Owning real estate in the Philippines as a foreigner can be a bit complex due to restrictions imposed by the Philippine Constitution and other laws. However, there are several options available to foreigners who wish to invest in Philippine real estate.
- Condominium Units: Foreign individuals can own condominium units in the Philippines without any restrictions. This is one of the most straightforward options for foreign ownership.
- Long-Term Lease: Foreigners can enter into long-term leases for land (up to 50 years, renewable once for another 25 years) with a Filipino landowner. While the land itself won’t be owned, the lease agreement can provide you with secure tenure for a considerable period.
- Investor Visa: If you’re interested in making a significant investment in the Philippines, you might be eligible for an investor’s visa, which can facilitate property ownership. However, the minimum investment required can be substantial.
- Corporate Ownership: Foreigners can own up to 40% of a Philippine corporation, which can then own land. This can be a complex option due to legal and administrative requirements, and it’s advisable to seek legal advice.
- Marriage to a Filipino Citizen: If you’re married to a Filipino citizen, you can hold the property title in your spouse’s name. However, this option might raise concerns about the security of your investment in case of separation or divorce.
Be sure to work closely with a knowledgeable local realtor or attorney who can guide you through the intricacies of Philippine real estate law and ensure your compliance with all applicable regulations.