Mark,
Respectfully, the information you have provided the original poster
is incorrect, both in terms of condominium ownership for foreigners
and corporation structure. The penalties are severe for infractions
of the "anti dummy legislation" and, from a foreigners perspective,
may include five to fifteen years imprisonment, sequestration of all
assets and deportation.
Paul
--- In LivingInThePhilippi
<slowhands95128@
>
> --- 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.
>
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