for a long-time friend to buy a Property and I build/own the house. In short , some type of dual ownership contract, right?

2 - Is it also workable to buy a house where it gets written up as a split ownership to that effect?

 

Your best option is to come on a tourist visa which will give you 3yrs to try out a few places. What initially seems like paradise can turn to Hell once you settle in. 

As previously stated you can't own land but you can own the house that sits on the land. Personally unless you've been married to a Filipino for years I'd find an area you like and lease land for 25yrs with the option of an additional 25yrs, chances are we will all be dead by the time the lease is up but you have protection. Finding a friendly Filipino or new partner to put the land title in could be dangerous. Or just buy a condo in your name.