Not quite right. A foreigner may purchase a condominium unit as long as at
least 60% of the other units are Filipino owned. Don't kid yourself about
"Corporations"
corporations for the purpose of defying land ownership laws. It's called
the 'Anti-dummy Corporation" law and it has very sharp teeth!
Ron
----- Original Message -----
From: "Mark Williams" <slowhands95128@
To: <LivingInThePhilippi
Sent: Tuesday, January 08, 2008 7:17 AM
Subject: [LinP3] Re: owning apartments in the PI
> --- 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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