coxyhog Posted July 4, 2020 Share Posted July 4, 2020 Sent to me by a mate who lives in Cebu 3 Link to comment Share on other sites More sharing options...
Stillearly Posted July 4, 2020 Share Posted July 4, 2020 Foreigners are not allowed to buy islands in the Philippines because they are regarded as national assets. Land ownership is restricted to Filipinos. Foreigners can only buy islands in the Philippines through certain loopholes including marriage, incorporation, or through a lease. And these options mean that on paper, you aren’t the actual owner. However, if you’re working with people you trust, than you are protected to some extent. The safest way to take possession of an island in the Philippines is by leasing a property. Provided the legal documentation has been handled by a competent lawyer, this is a good way of controlling property. A leasehold is essentially purchasing an island for a specific period of time like 90 years. Upon completion of the leasehold, the island is returned to the state or the original owner. Buyers may feel insecure about improving and living on land they don't own, buildings can be owned irrespective of who owns the land the building is on. It is possible to own an island in the Philippines if you put the property in the name of your Filipino spouse. However, if problems arise, the foreign owner is at the mercy of the Filipino spouse who legally owns the property. The last option for owning an island involves forming a paper company. A corporation can own land, and you can own up to 40 percent of the corporation. If the corporation is set up diligently, you can control the entire corporation, thereby effectively owning an island. One person alone cannot incorporate a company; you will require Filipino incorporator who will technically own 60 percent of your company, and your island. https://www.privateislandsonline.com/region/philippines?availability=sale 1 Link to comment Share on other sites More sharing options...
Butch Posted July 4, 2020 Share Posted July 4, 2020 (edited) On 7/4/2020 at 4:08 PM, Stillearly said: Foreigners are not allowed to buy islands in the Philippines because they are regarded as national assets. Land ownership is restricted to Filipinos. Foreigners can only buy islands in the Philippines through certain loopholes including marriage, incorporation, or through a lease. And these options mean that on paper, you aren’t the actual owner. However, if you’re working with people you trust, than you are protected to some extent. The safest way to take possession of an island in the Philippines is by leasing a property. Provided the legal documentation has been handled by a competent lawyer, this is a good way of controlling property. A leasehold is essentially purchasing an island for a specific period of time like 90 years. Upon completion of the leasehold, the island is returned to the state or the original owner. Buyers may feel insecure about improving and living on land they don't own, buildings can be owned irrespective of who owns the land the building is on. It is possible to own an island in the Philippines if you put the property in the name of your Filipino spouse. However, if problems arise, the foreign owner is at the mercy of the Filipino spouse who legally owns the property. The last option for owning an island involves forming a paper company. A corporation can own land, and you can own up to 40 percent of the corporation. If the corporation is set up diligently, you can control the entire corporation, thereby effectively owning an island. One person alone cannot incorporate a company; you will require Filipino incorporator who will technically own 60 percent of your company, and your island. https://www.privateislandsonline.com/region/philippines?availability=sale Good post and very informative, but they forgot the issue of paying off the Terrorist groups that will sting you for protection money. Nothing like owning an Island linked to Terrorist activities to land you in chokey for a few years. I know a guy (Filipino National) who has the ownership rights to an Island, and was approached by a group asking for money to avoid it, as in , placing weapons caches and mounting operations from it against the Govt. being the sensible guy he is, he pays the small stipend requested. Credit to the thugs, they will protect the Island and ensure anyone visiting is protected, and that includes not kidnapping any foreigners. In the case of any commercial development, such as beach huts etc, the price increases but the safety is guaranteed as the fishing expeditions, local labour etc is all provided at reasonable rates. As always, caveat emptor. Very often the paperwork is the easiest hurdle to overcome. Edited July 5, 2020 by Butch typo 2 Link to comment Share on other sites More sharing options...
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