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Re: Buying Property in Philippines
Intro to Buying Property in the Philippines
I want to first say that the current Philippine Law does not allow non-filipino persons to "Own" Property in the Philippines. There are a few steps however that protect the future American/European (non-filipino) person to acquire property here in the Philippines.
Step 1) Have your Attorney write a 25 year land-lease contract/agreement with an option for 25 year renewal.
Step 2) Have your Attorney write a SPA (Special Power of Attorney) Contract/Agreement with the filipino property owner.
The Steps above are used successfully by most American/European property buyers here in the Philippines. There is also the option of Incorportating a Property with at least a 60% of the shares owned by filipinos.
If you need any Legal Advice regarding purchasing property in the Philippines Contact:
TANOY AND ASSOCIATES LAW OFFICE
c/o Attorney Dinno A. Tanoy
Rm F, 2nd Floor, N Tiu Bldg, Perdices St.
6200 Dumaguete City, Philippines
Telephone: (035) 226-1875 or (035) 419-8920
Mobile: (0927) 344-3963