Author Topic: IS THERE HOPE ONCE AGAIN [foreign owned property]  (Read 9530 times)

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IS THERE HOPE ONCE AGAIN [foreign owned property]
« on: September 20, 2008, 10:35:46 AM »
 Puno said the timing of the proposal is more significant now that the world is experiencing an economic slowdown.

\"We are in a global economic and financial crisis, our country is itself suffering, we are looking for investments at a time when people all over the world are confused about where to put their investments,\" he said.

\"What better time than now to clarify our national policies towards investors.\"

Puno said Philippines is losing out to its Asian neighbors because of constitutional restrictions on foreign ownership of property and businesses.

A proposal to amend the Constitution\'s economic provisions was also introduced during the Estrada administration, he added.

Puno said that the administration would be in the best position to introduce the proposed amendments to the Constitution.

\"The term of President Arroyo is about to end,\" he said.

\"Let\'s do something already because when the next president comes in, Charter change would not be his highest priority.

\"Any new president you know will take a very long time before they undertake Charter change.\"

The administration does not plan to railroad Charter change and exclude the Senate from the process, Puno said. - Marvin Sy Philstar News Service, http://www.philstar.com



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Re: IS THERE HOPE ONCE AGAIN [foreign owned property]
« Reply #1 on: September 20, 2008, 10:45:32 AM »
What I think most people are afraid of the present administration trying a charter change too keep the present people in power. I do think the provision of foreign ownership is one of the largest impediments for investments. Also the Nationalists will try too block it. I also think the large corporations like it the way it is with less competition.†

Offline imtheredrum

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Re: IS THERE HOPE ONCE AGAIN [foreign owned property]
« Reply #2 on: September 20, 2008, 10:50:58 AM »
Sounds like there is hope... Even if an amendment is passed that limits the number of businesses or amount of land a person or corp. could own would be better than nothing...

In hard times, some locally owned corps. could be saved by foreign ownerships.† There would surely be an influx of capital and the banks would love that.

At present I have the 50 year lease on the property from my asawa because of course I could not own it. †Like we all have to do... buy it in her name and take a lease out for protection.
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Offline RUFUS

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Re: IS THERE HOPE ONCE AGAIN [foreign owned property]
« Reply #3 on: September 20, 2008, 11:17:35 AM »
Buying a property from your wife and then leasing it will not offer you any protection.
Your lease needs to be a little further than arms length... say uncle or cousin or even trusted friend.

here are some FAQ\'s for ya to enjoy
http://www.baguiohomes.com/real-estate-info/FAQ_on_Land_Ownership.html

As it states \"A long term lease, a deed of donation, a deed of sale, or any other document that might transfer possession/control of the property to the other spouse is a worthless scrap of paper.\"
SO SAYETH THE RUFUS

Offline imtheredrum

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Re: IS THERE HOPE ONCE AGAIN [foreign owned property]
« Reply #4 on: September 20, 2008, 02:36:54 PM »
Thanks for the info Rufus... guess I got lucky cuz we were not married when I took the lease.† I guess I wont out live the lease or her anyway...lol.

I wasn\'t sure if we were going to get married at the time so it was CMA.† Now it seems the lease is unnecessary, if she goes first, it looks like, according to your info that I will inherit the property anyway.

I was given some bad info in Luzon 3 years ago then... or maybe the inheritance clause was not in existence at that time.† I was told, first hand that this guy lost his land after his wife died.† Maybe some lawyers just scammed him out of the property... not sure.

But again, thanks for the info...

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Offline coutts00

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Re: IS THERE HOPE ONCE AGAIN [foreign owned property]
« Reply #5 on: September 20, 2008, 10:20:10 PM »
We just purchased recently, our names are listed on the deed and Wayne and Noreen Coutts but the only signature on the deed is that of my wife, so it was done in such a way, don\'t remember exactly how it was done, but if my asawa kicks it before me, not likely but worse things have happened, then I inherit the house and property. Also remember the house and the property are treated as separate entities here, you can\'t own the land, but you can own the house that is on it. So ensure your name is on the deed for the house and co signer for the land.

