Can Foreigners own Real-Estate Properties in the Philippines?
Foreigners are being attracted to invest in Philippines because of the some following reasons:
1.) Tropical Climate
2.) Resiliency and Hospitality(attitude of the people)
3.) Tourist Spots
4.) Economic Growth
5.) More productive workers and professionals
The question is, are they allowed to own a property?
-Generally,no because only Filipino citizens can own a land and house. Aliens may acquire real-estate property with the following conditions :
They had purchased a property under the 1935 Philippine Constitution.
Dual Citizenship as allowed in the 1987 Philippine Constitution. It means that you are natural-born here in the Philippines but raised in the other country, you can still own a land here as long as you had sworn allegiance to the country unless you renounce it.
.jpeg)
If Foreigners are married of a Filipino citizen.
They can only acquire 40 percent of the total number of condominium units.
.jpeg)
Foreigners are looking forward Philippines as their home of investments because the country offers different important things that would consider as assets of the country.
Share your thoughts with us by upvotes and comments. For more info, visit https://www.facebook.com/FullWorthProperties/ or contact https://www.facebook.com/rexezmae.lariosa.1
Credits: Google for Images
Congratulations @mae.fullworth! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Do not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness to get one more award and increased upvotes!