Buying property in Philippines

[madtownguy 164]

I have a couple questions in regards to buying property in Philippines.

1. Do I have to have dual citizenship to be on the deed for purchasing property? If my wife bought it would it be solely in her name or joint because of marriage?

2. Are places online priced higher for tourists? The prices I have been seeing are almost double what I would be able to purchase a similar place in Florida for which seems odd. I'm looking for places in the country I realize Makati is high priced I'm looking for something further away from population.

3. Are their realtors/real estate transactions regulated like the us, or is it just buyer beware work with whoever you want?

4. Is negotiating more normal there for a house. Could a house sell for half the price it is listed for?

Thanks for any help.

[Hank_ 9,174]

Non-citizens can not own property (land) in the Philippines (exception being condos). So you either become a citizen of the Philippines (dual citizen) or your wife will be the sole owner.

[The Nature Boy 4,224]

I have a couple questions in regards to buying property in Philippines.

1. Do I have to have dual citizenship to be on the deed for purchasing property? If my wife bought it would it be solely in her name or joint because of marriage?

2. Are places online priced higher for tourists? The prices I have been seeing are almost double what I would be able to purchase a similar place in Florida for which seems odd. I'm looking for places in the country I realize Makati is high priced I'm looking for something further away from population.

3. Are their realtors/real estate transactions regulated like the us, or is it just buyer beware work with whoever you want?

4. Is negotiating more normal there for a house. Could a house sell for half the price it is listed for?

Thanks for any help.

As Hank said you can't really own property. Doubt you can ever become a citizen.. My brother in law who is an architect and deals in property explained the deed process for a foreigner. It was complicated. It does mention you on he deed but you don't own.

As for property it is my understanding having clear title can be problematic

Yes the prices on the web are way over inflated. Usually.

You can figure average 32 per sq ft for Medium grade finish.. That is the general rule of thumb. Of course it can vary depending on factors.

So a decent home for under 50K is doable

I can recommend a good agent in the Cebu/Talisay area and a jam up honest architect

You will need a good honest lawyer...Sorry don't know one but can find you a unicorn

General rule of thumb is living like an American in the PI can mean spending like an American

[Niblet 22]

"living like an American in the PI can mean spending like an American" never heard it put this way before,,but its a good analogy

[DavenRoxy 1,073]

Even with a condo, you don't own the land, you just lease it for (typically) 50 years with a 25 year renewal option. You only own the building. And the max allowed in a project is 40% foreign ownership. Same if you go in with a corporate buy, only 40% can be foreign-held.

The same applies for a house, and the max is 1,000 sq m for urban areas, and 1 hectare for rural areas.

If you are married to a Filipino, then that limit is removed IIRC, but even though both names are on the title/deed, if the foreigner survives past the Filipino, the foreigner cannot get the land. Not clear WHO gets the land after the death of the Filipino, but I would imagine a will declaring a Filipino family member as beneficiary would cover that part.

If you are doing it as a rental project, you will be taxed at 12% (documentary, transfer, and VAT) for the unit, and another 5.13% income tax on the rent.