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Cant own the land


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RogerDuMond

It's abvious because if the company is owning land and is and will not be financially active it's main purpose is to own the land in order for the foreigner(s) to use it.

The government knows this and can go against you.

 

I have been said that a foreigner can get 100% control of a company but can not own more than 40% of the shares, i'm pretty sure that this is correct, because shares have nothing to do with control.

If you know of some way other than a contract between the corporation owners please tell me. We on the list have researched this in depth. If it ever went to court, no document that attempts to circumvent Philippine land ownership laws will have its validity upheld by the court. They take a very dim view of attempts to get around their laws. There are only three ways for a foreigner to own land.

 

1. Having purchased it before 1935.

 

2. Inherit it. Inherited land can not be passed on to another foreigner.

 

3. Become a citizen of the Philippines.

Edited by RogerDuMond
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Faluango

The 100% control I wrote about are about responsabilities, having 100% control of the company is indeed not legally possible because each share is equal to 1 vote.

 

You have to trust your partner shareholder, but in all cases I think this option is more reliable than any other option.

 

I also would like to know how to make this more reliable for the foreign shareholder(s).

Edited by faluang
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softail

The 100% control I wrote about are about responsabilities, having 100% control of the company is indeed not legally possible.

 

You have to trust your partner shareholder, but in all cases I think this option is more reliable than putting it on a GF or wifes name.

 

I also would like to know how to make this more reliable for the foreign shareholder, except for the words of the partner shareholder(s).

 

Kicking back in my rocking chair getting ready for the next soap opera to start...another installment of "how the foreigner got screwed" should be comeing up for our viewing pleasure shortly. :D

 

Seriously, I suggest that you listen to the advise that you are being given. The folks on this forum have seen it all, researched it all time and time again. In a country that stacks the game against the foreigner trying to circumvent the rules will not work out for you in the end. Good luck to you

 

Doug and Sally

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Faluango

The 100% control I wrote about are about responsabilities, having 100% control of the company is indeed not legally possible.

 

You have to trust your partner shareholder, but in all cases I think this option is more reliable than putting it on a GF or wifes name.

 

I also would like to know how to make this more reliable for the foreign shareholder, except for the words of the partner shareholder(s).

 

Kicking back in my rocking chair getting ready for the next soap opera to start...another installment of "how the foreigner got screwed" should be comeing up for our viewing pleasure shortly. coffee.gif

 

Seriously, I suggest that you listen to the advise that you are being given. The folks on this forum have seen it all, researched it all time and time again. In a country that stacks the game against the foreigner trying to circumvent the rules will not work out for you in the end. Good luck to you

 

Doug and Sally

 

You are right, it's all about trust. But you shouldn't generalize the situation.

I would say that you are looking down on Filipinos being all crooks, which is not the case.

For any foreigner that wants to buy land in the Philippines this is the best solution, or do you have a better solution?

 

Tommy

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Faluango

I also read about employing more than 10 Filipino employees in order to get 100% of the company's shares.

 

Can anyone comment on this?

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Just to throw mytwocents.gif

 

What about a foreigner who took Filipino citizenship?Could he/she buy land?I presume the answer is yes??Perhaps that person might be trusted more than a local(no offence intended as it was mentioned/advised in an earlier post not to go into business with a Filipino)?

 

Just another thought.It seems amazing a foreigner could own an entire apartment block,but not the land it sits on.

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RogerDuMond

I would say that you are looking down on Filipinos being all crooks, which is not the case.

For any foreigner that wants to buy land in the Philippines this is the best solution, or do you have a better solution? Don't think so.

 

Tommy

Tommy

 

Nobody is looking down on Filipinos. My only desire is that people don't make a decision based on a false premise. I am not telling you that your corporation wouldn't work for you, just that it wouldn't stand up in court. Would you rather hear about the law ahead of time or have a court tell you that your contract isn't valid. My wife of 17 years owns our land and house and I trust her implicitly. A better solution to your desire to own land as a non Filipino is to become a citizen of the Philippines.

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Headshot

I would do a lease with option to buy on the land....than I have options to sell the whole place...yes?

Really, all you have to do is have your lawyer write a sublet clause into the lease, whereas you have the right to lease the property to a buyer.

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Paul

First, Douglas, you need to look up the Philippines Anti-dummy law (I like that, by the way). That will give you more information on what you are asking.

 

The 100% control I wrote about are about responsabilities, having 100% control of the company is indeed not legally possible.

 

You have to trust your partner shareholder, but in all cases I think this option is more reliable than putting it on a GF or wifes name.

 

I also would like to know how to make this more reliable for the foreign shareholder, except for the words of the partner shareholder(s).

 

Kicking back in my rocking chair getting ready for the next soap opera to start...another installment of "how the foreigner got screwed" should be comeing up for our viewing pleasure shortly. coffee.gif

 

Seriously, I suggest that you listen to the advise that you are being given. The folks on this forum have seen it all, researched it all time and time again. In a country that stacks the game against the foreigner trying to circumvent the rules will not work out for you in the end. Good luck to you

 

Doug and Sally

 

You are right, it's all about trust. But you shouldn't generalize the situation.

