Author Topic: Bank Accounts and Credit Cards  (Read 1644 times)

Offline bigrod

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Re: Bank Accounts and Credit Cards
« Reply #15 on: December 17, 2018, 04:53:25 PM »
I must be missing something here, when the 13a was bought up in my other Topic i was sure that once i got my 13a (after my wife gets her residency and citizenship back) i would be allowed to buy a house and lot, or land, and build my own house, and even start or buy a business.

think i need to go back and read thru all the paperwork again.

Getting a bit of topic here.

Your wife can buy anything once she is a citizen again.  You like the rest of us foreigners cannot own land in the Philippines. We can own a Condo and I think it may have changed to some types of Townhouses also. 

Chuck
Life is  to short not to live it right the first time

Offline Peter

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Re: Bank Accounts and Credit Cards
« Reply #16 on: December 17, 2018, 05:27:12 PM »
Your wife can buy anything once she is a citizen again.  You like the rest of us foreigners cannot own land in the Philippines. We can own a Condo and I think it may have changed to some types of Townhouses also. 

Chuck

You're right there Chuck.

Aliens (as I prefer to be called, as the little ones think it's a hoot) cannot "buy and own" land. They can own what is built in top of the land, but not the land itself. That's in the Constitution.

Aliens may own a unit in a condo, or a house/unit in a designated tourism resort or club, as long as 60% or more of the units are owned by Filipinos. The classic 60/40 split that is mandated by Law regarding Alien ownership of just about anything.  :( :( :(

Now,  the Family Code of the Philippines (RA whatever) states that a husband and wife are recognised as a single legal entity. To me that could mean, what she owns, I also own. But that's toooooo logical and I wouldn't hold my breath waiting for a positive outcome. LOL!

Peter
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Virtus autem corruptibilis est,
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Offline David690

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Re: Bank Accounts and Credit Cards
« Reply #17 on: December 17, 2018, 10:14:17 PM »
I must be missing something here, when the 13a was bought up in my other Topic i was sure that once i got my 13a (after my wife gets her residency and citizenship back) i would be allowed to buy a house and lot, or land, and build my own house, and even start or buy a business.

think i need to go back and read thru all the paperwork again.

Getting a bit of topic here.

It doesn't matter what visa you are on, a foreigner cannot own land, period.  You can build a house on land owned by your wife, or on land that you have leased, and provided that you can show that you have financed the construction 100%, then the house can be registered in your name.
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Offline gregpinton

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Re: Bank Accounts and Credit Cards
« Reply #18 on: December 17, 2018, 10:15:08 PM »
It doesn't matter what visa you are on, a foreigner cannot own land, period.  You can build a house on land owned by your wife, or on land that you have leased, and provided that you can show that you have financed the construction 100%, then the house can be registered in your name.

Ok thanks a lot, i have no idea what or where i thought i read that i can own property or a business in the Philippines once i got the 13a  :-[

I know i can Lease a property (lot) and then buy a existing dwelling on that property, or build a dwelling of my own on that property, and have a legal contact written up and signed by both parties and have it attached to the Tax Dec or Title for that property.

If i vacate when the agreement expires, the lot owner can keep his original dwelling and pay me for 50% of any upgrades that i do to that dwelling, or if it is a dwelling that i actually build and he wants to keep it, he must pay me for the building cost of that dwelling, or i am allowed to pull it down and remove it, and re-instate his property back to how it was before i built the dwelling.

The property owner cannot sell his Lot during the lease period.

The above scenario is exactly what arrangement we had in place with a Lot owner in Diapila Bay where we wanted to lease a 1500sm beach front lot to build 3 tourist cottages, and a cottage for us to live in, but he got a bit too greedy as he wanted us to pay him P100,000 per year AND he wants to keep all cottages that i build on his lot, and i told him i won't do this unless he accept my offer of P50,000 per year for 10 years, with an option to extend.

Maybe the lot owner doesn't understand that even tho he owns the lot, i will become the registered owner of those cottages, and we would need to work out in advance what will happen to the cottages if we walk away after 10 years, because if i had to pay him P1,000,000 lease fees over 10 years, and spend P1.2m to P1.5m building 3 or 4 cottages, he will have to give me at least 50% of the building cost, or if i only pay him P500,000 in lease fees over 10 years, he can keep the cottages, it works out the same more or less, but P50,000 per year lease fee is a better deal for me business wise.
« Last Edit: December 17, 2018, 10:37:43 PM by gregpinton »

Offline David690

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Re: Bank Accounts and Credit Cards
« Reply #19 on: December 18, 2018, 02:21:18 PM »
Ok thanks a lot, i have no idea what or where i thought i read that i can own property or a business in the Philippines once i got the 13a  :-[

I know i can Lease a property (lot) and then buy a existing dwelling on that property, or build a dwelling of my own on that property, and have a legal contact written up and signed by both parties and have it attached to the Tax Dec or Title for that property.