Wayne
Wayne† ;D ;D

Offline Steve & Myrlita

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Re: IS THERE HOPE ONCE AGAIN [foreign owned property]
« Reply #6 on: September 20, 2008, 10:25:35 PM »
We just purchased recently, our names are listed on the deed and Wayne and Noreen Coutts but the only signature on the deed is that of my wife, so it was done in such a way, don\'t remember exactly how it was done, but if my asawa kicks it before me, not likely but worse things have happened, then I inherit the house and property. Also remember the house and the property are treated as separate entities here, you can\'t own the land, but you can own the house that is on it. So ensure your name is on the deed for the house and co signer for the land.

Wayne
I was informed that the rights of succession only apply to RP citizens. God forbid if my wife passes before I do, everything she owns by law all goes to her brother and sister and I will have nothing. Anything she gives me the siblings could later on sue me for in court and they would likely win.
Thank you...God Bless...
Bro Steve & Sis Myrlita
Bacolod City, PH
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Offline RUFUS

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Re: IS THERE HOPE ONCE AGAIN [foreign owned property]
« Reply #7 on: September 20, 2008, 11:25:09 PM »
I wouldn\'t think it to be much of a problem to inherit land there for those of you/us that are going to live out the rest of your lives there. After being there the required number of years one could apply for naturalization and enjoy the rights and benefits of being a citizen, which would include property ownership.
SO SAYETH THE RUFUS

Offline imtheredrum

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Re: IS THERE HOPE ONCE AGAIN [foreign owned property]
« Reply #8 on: September 20, 2008, 11:55:34 PM »
I wouldn\'t think it to be much of a problem to inherit land there for those of you/us that are going to live out the rest of your lives there. After being there the required number of years one could apply for naturalization and enjoy the rights and benefits of being a citizen, which would include property ownership.

A very good point.† With all the confusion regarding this issue here, maybe we should not rely on a Realtor\'s information or interpretations of actual law.... Think I will try to read the actual written law regarding these issues... Knowledge is power... and I hate being ignorant on important issues like those that have a major impact on our lives and well being...

Now if I can find the time to search... got so many final issues to deal with here before the flight home to the RP
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Offline coutts00

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Re: IS THERE HOPE ONCE AGAIN [foreign owned property]
« Reply #9 on: September 21, 2008, 12:30:14 AM »
Chan Robles is a great source for research on Philippine law. Just remember not to think in english when doing your searches, although the language on the site is English, most of the terms are not American terms.
Wayne† ;D ;D

Offline imtheredrum

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Re: IS THERE HOPE ONCE AGAIN [foreign owned property]
« Reply #10 on: September 21, 2008, 12:53:13 AM »
I wouldn\'t think it to be much of a problem to inherit land there for those of you/us that are going to live out the rest of your lives there. After being there the required number of years one could apply for naturalization and enjoy the rights and benefits of being a citizen, which would include property ownership.

A very good point.† With all the confusion regarding this issue here, maybe we should not rely on a Realtor\'s information or interpretations of actual law.... Think I will try to read the actual written law regarding these issues... Knowledge is power... and I hate being ignorant on important issues like those that have a major impact on our lives and well being...

Now if I can find the time to search... got so many final issues to deal with here before the flight home to the RP

This is exactly why we really have to read the written law.... Another Real Estate site and I quote \"FOREIGNER MARRIED TO PHILIPPINE CITIZEN:


If holding title as an individual, a typical situation would be that a foreigner married to a Philippine spouse citizen would hold title in the Philippine spouse\'s name. The foreign spouse name cannot be on the property title but can be on the contract to buy the property, and should be to document the process taken to obtain such asset. In the event of death of the Philippine spouse, the foreign spouse is allowed a \"reasonable\" amount of time from the Philippine government to dispose of the property and collect the proceeds or the property will pass to any Philippine heirs and or relatives. As a foreign investor caution should be taken upon considering and taking title to Philippine real estate in this manner. In the event of problems with the Philippine spouse and the investment assets in the Philippine spouse name, the foreign national may not have many rights to the assets or any at all.\"

So I will keep looking for the actual written law... it\'s there somewhere... and even if you hear from a lawyer, does he have a hidden motive, as some actually do;† Did he actually read the law or gleamed from anther lawyer over drinks?;† Is this \"his\" interpretation or is his translation of the concept correct?...

