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Buying property in the Philippines<br />
More and more foreigners are now becoming interested in buying properties in<br />
the Philippines because of many factors like: our tropical climate, the warmth of<br />
the Filipinos and great opportunities for investments. On the other hand, many<br />
people are still not sure whether foreigners can own property in the country.<br />
<strong>The</strong> answer is yes, foreigners may own real estate property in the Philippines,<br />
but they are not allowed to buy and own land. Foreign ownership of property in<br />
our country is not absolute and subject to restrictions.<br />
NON-FILIPINOS MAY PURCHASE AND OWN CONDOMINIUM<br />
UNITS BUILT ON PHILIPPINE SOIL. THE OWNERSHIP OF CONDOMINIUM<br />
UNITS IS STILL SUBJECT TO A 40% RESTRICTION FOR FOREIGNERS<br />
BECAUSE A CONDOMINIUM PROJECT IS SIMILAR TO A CORPORATION<br />
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