Dedicated Assistance for Foreigners

With the growing economy of the Philippines, it is no surprise that people from other countries would love to buy or own property in the country. In fact, there are many foreigners that expressed their interest in doing so.

Although the Philippine Law does not allow foreigners to own land property in the Philippines, there are a few exceptions. That is why foreign people must be aware of these rules to acquire real estate properties in the country successfully.

Let us clarify that there are two kinds of real estate properties we are talking about here and this would depend on what type of property foreigners are allowed to own or buy.

If we were to be more specific, by law, foreigners are not allowed to purchase or own pieces of land, however they can buy or own condominium properties as long as its share of the project will not go beyond the expected 40%.

They can purchase a house but not the piece of land it is built on. Instead, they may lease the land for fifty years and is can be renewed an additional 25 years.

SO, WHEN IS A FOREIGNER ABLE TO ACQUIRE LAND?

There are several choices for foreigners to be able to purchase land. One exception is when they are married to a citizen of the Philippines, but the title of the land should be under the Filipino citizen’s name. Another exception is when a foreigner acquired the property through inheritance, or owns at least 40% of the shares in a Filipino company.

These exemptions will guarantee a 100% chance for foreigners to own land in the country.

Personalized Assistance

If a foreigner is interested in owning a property in the Philippines, it is best to get assistance from a reputable company. Housal offers that type of dedicated assistance.

Also, when buying property, you must look for properties which are accredited by established brokers, agents, and developers. Housal has all the connections you need.

Our company will assist you in going through the process needed to acquire the property that interests them. We will come up with a term that best suits your needs. We will also make sure that transactions will be smooth and legal. Initially, we will assist you to prepare all the necessary documents.

Expert Advice

It is always advisable to evaluate things first before coming up with an agreement. Always check the property, and the documents that come with it to avoid any future disagreements.

Also, some properties have sets of rules and regulations that must be followed. It is vital to know these rules beforehand and see if it’s something that doesn’t limit the rights of a property owner.

There are also some points that need to be considered, like additional taxes and fees that might limit the budget. Make sure to check the titles and ownership of the property as well.

Exclusive Deals

Ask the real estate agent or broker regarding exclusive deals they are offering for non-native investors. Whether they have something that could help in acquiring property with less tedious transactions or whether they have payment schemes that might be applicable, you should ask.
Most of the real estate developers now have occupancy programs that might be appropriate. For instance, the buyer is allowed to use the unit given 5% of the total contract price is paid ahead, and the 15% will be payable within the agree upon months. The remaining 80% will be through financing.

Short Term & Long Term Rental Management

Before choosing short term or long term rental management, it would be best to ask one’s self if the property will be used personally or needs to be rented. If the property is in a place that has great potential for renting, then it might be good to have the place rented out.
Although short-term rental management might sound good, the income flow is not as consistent compared to long-term rental management. Make sure to ask for advice regarding the property and what the most effective way to manage the rental should be.

Easy Evaluation & Short Listing

Short-listing property is important, as it will determine if it is perfect for the investment. There is a need to consider if the area has basic amenities available. Also, make sure that the place is convenient too.
Moreover, check the property builder, as it will also help determine the quality of the project. It is better to conduct a field survey before identifying a suitable property.

Home Loan Assistance

When it comes to home loan assistance in the Philippines, most banks don’t offer loans to non-natives, unless they are one of the shareholders in a Filipino-owned company or got married to a Filipino citizen.
Other than that, it is hard to rely on bank loan assistance when financing the property. It is advisable to ask trusted real estate agents for the kind of payment scheme applicable to better aid the purchase.

All Developers Properties at One Place

When looking for the right real estate firm, it is best to check if they have access to the best properties in the Philippines. It is cumbersome to go from one company to another just because they don’t have all the best property listings from trusted developers.

It is why before joining any contract or making deals, they have to make sure that the firm they are signing for has the best deals for the property they needed.

Check online for real estate property listings, where you can read and get valuable information about thousands of available properties for sale or rent. This information includes complete details about the properties, like location, and pricing, as well as information regarding the real estate firm. It also has easy access that allows you to customize the search based on preference.

Visa Assistance

Foreigners who decided to retire in the country might want to secure a Special Resident Retiree’s Visa (SRRV).
It is a non-immigrant resident visa that will give some privileges to a non-native, like those residing in the country permanently, with multiple-entry privileges and other exemptions like travel taxes. Ask the real estate agent for more information about the possibility of assisting in acquiring a visa.

Business Formation

When it comes to purchasing or owning a property for business, it will be better to have a Filipino partner around to help you out. Although, they still have to own 60% of the company before you can enjoy the perks. It is also easier to get the assistance of banking loans by having the corporation take the credit.
In general, foreigners are allowed to own or buy a property for a condominium project. If interested in owning a land in the future, just remember the exceptions. Better yet, start looking for answers at Housal, Inc. to assist in finding the perfect property here in the Philippines.