RIGHT TO OWN CONDOMINIUMS:
Foreigners can buy and enjoy 100% ownership of a condominium unit in the Philippines provided that the condominium project or developer maintains 40% Foreigner and 60% Filipinos of the ownership of units in any Condominium project.
RIGHT TO OWN LAND:
Foreigners cannot buy land in the Philippines but he/she can own it through inheritance if his/her spouse dies.
Here are the rules in the right to own land:
1. General Rule – Only Filipino citizens and corporations at least 60% capital of which is owned by Filipinos are entitled to acquire and own land in the Philippines.
2. Exceptions to the General Rule – Alien acquisition of real estate in the Philippines is allowed in the following cases:
a) Acquisition before the 1935 Constitution.
b) Acquisition thru hereditary succession if the acquiree is a legal heir.
c) Purchase of not more than 40% interest in a condominium project
d) Purchase by former natural born Filipino citizens subject to limitations prescribed by B.P. 185 and R.A. 8179
3. A Filipina who marries an alien retains here Philippine citizenship (unless the law of her husband’s country makes her assume the citizenship of her husband because of such marriage) and can therefore acquire real estate in the Philippines.
