Property Ownership
Written by admin on November 13, 2009.
Another issue wrought with misinformation.
The salient point to be aware of is that whatever funds you invest in real property, will likely stay in this country.
In Butuan, the Judiciary is impotent, and the odds of a foreign national prevailing over a Filipino are miniscule-regardless of merits.
While it is true that Foreigners cannot own property in this country, there are various mechanisms whereby a Foreigner can retain majority control, and in some cases, complete control. For example, an Expat can be the majority shareholder in a corporation, or property transfers/contracts can be accomplished between Expats eliminating the Philippines system completely. In essence, if the reality of domestic contract law is impotent, transactions become handshakes, enforceable by other methods!
An Expat can own a car, motorcycle and various other items, but he cannot hold complete title on real property.
If you do not have ample savings/reliable income-do not plan on living here-it is an extremely unfriendly country for Expats, relative to protecting one’s investment. If you can’t afford to lose it-don’t invest it here!
Many Expats find that placing items in their wife’s name is the easiest solution. Many Expats also make the mistake of purchasing appliances, furniture, cars, bikes….prior to securing a solid relationship with his new spouse. The horror stories are endless!
On an emotional note, many new brides come from a family that has never owned a home, or have lived their entire life under the stress of eviction. While renting has its merits, economic and otherwise, it might be prudent to consider how powerful the concept of home ownership might be to your new partner.
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