--- In LivingInThePhilippi
wrote:
>
> Hello everyone,
>
> This question might be a repeate but i would appreciate any feedback.
> I am aware that a non-philippino is not allowed to own land in the
> philippines. How about apartments? Is a foreigner allowed to buy / own
> an apartment/condo?
> Aki from Zurich.
>
Not as an individual, only as a spouse of a filipina.
You can form a Philippine corporation, with a minimum of 5
shareholders and 60% filipino shareholders. Lawyers arrange 3
filipino partners who serve for a nominal fee, you and your spouse or
partner can take the 40% and control the corporation. This is a
complicated but routine legal maneuver to sidestep the restrictions.
Korean investors are rapidly gaining control of tourist areas this
way, because the warm Philippines are a great place to thaw out and
get their ashes hauled. The battered Philippine economy is still a
cheap investment arena for the Asians from more successful countries
nearby.
***The List Real Estate Consultant is President of the Cebu Realtors Board, Tita Domingo, a Realtor (R) with national associates. She is TitaDomingoRE@hotmail.com .***
Listings:http://www.livinginthephilippines.com/real_estate/realtor.html
Moving here, for relocation services and other representation or services Contact the website and List owner don.herrington@livinginthephilippines.com for assistance, advice and guidance. Some of these services may be fee based.
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