Tips for a foreigner to acquire a real estate property in the Philippines

According to our Philippine Law, foreigners are not allowed to be a land owner in the Philippines. We, Filipino citizens are the only people who have the right to legally own a lot in this country. However, there are ownerships that a foreigner can still take advantage of. They are allowed to purchase a condominium unit provided that the ownership will not exceed 40% of the total number of units in the Building. But here is the trick, if you are a foreigner desiring to own a property more than the allowed number of percentage of ownership, all you have to do is to enter into a lease contract. You may rent as much as you want and as many units as you can up to fifty years. Thereafter, you may extend it for another twenty five years and do the same process over and over again. Have you seen the point? Isn't it the same as you purchased the property? Besides, you will be very lucky if you are still alive by the time of renewal of contract after fifty years.