- September 28, 2010
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In response to our Philippine constitution stressing that there is an exception of owning any property within our territory, any alien or foreigner is given consideration also. But there are bases or cases which to be followed in acquiring a real estate. They must abide with the set grounds or rules below:
* acquisition before the 1935 Constitution
* acquisition thru hereditary succession if the foreign acquire is a legal heir
* purchase of not more than 40% interest as a whole in a condominium project
* purchase by a former natural born Filipino citizen subject to the limitations prescribed by law.
As what the general rule states, only Filipino citizens, corporation or partnership who could acquire real estate in the country. Only the 60% of the total percentage of the property is would be owned by the Filipino citizen and the 40% only is set for the foreigners. On the other hand, for those who are married with foreigners, this case is would still be observed or should be followed. It should be sixty forty percent ratio.
This is to welcome all of those individuals to set their minds to live and acquire a property here in the county. This is to show that our national laws are not only intended or favorably made for the native Filipinos, but also showing respect to all the others who would like to venture here from the other counties.
Here in RPM and CDO realty, we are respecting these laws of sharing and showing our respect to all individuals. Thus, we allowed those foreign nationals to abide these in owning a property. Come and extend to us your real estate concern!