Who can own a land or real estate property in Philippines?
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The general rule is that Filipino citizens and Corporations or Partnership at least 60% Philippine owned are entitled to acquire land in the Philippines.
AN EXCEPTION TO THIS RULE:
* FOREIGN NATIONALS OR CORPORATIONS MAY COMPLETELY OWN A CONDOMINIUM OR TOWNHOUSE.
To take ownership of a private land, residential house and lot, and commercial building and lot, foreign nationals or corporation must form a Philippine Corporation. The Corporation is to be 40% foreign owned (maximum ) and 60% Filipino owned (minimum) and with at least five (5) incorporators. Upon incorporation, a main bank account should be tied up to the corporation. A foreign national may be the only person in the bank account , allowing him/her total control over the funds derived from the corporation and the income or sale of the asset or property.
* WHERE A FORMER NATURAL BORN FILIPINO WHO BECAME A CITIZEN OF ANOTHER COUNTRY. Balikbayan who is a a former natural Born Filipino Cititzen and now a citizen of another country is entitled to own for residential purposes not more than 1,000 square meters for urban land and not more than one (1) hectare of agricultural or farm land.
*A FILIPINA WHO MARRIES AN ALIEN RETAINS HER PHILIPPINE CITIZENSHIP ( to avoid being stateless) unless by her own act or omission. She is deemed to have renounced her Filipino citizenship, may acquire and own private lands in the Philippines.
* NEW DUAL CITIZENSHIP LAWS PERTAINING TO PROPERTY OWNERSHIP. Dual Citizenship just got approved. Dual Citizenship means having two citizenship and passport from two different countries. inquire for more updates regarding procedure in the implementation of this new Law.
For your Real Estate Investment in Cebu, Philippines, BE SAFE. Consult only Licensed Cebu Real Estate Broker.