If i vacate when the agreement expires, the lot owner can keep his original dwelling and pay me for 50% of any upgrades that i do to that dwelling, or if it is a dwelling that i actually build and he wants to keep it, he must pay me for the building cost of that dwelling, or i am allowed to pull it down and remove it, and re-instate his property back to how it was before i built the dwelling.

The property owner cannot sell his Lot during the lease period.

The above scenario is exactly what arrangement we had in place with a Lot owner in Diapila Bay where we wanted to lease a 1500sm beach front lot to build 3 tourist cottages, and a cottage for us to live in, but he got a bit too greedy as he wanted us to pay him P100,000 per year AND he wants to keep all cottages that i build on his lot, and i told him i won't do this unless he accept my offer of P50,000 per year for 10 years, with an option to extend.

Maybe the lot owner doesn't understand that even tho he owns the lot, i will become the registered owner of those cottages, and we would need to work out in advance what will happen to the cottages if we walk away after 10 years, because if i had to pay him P1,000,000 lease fees over 10 years, and spend P1.2m to P1.5m building 3 or 4 cottages, he will have to give me at least 50% of the building cost, or if i only pay him P500,000 in lease fees over 10 years, he can keep the cottages, it works out the same more or less, but P50,000 per year lease fee is a better deal for me business wise.

Any contract that you make with the lot owner is something that will have to be negotiated and agreed by both parties.  Unless he agrees to it as part of the contract, I don't believe there is any obligation on him to compensate you for any improvements or additions that you make to the lot, and as a consequence I think he will assume that the cottage will become his.  Most people leasing land on which to build, go for a really long term lease, like 50 years, not 3 years extendable to 10.
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Offline Peter

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Re: Bank Accounts and Credit Cards
« Reply #20 on: December 18, 2018, 03:34:13 PM »
Any contract that you make with the lot owner is something that will have to be negotiated and agreed by both parties.  Unless he agrees to it as part of the contract, I don't believe there is any obligation on him to compensate you for any improvements or additions that you make to the lot, and as a consequence I think he will assume that the cottage will become his.  Most people leasing land on which to build, go for a really long term lease, like 50 years, not 3 years extendable to 10.

One of the main problems with any type of land lease here, is when the owner of the property (the lessor) who has entered into the lease contract, dies.

Their legal descendants may resort to legal (and often illegal) methods to break the contract and remove the lessee/occupier, so they can sell/dispose of the land. Or just take over what they may see as a profitable business they think they can make money from. The more legal descendants involved, the greater the danger of this happening.

This could mean extended periods of litigation, as well as expensive legal bills, by the lessee to assert their rights.

Peter
Noli nothis permittere te terere.
Virtus autem corruptibilis est,
summa virtute prorsus corrumpitur,

Offline gregpinton

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Re: Bank Accounts and Credit Cards
« Reply #21 on: December 18, 2018, 04:09:21 PM »
Sorry but i am going to continue this Lease discussion in my main Topic below, should you wish to continue.

http://www.livinginthephilippines.com/forum/index.php?topic=53438.msg89041#msg89041

Cheers
« Last Edit: December 18, 2018, 04:23:05 PM by gregpinton »

Offline jjcabgou

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Re: Bank Accounts and Credit Cards
« Reply #22 on: December 22, 2018, 10:19:00 AM »
Going slightly off topic with my response but, in the Philippines there are ways around just about everything.  Case in point, I know and  know of many Korean and Chinese "foreigners" that own houses and businesses.   How the hell they do it, I have no idea, but I do know it is being done, and it is done frequently. 

Offline Peter

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Re: Bank Accounts and Credit Cards
« Reply #23 on: December 22, 2018, 02:11:16 PM »
Going slightly off topic with my response but, in the Philippines there are ways around just about everything.  Case in point, I know and  know of many Korean and Chinese "foreigners" that own houses and businesses.   How the hell they do it, I have no idea, but I do know it is being done, and it is done frequently.

You're spot on in your observation. Many aliens appear to "own" land in their own name.

How it is done is open to interpretation, but, and this is a very big BUT, the Constitution of the Philippines prohibits any alien from owning land, unless they have continuously owned it since (I believe) 1936, or sometime thereabouts. Not many of those folks are still alive and kicking.

When the alien "owner" is otherwise perfectly legal and courteous in his dealings with those Filipinos who know his situation, everything is tickety-boo.
If he ever upsets a Filipino, or even another alien suffering from crab mentality, then all bets are off, and they may find themselves in hot water with the authorities.
Not to mention the problems that would occur when Immigration start to get involved. "Up sh*t creek without a paddle" comes to mind.  :) :) :)

Peter
Noli nothis permittere te terere.
Virtus autem corruptibilis est,
summa virtute prorsus corrumpitur,

 


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