Date: February 21, 2024
Manila, the vibrant capital city of the Philippines, attracts expatriates from around the globe with its dynamic culture, warm climate, and welcoming community. If you're considering making Manila your new home, here's everything you need to know about buying property as a foreigner:
Can expatriates own property in Manila?
While the Philippine Constitution restricts land ownership to Filipino citizens, expatriates have options for acquiring real estate in Manila. One popular avenue is purchasing a condominium unit, which offers a streamlined process and additional benefits. However, foreign ownership in condominium buildings is limited to 40%, with the remaining 60% reserved for Filipino citizens. Expatriates can also lease land to own a house within private subdivisions, under the Investor’s Lease Act of the Philippines.
Are there alternative methods for foreigners to buy property in Manila?
Marriage to a Filipino citizen allows foreigners to purchase property under their spouse's name. Establishing a domestic corporation is another option, where at least 60% of the company must be owned by Filipinos. Foreigners can also apply for a Special Resident Retiree’s Visa (SRRV) for retirement in Manila, providing various benefits.
Are visas necessary for property purchase in Manila?
While not mandatory for property acquisition, visas can be beneficial, especially for securing local bank loans. Essential documents include a passport and an Alien Certificate of Registration (ACR) for long-term residents.
What are the associated transaction fees when buying property in Manila?
Transaction fees vary and typically include Documentary Stamp Tax, Registration Fee, and Transfer Tax, among others. Buyers should also budget for the cost of notarizing the Deed of Absolute Sale.
How can foreigners find properties in Manila?
Online listing platforms like Berenta, Zipmatch and even in Facebook Marketplace, offer a wide range of condos and houses for sale or rent, while partnering with a reputable real estate company like Bed&Go can provide personalized assistance and expertise throughout the purchasing process.
Partnering with trusted real estate company such as Bed&Go for property purchases ensures a smoother experience. Their brokers offer tailored assistance, leveraging their expertise and network to find ideal properties. Bed&Go handles every aspect of the transaction, from market research to negotiations, saving time and minimizing risks. With their deep understanding of legal requirements, clients can proceed with confidence, knowing they have a dedicated team supporting them at every step.
While the Philippines imposes restrictions on land ownership for foreigners, there are avenues available for expatriates to acquire real estate in the country. Whether through condominium purchases, long-term lease agreements, marriage to Filipino citizens, establishment of domestic corporations, or retirement visa programs, foreigners have viable options to invest in Philippine properties. Additionally, expatriates seeking assistance in purchasing properties in the Philippines can leverage the expertise of platforms like Bed&Go. Bed&Go offers specialized services to help clients navigate the real estate market with ease. From selecting the best units in condominium projects to facilitating the entire purchasing process, Bed&Go provides tailored solutions to meet the unique needs of each client. With their in-depth knowledge of the local market and dedication to client satisfaction, Bed&Go ensures a seamless and rewarding experience for expatriates looking to invest in Philippine properties.
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