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AlvinPH

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  1. Hello all, I am a U.S. Citizen living the Philippines but my father is a dual citizen of US/PH. Because he was naturalized before my birth I am not a citizen of the Philippines and thus cannot own property but may be able to inherit it in the future. He has purchased with my money a house and lot in Pampanga in his name that I currently live in. I wish to lease it from him for 25 years with an auto renew for another 25 years which is the only option available to foreigners. The reason I wish to do this is so that I can then use the investment in the long term lease to qualify for the SRRV visa. The problem is that I really cannot seem to find anyone who can actually help me process this transaction. I've emailed all over and the best I've found is some firm that will draw up the contract to lease for 20K. This seems excesive and they won't even help with the rest of the process. I think I will just attempt to go through the process myself but I'm having trouble figuring out all the exact steps and feels. Can any one tell me the exact steps? So far I have: 1. Notarized Contract to Lease (I really think I could find an example online or create my own, the details of this lease are not important, my father is not going to try to use it against me or anything. I just need to show that I am leasing the property for more than $50,000 USD). 2. Annotate TCT with Contract to Lease agreement - how is this even done? My father or his SPA just needs to register this at city hall? What else would be required? What other fees and registrations would be needed ? It looks like at the least the Documentary Stamp Will be nessesary: “Section 194. Stamp tax on Leases and Other Hiring Agreements. – On each lease, agreement, memorandum, or contract for hire, use or rent of any lands or tenements, or portions thereof, there shall be collected a documentary stamp tax of Three pesos (P3.00) for the first Two thousand pesos (P2,000), or fractional part thereof, and an additional One peso (P1.00) for every One Thousand pesos (P1,000) or fractional part thereof, in excess of the first Two thousand pesos (P2,000) for each year of the term of said contract or agreement.” That will be around P75K, ouch. Just wondering if there are any more fees. Should be no CGT as it's not being sold or transferred. Please any help would be really great. I don't mind doing the legwork. Thanks!
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