Japanese buyers

The Condominium Act limits foreign ownership of the units in a condominium project to 40%. You buy the unit, together with a share in the common areas. You do not buy the land under the building. Before you reserve, ask for the remaining foreign allocation in writing.

On TapatBahay, a listing marked “Foreigner eligible” follows that rule, or it is a lease. The sample condominium in Mandaluyong is the purchase. The Iloilo commercial unit is a lease, which is a different document.

A house and lot, a townhouse sold with its lot, and a residential lot all transfer land. Those sample listings are marked as closed to foreign buyers. A long lease of land is sometimes possible for investors under a separate statute. It is not the same thing as owning the lot, and it is not offered on these sample pages.

You do not need a Philippine residence visa merely to buy a condominium unit. If your spouse is Filipino, land placed in your spouse’s name is your spouse’s property. Arrangements that hide a foreign owner behind another person’s name are a known source of loss. Do not use them.

Ownership, tax, and the remaining foreign cap all have to be checked on the actual project. A Philippine lawyer should review a purchase that is large for you. Vincent can walk the Japanese page with you and point at the listing that fits the rule. He cannot replace that legal check.