Planning to Retire Soon!
If you are planning to retire in the Philippines soon, I suggest you visit several excellent websites on pro's and cons of retiring in the Philippines. However if you want to retire in the provinces, where life is simple, standard of living cheaper, less traffic congestion and pollution, availability of fresh seafood and vegetables compared to the big cities, my island province is the place for you! If this is your first time in my site, welcome. Please do not forget to read the latest national and international news in the right side bar of this blog. Some of the photos and videos on this site, I do not own. However, I have no intention on the infringement of your copyrights. The photo above is the front yard of Chateau Du Mer-Our Retirement Home in Boac, Marinduque, Philippines
Monday, August 10, 2015
Can Foreigners Buy Real Estate in the Philippines?
I have been asked by friends and relatives if our three children9(born in US) can owned land in the Philippines. The answers is yes, but with limitted acreage.
Our three children were born in the US when my wife and I were still Filipino citizens residing in US as Permanent Residents. The oldest was born in the Philippines but became a naturalized US citizen with us in the 1970's. The following from pinoymoneytalk.com are some of popular questions and answers for your information. I hope you find it useful.
1. Can I purchase several lots located in different cities and municipalities if the total area of all lots does not exceed 5,000 square meters of urban land or three hectares of rural land?
Answer: A former natural-born Philippine citizen can acquire not more than two lots situated in different municipalities or cities and the total area of the two lots should not exceed 5,000 square meters of urban land or three hectares of rural land.
2.If I am allowed to own a maximum of two lots situated in different municipalities or cities, can I own a 5,000-square-meter urban lot in Quezon City and three hectares of rural land and vice versa.
Answer: No. A former natural-born Philippine citizen who has already acquired urban land shall be disqualified from acquiring rural land and vice versa.
3 When my children were born, I was already an American citizen. Can they inherit my land in the Philippines?
Answer: Yes. Foreign nationals (even if they were not former natural-born Philippine citizens) can own land in the Philippines if they acquire it by inheritance. These nationals should, however, inherit the property by intestate succession. Intestate succession means that the foreign national inherits the property because he/she is an heir under Philippine law. Naming one’s heir by executing a “last Will and Testament” or a “Living Will” will not work to validly transfer real property in the Philippines to a foreign national.
4. My husband is a natural-born American citizen. Can he buy a condominium unit in the Philippines and have the title in his name?
Answer: Yes. The land on which a condominium building stands is always owned by a condominium corporation. When a person buys a condominium unit, he automatically becomes a stock-holder in the corporation which owns the land. Under Philippine law, foreigners are allowed to become stockholders of a corporation which own land but only up to a maximum of forty percent (40%) of the shares of the corporation. Foreigners, therefore, are allowed to own condominium units provided the total floor area owned by all foreigners in the condominium building does not exceed forty percent (40%).
Here are additional information regarding citizenship relevant to Filipino expats with children born outside of the Philippines.
1. What are the conditions that should be met for my child to be deemed a Filipino citizen?
Answer: Your child is a Filipino citizen if he qualifies under any of the following conditions:
Your child was born after January 17, 1973, with a Filipino father or a Filipino mother. In other words, if a child was born after January 17, 1973, he is a Filipino citizen if he has at least one parent who is a Filipino citizen at the time of his birth;
Your child was born before January 17, 1973, with a Filipino mother and your child elected Philippine citizenship when he reached his 21st birthday. If your child was born before January 17, 1973, with a Filipino father, he is a Filipino citizen without any need of electing Filipino citizenship upon reaching the age of 21;
Incidentally, January 17, 1973, is the date when the 1973 Philippine Constitution came into effect; thus the importance of the date.
2. Our son was born in the US at the time when my wife and I were still Filipino citizens. One week after our son’s birth, however, my wife and I took our oath as US citizens. Did our son lose his Philippine citizenship when we became American citizens?
Answer: No. The child was vested with the Philippine citizenship at the time of his birth. He does not lose his Philippine citizenship even if the parents acquire foreign citizenship after his birth.
3. My daughter was born in the US at the time when my wife and I were still Filipino citizens. My daughter has been using a US passport for 20 years. She has never visited the Philippines. Is my daughter considered a Philippine citizen even if she already is an American citizen?
Answer: Yes. Philippine law allows dual citizenship. A child can both be an American citizen and a Filipino citizen at the same time. Under present laws, a person loses his Philippine citizenship if he renounces it. Using a US passport exclusively and not visiting Philippines does not amount to a renunciation of Philippine citizenship.
4. If my child is born in the US at the time when my wife and I are still Filipino citizens, what should we do to document his Philippine citizenship?
Answer: A copy of the child’s birth certificate should be submitted to the nearest Philippine consulate will transmit the birth certificate to the National Statistics Office in the Philippines for registration purposes.
5. If a child is born in the US at the time when his parents are still Filipino citizens, can he later on run for President of the Republic of the Philippines?
Answer: Yes, The child is a natural-born Filipino citizen. A natural-born Filipino citizen is one who does not have to do anything to acquire Philippine citizenship because he is a Filipino from birth. On the other hand, a naturalized Filipino citizen is one who has to undergo a naturalization proceeding to acquire Philippine citizenship. The distinction is important because only natural-born Filipino citizens can become President, Vice President, Senator, Congressman, Supreme Court Justice, and other propositions in constitutional bodies.