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Foreign Nationals can only own Philippine Real Estate through the purchase of Condominium Units or Townhouses constituted under the Condominium principle with Condominium Certificates of Title In the Philippines, Foreign Nationals can only buy condominium units under Republic Act 4726, otherwise known as the Condominium Act. The law provides that no condominium unit can be sold without at the same time selling the corresponding amount of rights, shares or other interests in the condominium management body (The Condominium Corporation) , and no one can buy shares in a condominium corporation without at the same time buying a condominium unit. Now the Condominium Act of the Philippines, R.A. 4726, expressly allows foreigners to acquire condominium units and shares in condominium corporations up to not more than 40 % of the total and outstanding capital stock of a Filipino owned or controlled corporation. As for Philippine Visa Requirements, for those Nationals planning to stay for longer term visits to the Country, or for Non Philippine Nationals, a Retirement Visa may be applied through the Philippine Leisure Authority where proposed or “pre-existing investments may qualify the applicant for a Philippine Retirement Visa. The Philippine Leisure and Retirement Authority (PLRA) is now accepting Special Resident Retiree’s Visa (SRRV) applicants with pre-existing investments in the Philippines. This policy has been in place since October 28, 2003. Pre-existing investments in the form of a previously purchased condominium unit, shares of stock in corporations, leasehold agreements and proprietary membership shares are accepted in lieu of the required US dollar time deposit. In addition to the usual documentary requirements for SRRV application, applicants should submit specific documents depending on the type of investment they will be using in lieu of the US dollar time deposit. For condominium units or long-term leasehold agreements, applicants should submit: Condominium Certificate of Title (CCT) or Transfer Certificate of Title (TCT) duly certified by the Registry of Deeds; and Deed of absolute sale as proof of the property’s purchase price, which should be at least USD 50,000.00 or USD 75,000.00, whichever is applicable, based on the exchange rate at the time the property was purchased or acquired. * Right To Own Philippine Real Property Under the pertinent provisions of the Philippine Constitution only Filipino citizens and corporations or partnerships at least 60% Philippine owned are entitled to acquire LAND in the Philippines. As an exception to this rule, foreign acquisition of Philippine real estate is allowed in the following cases. Acquisition before the 1935 constitution. Acquisition thru hereditary succession if the foreign national is a legal heir. Purchase of not more than 40% interest as a whole in a condominium project. Purchase by a former natural born Filipino citizen subject to the limitations prescribed by law. A Filipino who is married to an alien retains their Philippine citizenship, unless by their act or omission they are deemed to have renounced their Philippine citizenship. [Please see notes on the Philippine Dual Citizenship Law]. * Foreign Ownership as a Philippine Corporation Another way for foreign nationals to invest in Philippine real estate is for the Foreign national or foreign corporation to create a Philippine corporation to hold title. This allows the Philippine corporation of a foreign national or foreign corporation less investment risk and more control of their Philippine real estate investment, and other Philippine investment assets. Foreign nationals, and corporations may 100% own a Philippine condominium or town home. For private land, residential home with land lot and or commercial building with land lot ownership the foreign national and or corporation forms a Philippine Corporation to take ownership of the property. On paper, a Philippine Corporation by Philippine law will be a maximum of 40% foreign owned, and a minimum of 60% Filipino owned with a minimum of five incorporators. The Philippine corporation by law shall have a main bank account tied to it before and upon incorporation. A foreign national may be the sole person on the Philippine corporation bank account once after the Philippine corporation has been created and power of attorney has been handed over to the foreign investor at the time of incorporation. Thus allowing the foreign national total control over the funds derived and paid out from the Philippine Corporation and from the income or sale of the asset or real estate property. * New Dual Citizenship Laws Affecting Property Ownership Dual citizenship is now newly available under Philippine Law. Dual citizenship means having two citizenships and passports from two different