Buying property in the Phils.

[Peter Lee]

... in response to Re: Re: Buying property in the Phils., posted by don2222 on Dec 5, 2003

When we were kids in Australia we played manopoly.   Panglao property has tripled in 7 years renting would take the fun out of the game.  Tourism is down now and a good time to buy.   You can buy a place for family members and meantime live there for free.  I found that ferries were cheaper than hotel rooms and each morning you would wake up to a different island LOL.  No roosters on the ferries if you go delux [second floor]  I only found 2 places I would want to stay.  Panglao and Boracay and both were expensive to rent on the beach.  All depends on what you want.   I kinda liked the roosters and got used to it.

[shadow]

... in response to Re: Re: Buying property in the Phils., posted by don2222 on Dec 5, 2003

There are other very valid reasons for renting, or rather leasing, over buying here. Here's one.

Reason #1. The foriegner has more rights in a lease than they would buying.

Crazy, you say? Foriegners cannot "own" land here. If they choose to buy, they must put it in someone elses name.  Most choose to put it in their wife's name, which in many cases causes the wife's family to 'poison' their relationship. Why? Because if their relationship can be destroyed, it is a simple proceedure to get the foreigner deported, then the wife inherits the land. Hence, the family gains control. The foriegner has absolutely no recourse.

A foriegner CAN own a dwelling, however, and they can lease land for up to 50 years. With this method you can build your house to suit. Generally you can do anything on a leased property that you could buying and putting in someone else's name. But the real issue is the FOREIGNER is the legal controller of the land and dwelling.

Long term leases can be very cheap, sometimes as low as $100 a year. I have recently leased a new beach front nipa hut near Siaton, Negros Oriental. Very nice and peaceful place. Very remote. Cost is $500 a year, and the owner does the maintenance.  The owner is Austrailian, been there doing this for years. The real kicker  is NO ROOSTERS!!!!

Larry.

[Ray]

... in response to I will expound a little., posted by shadow on Dec 5, 2003

Is that in the lease Larry? ROFL!

Just one technical point: foreigners CAN own land in the Philippines. You can be a minority owner with a majority Filipino ownership. You can also own land as the sole owner under one condition: you can inherit it.

If a foreigner wants to purchase and own a piece of land, he can:

1. Marry a Filipina

2. Have her execute a will where he is the sole heir

3. Purchase the land in her name

4. Have her "salvaged"

5. Take over ownership of the land

Disclaimer: For those out there with no sense of humor, I am not advocating uxoricide and I didn't mean to give anyone any evil ideas :-)

I agree that the long-term leases are usually the best option to protect yourself from a legal standpoint. But there is certainly nothing wrong with putting the property ownership in your wife's name if you trust her and don't ever do anything to make her mad :-)

Also, a Filipino attorney should be able to draw up a contract where you own a 49% share and your wife owns 51%, with specific terms limiting the sale or transfer of the property. But like you said, you are still the foreigner and definitely at a disadvantage.

Ray

[Humabdos]

... in response to Re: Re: Buying property in the Phils., posted by don2222 on Dec 5, 2003

Yea I wouldn't live in AC City ether Don. I was just giving you a hard time for complaining about the Chickens and pigs around you! ROTFLMAO Come on your in the Philippines dude! I have a feeling your a city boy rather than a nature freak like me. Have you been up to Malapascua Island yet? You will find lots of peace and quite up there except for the Chickens that is lol. Also have you been to Siquijor? Very quite place. Dave at the Coral Cay is a great host when he's there.

If it makes you feel any better I'm here in Oregon working outside in the wind and rain, it's in the 40's today :-(

Hum