I would say that you are looking down on Filipinos being all crooks, which is not the case.

For any foreigner that wants to buy land in the Philippines this is the best solution, or do you have a better solution?

 

Tommy

 

I agree. It is all about trust. I also agree that not all Filipinos are crooks, just as in any culture, not all people are. But, my point is, are you willing to take that chance and trust the person you are dating / involved with / married to, etc., in order to put money, time, and energy into building a corporation, later to buy land to build a home on it? I'm not, period.

 

Personally, I know of too many stories that ended up like the one I quoted in my post, above. The foreigner came here, dumped a bunch of money into setting up the corporation, spending money to hire employees, etc., just to get fecked over later. That is enough to cause me to say, "No way, Mac."

 

------------

 

EDIT: I mean, think about it, folks. Why do you think more people don't invest more money into the Philippines? Because those are the ones who do their research prior to attempting to buy land here. Primarily, those who buy / build homes here from abroad, are people who completely trust their wives or girlfriends. All too often, though, it is due to ignorance on their part. Later, they find out the wife / girlfriend has done similarly to what I posted above, and sold the house out from under him.

 

Remember folks, as the foreigner in this country, you will always, always, always, come out on bottom when it comes down to the wire. If anyone is going to be screwed in the deal, it will be you.

 

------------

 

Just to throw mytwocents.gif

 

What about a foreigner who took Filipino citizenship?Could he/she buy land?I presume the answer is yes??Perhaps that person might be trusted more than a local(no offence intended as it was mentioned/advised in an earlier post not to go into business with a Filipino)?

 

Just another thought.It seems amazing a foreigner could own an entire apartment block,but not the land it sits on.

 

Yep, he/she certainly can, under that circumstance. Michael Gleissner, a German entrepreneur, is the man behind Bigfoot. He owns all the land his company buildings (and he has a lot of them) are built on. How is that possible, people may ask? He was granted Filipino citizenship.

 

------------------------

 

I have never done much research into it. But, there is possibly one other way that you can buy land here, without getting screwed over. That would be to buy it in the name of your child, by a Filipino National. So, if you are married (or not) and have a minor child from that union, you can serve as the child's trustee to buy land in that child's name.

 

If interested in owning (silly me, what was I thinking?) buying land here, I would suggest doing a bit of research down that particular avenue.

 

HTH

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Faluango

Becoming a Filipino citizen is another option but I think that's a very long process, and perso. wouldnt be convenient for me. I rather go with a company.

 

Thanks for advising me. I understood something wrong, still it's a good thing that land is not free to buy for foreigners in the Philippines.

Edited by faluang
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lazydays

I would do a lease with option to buy on the land....than I have options to sell the whole place...yes?

Really, all you have to do is have your lawyer write a sublet clause into the lease, whereas you have the right to lease the property to a buyer.

 

MMmmmm lee_popcorn.gif

 

With due respect,we all know that Lawyers are 100% honest. biggrin_01.gif

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Paul
Becoming a Filipino citizen is another option but I think that's a very long process, and perso. wouldnt be convenient for me. I rather go with a company.

 

Thanks for advising me. I understood something wrong, still it's a good thing that land is not free to buy for foreigners in the Philippines.

 

You are kidding me, right? Do you realize how much this country would grow if outsiders were able to openly buy land here? How about if foreigners could own their businesses outright here? Those of us who live here now would not appreciate it as much as we do at this moment, if the Philippine law makers were to change the land/business ownership laws.

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Headshot

Becoming a Filipino citizen is another option but I think that's a very long process, and perso. wouldnt be convenient for me. I rather go with a company.

 

Thanks for advising me. I understood something wrong, still it's a good thing that land is not free to buy for foreigners in the Philippines.

Why do you think that it is a good thing that foreigners cannot buy land here? I don't think that it would cause any problems for the Philippines at all as long as a limit was placed on how much land a foreigner could own and as long as the foreigner would have to be in residence here. It would certainly make things easier for foreigners wishing to build a decent life here. It would also help the economy here, as more foreigners brought outside investment capital into the mix.

 

You really need to read the Philippine Anti-Dummy Law before you go relying on a corporation to save you. There are very strict rules on when and if a foreigner can control a Philippine corporation. Unless you are very wealthy, I doubt that you qualify.

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of course it will be bad sometimes that a foreigner can't own the land.

But the PL only protect there own people.

 

If any foreigner can buy land the prices will increase so that the locals can't buy it anymore.

Be serious, nearly all of us are rich here in the PL (don't get me wrong, but with a western retirement you are rich here, poor in your home Country).

Thats the reason why the most of us are here.

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Faluango

What you say is true, but prices would become outrageous if one foreigner could buy land on the island I want to be.

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