Can Foreigners buy real estate property in Philippines?

As the days go by, it is noticeable that many foreigners are now interested in investing their money through real estate property in the Philippines. Mainly because, most of the foreigners really loved Filipinos, our tropical climate, and the great opportunities awaits them. But the question is can foreigners buy a property in our country? The answer is yes, but there are lots of exemptions to the rule, it is not absolute and always subjected to restrictions.

image source: home.expatfinders.com

Unlike with other countries, anyone who is capable buying a property is allowed to do the transactions regardless of their citizenships. The Philippines are very strict when it comes to foreigner’s ownership. That’s why other natio

ns got surprised when they cannot simply buy a real estate property under their name. Basically, real estate property in the Philippines is exclusive only for Filipinos, a corporation that has at least 60% Filipino interest, and Dual Citizenship.

According to the Philippine law, Filipino citizens are totally allowed to buy a home or even condo in every part of our country; on the other hand, foreigners can only be a co-owner through his or her spouse.  Another thing is that other nations can own a building but not the land.

 In fact, there are some of our lawmakers pushing to have revision and modification of the law concerning foreign ownership in our country to simply expand the coverage and limitations of it although it would be a long standing debate. Most of the lawmakers who are pushing the revision of that law believed that this would result in more investments from overseas. However, the other side of the group who are against in modification says that it would affect our national patrimony if we allowed foreign investors to have an easy access of our real estate property.

Filipinos are being aggressive nowadays in understanding the legality and the rights when buying a property. Simply because they want to ensure that the transactions would be smooth. Asking legal questions and conducting own research to legalize everything.  I hope this blog helps you to understand the other side of the coin. Investing at the first place is not a bad move after all.