countries. Former Philippine citizens born in the Philippines, but that have immigrated to another country and obtained citizenship of that country. A foreign spouse married to a Philippine citizen. Dual citizenship allows the citizenship holder full rights of possession of Philippine real estate property. * Philippine’s Embraces Dual Citizenship [September 19, 2003] In a landmark bill, the Philippine Government enacted Citizenship Retention and Reacquisition Act. With this act, the decades-old ban on dual Philippine citizenship was thrown away. The Philippine Congress recognized that in today’s world, Filipinos have dispersed around the world and have even taken on the nationality of their new home countries while maintaining their strong ties to the Filipino community, heritage and families. Unfortunately, prior to this act, a Filipino who naturalized in another country, such as the U.S. lost Filipino citizenship. The Philippine Congress recognized that this seriously affected the unity of Filipinos overseas with those in the Philippines. It also had drastic consequences with prior Filipinos losing interest in investing in the Philippines. The new act allows all prior Filipinos who lost their Philippine citizenship because they became citizens of another country to regain Philippine citizenship. It also allows Filipinos who want to naturalize in another country, like the United States for example, to keep their Philippine citizenship. Reacquiring and retaining citizenship allows dual national Filipinos to vote and run for elected office. The children of Filipinos who reacquire citizenship are also affected. Those unmarried children, under the age of 18 will also be considered to be citizens of the Philippines. This includes legitimate, adopted, and illegitimate children. The reacquisition of Philippine citizenship is not automatic. Filipinos who lost Philippine citizenship when they became citizens of anther country must swear an oath of allegiance. The oath is found in the text of the act, and in the coming months the Philippine Department of Justice will provide rules on the administration of the oath. One can envision that former Filipinos overseas need appear at their local Consulate to take oath and apply for Philippine passport. The new act accepts back, with open arms, Filipinos who lost their citizenship. It embraces dual citizenship and recognizes that in today’s day and age dual citizenship is a desirable factor for Filipinos who maintain their allegiance to their homeland. * Foreigner Married to a Philippine Citizen If holding title as an individual, a typical situation would be that a foreigner married to a Philippine citizen would hold title in the Philippine spouses name. The foreign spouse name cannot be on the property Title but can be on the contract to buy the property. As a foreign investor caution should be taken upon considering taking title to real estate in this manner. * Condominium Residential Commercial Development Ownership Law Presidential Decree No. 957, which regulates the sale of subdivision and condominium developments. The National Housing Authority has exclusive jurisdiction to regulate real estate trade and business, a function, which is presently exercised by the Housing and Land Use Regulatory Board (HLURB). Certain conditions are required before a license to sell condominium development units and or subdivision development lots and homes is issued to a Filipino or Foreign owned individual or corporation. The requirements include a certificate of registration, a performance bond, and an approval of the building plans and specifications. Please don’t hesitate to contact us if you need assistance in acquiring a real estate property in the Philippines. Beth Collingz PLC International Marketing Networks Pacific Concord Properties Inc., Manila Head Office Shaw Boulevard, Mandaluyong City. Metro Manila. Philippines Phone: Manila [632] 717 1958 Fax: Manila [632] 718 1828 Pacific Concord Properties Inc., Cebu Office Lapu-Lapu City, Mactan. Cebu. Philippines Phone: Cebu [6332] 340 0721 Fax: [6332] 495 4938 EMail: plcmarketing@smartbro.net / plcsales@pldtdsl.net http://www.lancastersuites.com http://www.plcglobalpinoy.comhttp://feeds.feedburner.com/PhilippinesTravelGuide
