Living in The Philippines > RA 9225, Citizenship Retention and Re-acquisition

Dual Citizenship & Corporations

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oldmalthouse:
Thanks Ron for you advice earlier on.

We have just got back from our trip to London to reacquire my wife\'s Philippine Nationality and to renew our daughters Philippine passports.
The Philippine Embassy staff were superb, very helpful and cautious. I was even allowed to witness the ceremony, and the Consul  asked if any of us had any questions before the ceremony commenced, and this included me.

So what I learnt is that now my wife and children are allowed to purchase unlimited amounts of land, my children are automatically allowed both British and Philippine Nationality and do not have to make a choice at age 21 which nationality to keep.

More importantly, and here I quote from the Press Release:
\"For those married to Britons, the British spouse may apply for permanent residency in the Philippines and form a Philippine corporation to own land in the Philippines.\"
(I would presume that this right would also apply to other non-Philippine spouses, but you should check for yourselves.)

This of course is limited to 40% foreign ownership. This means that for myself, when we get to the Philippines and form our corporation, that I can own 40%, my wife and 2 children can each own 20%.

The Consul also mentioned that land could be put \"in trust\". He told me to consult a Lawyer about Philippine Trust law once we are in the Philippines. (any one in this group with knowledge of Philippine Trust Law?)

We did not have an \'NSO\' certificate of marriage, just a \'Certified Copy\' of our Marriage. This they did accept, but advised us to get the \'NSO\' certificate, both for our marriage certificate and register of birth for our daughters.

All in all a successful, if not expensive, trip to London (the girls, now aged 16 and 14), both agree that they do NOT wish to live in London!

cheers

Martin

:

--- Quote from: oldmalthouse on February 24, 2008, 07:30:13 PM ---
\"For those married to Britons, the British spouse may apply for permanent residency in the Philippines and form a Philippine corporation to own land in the Philippines.\"
(I would presume that this right would also apply to other non-Philippine spouses, but you should check for yourselves.)

This of course is limited to 40% foreign ownership. This means that for myself, when we get to the Philippines and form our corporation, that I can own 40%, my wife and 2 children can each own 20%.


--- End quote ---

Is it worth all the trouble and expense to set up a corporation just to own land? Why not do the same as the rest of us and simply put it in your wifes name?

Colin

coutts00:
There is of course benefits to a corporation, limited liability, if someone gets hurt breaking into your house, and they sue you, well they sue the corporation that owns the house, not the individuals who own the corporation, there are tax benefits to corporations instead of individuals, yes there is an associated cost, but lets say you have a falling out with your wife and she leaves you, or kicks you out, if it is all in her name you get nothing. You get to walk home and she has it all.

But if its in a corporation you have some ownership, you are not quiet as penniless as you would be otherwise, you can keep all of your money in your name outside the country and bring in what you need, then there is the trust account, lets say your wife and you had a traffic accident and the kids were left penniless, they would still have the house, but there could be some fighting amongst the relatives, I have seen it here, parents die and leave something to others but not in the Filipino hierarchy of who gets what when a parent dies, and the youngest son gets this etc etc, with the trust, if something were to happen, its all held in place till the kids reach a certain age, then the kids can decide what to do with it, and although the executor has certain powers they cannot override the will, when it comes to the sale of the land or property or the corporation for that matter.

Thats why we are doing a corporation at the moment, its being drawn up at the moment.

Wayne

:
I may be wrong here but I am sure that I read somewhere that you CANNOT form a corporation with your wife to obtain land as a foreigner. As well as that I believe that family law out ranks that anyway. Good thread to get going on the Forum though as it affects us all.

:

--- Quote from: uzicom on February 24, 2008, 10:44:55 PM ---I may be wrong here but I am sure that I read somewhere that you CANNOT form a corporation with your wife to obtain land as a foreigner. As well as that I believe that family law out ranks that anyway. Good thread to get going on the Forum though as it affects us all.

--- End quote ---

You aren\'t wrong.  A married couple can\'t enter into contract with each other because they are considered a single unit.  It\'s pretty difficult to draw a contract between you and yourself.  This is easily solved if the Filipino spouse owns it all.  There are also laws against forming dummy corporations to thwart the no foreigner ownership of land rule (per the Constitution).  No matter which way you cut it, you\'re never going to own land as a foreigner.  Your best security is to maintain a good relationship with a Filipino (spouse).  There are other legal ways to protect yourself; condos and land leasing.  You may purchase and own a condo unit as long as 60% or more of the whole is Filipino owned, but you have no rights to the property it sits upon.  You may enter into a lease arrangement for land, it\'s duration could be for up to 75 years.  Leases can be tricky to draw up and must be constructed precisely to have any value in court.  A foreigner trying to protect his rights on a broken lease has a long and protracted fight in court and may not live long enough to see it through. 

If the lack of absolute security on property ownership is an issue for you, better in my opinion to own a condo or rent.  Different strokes for different folks....

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