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Tiger32

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  1. Is anyone here from Leyte? I would love to shout you as many coffee/beer/whiskey's as you can manage in a sitting, in return for your hard-earned wisdom. (cheap deal, I know) I have some experience of Phils (approx. 3 years on and off) and am very wary, however my potential business partner has some degree of rose coloured glasses pertaining to Phils ;based on having figured out how to manage in another difficult SEA jurisdiction, and considers that Phils would be easier (which I know to be untrue). I've thrown up a few red flags, but would love him to hear how different it is from another source! (Big ask I realise...but worth asking in case there's someone out there wants to provide a charitable service...karma and all that :) )
  2. Thx again guys.Yeah. the anti-dummy laws are bit tough read to interpret. Thanks for your "takes" on what I have written. I've followed some rabbit warrens from your links and advice; and will take your advice; avoid any semblance of land ownership, and follow a straight lease structure for land; after use permits have been achieved by the owner. Can I assume a straight lease scenario, 50 years, with range of uses clearly defined by contract (and approved by national and provincial zoning), and annual payments are pretty fool proof? Assume a competent well-paid lawyer removed from any relationship with the Filipino Lessor. What could/might a greedy or vengeful Filipina landholder do in this situation? One option we are looking at also, is a lease of Barangay land from local government? Better or worse?
  3. Guys, have any of you encountered a situation whereby a foreigner loans the money to buy the land to a Filipino, and the Filipino then makes payments against the loan (ostensibly form their share of the encummbant business that's put on the land)? Can an individual be Mortgagor and then force the sale of the property should payments not be made, or the Filipino prevents the business being done on the property for some reason?
  4. Baston, Dave and Snowy... Thank you very, very much for sharing your hard earned knowledge. Due, duer, duest diligence to be done, and a sale contract with loads of dependencies to minimize losses should things not swing the way we'd like. This is gonna be time consuming or costly, obviously. I'll take the time consuming, lower risk option. Your help is invaluable, protecting people. Can't thank you enough.
  5. I am taking from that, that the 40% of land holding company (for what that is worth), is best option, and that we are in the clear for a hospitality business (not retail) that then leases the land; to be 100% foreign owned. I am trying very hard to not apply confirmation bias, so happy to be told I'm an idiot IF peeps please provide reasons why I am wrong. The business value currently is about $40k land, then $100k buildings etc... that would be newly built on the land. a) In this scenario; how protected by law is the hospitality lessee company from the Filipina 60% land holder, should that individual take on themselves to attempt to scrounge extra payments? (Assuming solid lawyer written contracts)
  6. Dave, thank you very much for providing that information. Your help is greatly appreciated.
  7. Isn't there a law that foreigners can be 40% shares in an incorporated land-holding company? I found that on web. Is that no longer applicable in Phils?
  8. Hello folks, I'm new here so please be patient with me. Have been doing a lot of research and uncertain about things as things seem to be changing in Phils, so need some help. I am planning, with another expat friend, to set up hospitality business, by buying a rice farm that is for sale. My friend has a Philippina girl friend of 1.5 years, that he has been in a small business with, in another Asian country, not in Philippines. My understanding, I don't know how out of date this model is, is that we would be "best" to set up a land-holding company 60%-40% to buy the land, and then set-up a 50 year, nominal amount, lease to second to company, that will be the actual business. All written up by lawyers, of course. Will that provide legal protection for the business and ensure safety of the land holding?
  9. Fascinating reading guys.... Obviously first step is a trustworthy lawyer. Can anyone recommend one please? For Leyte (Cebu lawyer orc Manila OK for that?) Thanks In Advance,
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