Imagine the joys of a summer home that makes you money whenever you are not staying in it. This kind of place would be beautiful to visit, comfortable and easy to live in, and ready for you whenever you want because it would be yours. A timeshare cannot offer you all of that no matter how desirable the location, since it can be difficult to get the time slots that you want and even harder during peak vacation time. A timeshare cannot give you everything you need to have the perfect getaway whenever you want, but a condo in a place like Cebu city, Philippines. Cebu City is one of the most incredible real estate location in Philippines. Invest in Cebu and you can retire to your beachfront condo whenever you wish to enjoy days filled with sun, sand, golfing, fishing, and anything else you could desire from a tropical paradise. Your oceanfront condominium will be waiting for your return whenever you are away, and you will surely wish to retire to Cebu Citynsetting after spending vacation after vacation in sunny bliss. Real estate in Cebu City is a flourishing business because of the high profitability and constantly increasing prices of the local properties. Even just a couple of years of property ownership could translate into big money for interested investors, and getting a great vacation home that pays for itself is no small benefit either. You may become so enamored with your property in Cebu City that you will not be willing to sell it! Owning real estate in Cebu Citty means living in the lap of luxury. You can enjoy a tropical paradise on the Pacific Ocean and never worry about a thing. The beautiful and luxurious condominiums and other properties in this city are made for the comfort and delight of their residents, even short term residents like yourself. Glance out the window of your Cebu City condo and watch the dolphins play in the Pacific Ocean. Enjoy sunshine on the beach or adventures beneath the waves, and fall in love with this incredible location. Prices on properties in Cebu seem to rise by the day, so now is the time to do your due diligence and learn more about investing in cebu , Phils . Your investment property may be just waiting for you in sunny cebu, but it won’t wait forever. The time has come for you to make the smart move that you have been dreaming of and invest in Cebu ,phils. Investing in a condominium in Cebu City could be a smart investment choice for those who are looking to invest in Philippines. You will have a vacation home to enjoy that practically pays for itself, and you could potentially be able to resell the condo for a great profit if you don’t decide to retire to philippines entirely. With all of these incredible benefits, what could be better?About the AuthorReal Estate in the US maybe cooling, but real estate opportunities are heating up in Cebu City. Cebu City is a destination that likely going to be a hot bed for real estate development for years to come. Visit Robinsons land,Amisa cebu and subscribe to get information on how to purchase condos in Cebu.http://feeds.feedburner.com/PhilippinesTravelGuide
Philippine Islands and its beautiful beaches.Picture Source: Boracay Island Galleryhttp://feeds.feedburner.com/PhilippinesTravelGuide
Jeepneys are more than a form of transport, they are an indication of the resourcefulness and ingenuity of the Philippine people. Jeepney owners compete for the flashiest vehicle, ornamenting their jeepney with multiple stainless steel hood ornaments, fluorescent detailing, and art work that may include: women, Catholic Saints, and pop culture (Michael Jordan being a popular jeepney logo. The jeepney rapidly emerged as a popular and creative way to reestablish inexpensive public transportation, which had been virtually destroyed during World War II.
The jeepney industry has evolved more quickly in the past 2 years than it has in the past 50 and the chromey, loud, boisterous icon is soon to be a vehicle of the past. Like an automotive phoenix, the jeepney rose from the ashes of Manila at the end of the Second World War. A government agency issues licenses for jeepney drivers to ply established routes at set fares that begin at a very reasonable 2. The first jeepneys were actually the army jeeps themselves, numbering into the hundreds all over the country, but mostly concentrated in the metropolis, which were repainted or scraped to the metal, upon which various decorations were attached.
Jeepneys are decorated all over with shiny pieces of metal, tiny horse statuettes (a nod to the precursor of the jeepney, the horse-drawn kalesa), plastic banners, pinwheels, mirrors, and other colorful or shiny objects. Jeepneys typically travel only to the next town, so you’ll have to change jeeps if you’re traveling any distance in the rural areas (or take a bus). The jeepney builders in the past were mostly concentrated in Cebu City, Las Piñas City and Cavite; however, with the recent slowdown of sales, many of the smaller builders have gone out of business.
Payment while on a jeepney is on an honesty basis, with the jeepney driver just hoping that everyone who goes on his vehicle will pay the required amount for the distance traveled. A writer once said: “The Jeepney is a mobile assemblage of signs, and symbols, decorative motifs and fetishes, rattling along the streets of Metro Manila and other towns throughout the archipelago with a ‘Whoopie’ that would astonish the designers of the Original Willys’ Jeep.