How Foreigners Can Own A House In The Philippines.
Questions in the comments welcome.
In this video I wanted to show you the current costs of a modern better built house in the Philippines built on a 420 square meter plot.
More and more foreigners are expressing a desire to retire to the Philippines to take advantage of the low cost of living and laid back lifestyle. Houses like this in some countries could cost many times the cost of a similar house in the Philippines. The house featured in this video is located in Cebu City.
Some foreigners want to own their own home. There are however legal restrictions on property ownership, many thinking the only way over it is if they are single is to buy a share of a condo project which will last fifty years.
However few know it is also possible to lease land for 50 years (25 plus 25 automatically renewable) for a one off payment for the full fifty years. You are basically buying the land at market price but rather than getting the title you are getting a maximum lease allowing you full use of the land for fifty years. You have the opportunity to have a garden and you can retain full ownership of everything you build on the land. It can also be written into the lease if the laws change about property ownership for foreigners, for a small nominal payment (to cover the taxes) the full title can be transferred to the lessee from the lessor. It is also possible for the lessee to sell the lease and property on the leased land to a third party or leave it to their heirs and successors under the same terms and conditions if the laws change about property ownership.
I am expecting a lot of questions and I will do follow up videos to answer such questions.
Village People Philippines.