I will not be satisfied till I actually read myself... lol
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Offline aerosick

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Re: IS THERE HOPE ONCE AGAIN [foreign owned property]
« Reply #11 on: September 21, 2008, 01:23:18 AM »
"We're here to preserve democracy, not practice it."

Gene Hackman: Crimson Tide ~ 1995

Offline imtheredrum

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Re: IS THERE HOPE ONCE AGAIN [foreign owned property]
« Reply #12 on: September 21, 2008, 08:04:39 AM »
Ok... I spent the day reading the Philippine Constitution and the civil laws as they pertain to Real Estate, Probate, and Wills..... wish the hell I took a speed reading course... lol.

Not being a lawyer, but having had a some courses in Business, and contract Law, IMHO unless you have a lease, the Govt. can and will make you sell or dispose of the real property but you can still own the house on the property and maintain a lease on the property.† That is if you can prove to the courts that it was solely your funds that caused the building of the structure.† †Without the lease (prior to conjugation) you will be given a reasonable period of time to dispose of the Real Estate. (Reasonable was not defined.)

If any would like to search, read, and come to their own conclusions, here is the link:

http://www.chanrobles.com/civilcodeofthephilippinesfulltext.html

If you want to read the Constitution as it pertains to Real Estate it can be found at the bottom of the page on that link also... the section of the constitution is Article XII section 7.† Keep in mind that the Constitution is a guide line for congressional laws to follow so you must actually read the law in addition to that section of the Constitution.

Enjoy...
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Re: IS THERE HOPE ONCE AGAIN [foreign owned property]
« Reply #13 on: September 21, 2008, 08:55:32 AM »
Foreigners name on Philippine property title. I have read after the fact that it isn\'t allowed. But on 3 properties, my name \"IS\" on all 3 titles and states my Citizenship on the titles and I signed also.

Everything was set up by our attorney and now a sitting Judge and went through all proper channels, including different BIR Officers on each one.

I have NO IDEA what that means, if anything unless they make the above change allowing foreigners to own. Then, I\'m ahead of ya\'ll\'s† ;D
B-Ray


Offline imtheredrum

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Re: IS THERE HOPE ONCE AGAIN [foreign owned property]
« Reply #14 on: September 21, 2008, 10:48:21 AM »
How long have you had the property?† If this is for a condo, it is not a problem (as long as you hold less that 40% of the entire subdivision of condos)... if for a house in a development of just property and house in some town, or just property then by all accords of the written law and the constitution... the titles are invalid.† Come time to sell you may have a major problem.† In the eyes of the courts, if contested, (By the old owner) I believe the last valid title will be recognized... but hey.. I\'m not a lawyer and the lawyer that processed the paperwork does not know the law either. Maybe the judge only gave it a cursory look and figured by the time it got to his desk, the I\'s were dotted and the Ts were crossed... It specifically says that no foreigner\'s name can be placed on a title for land, only on the deed and bill of sales contract... it could turn out to be a can of worms... if you plan on keeping the place and never sell, then I don\'t know if you should open that can or not.† If you decide not to open it then surely keep a low profile and tell no locals.... you may very well be the first one to ever have accomplished that...†  You might want to have your asawa stop by the registry of deeds and get a copy of what was actually filed, it may not be the same as what you have.† Maybe it is... If a question arises the courts would go by what the registry has filed, since they are the keepers of the keys so to speak...

Was the lawyer good friends with the seller at the time....??? Had this seller done a lot of real estate transactions with this lawyer???†  If you\'ve had the property for a long time then there is no scam going on but if it is a recent purchase, something may come back to bite you where the sun doesn\'t shine!
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