Form Corporation To Buy Land

[Steve GCC]

Guys (and odd Gal) need some thoughts, experiences, trials and tribulations on this one.

 

Fiancée and I tying the knot next April/May.  Am looking at buying some land now a) for some income from renting it and b) to build that retirement box on.

 

Now............I have been told a few times if I formed a corporation I could buy land through that and it is relatively safe from what will be family soon, god forbid if anything happened in relationship.

 

To that end two questions

 

1. Anyone done this and can recommend solid lawyer to form corporation and make the purchase/deal?

2. Is it truly safe (safer) doing this way?

 

Appreciate your thoughts

 

Cheers

 

Steve

[Dave Hounddriver]

1. Anyone done this and can recommend solid lawyer to form corporation and make the purchase/deal? 2. Is it truly safe (safer) doing this way?

 

I know many who have done this with good results.  I have heard from someone who's opinion I respect that forming a corporation with the sole purpose to own land can easily be challenged and beat under the law that says you cannot do anything to circumvent the law about foreigners owning land.  If the intent of the corporation is to make a profit (ie the corp owns some business AND land) then it will pass the test.  Such is my limited experience with it.

 

As to recommending someone to form the corporation, I suspect it would be best to find someone in the jurisdiction where the land/business is located so that, in the event of any legal proceedings now or in the future, it will not cost you a lot of travel time from law office to court house.  Just my opinion.

[stevewool]

WOW another Steve and hes from England too

I have no Idea Steve, to tell the truth, lots on here may point you in the right direction,

My only comment on this is dont spend to much, so if something does go wrong with the relationship you can walk away, just a thought,

Good luck in what you are planning

[Jack Peterson]

Personally I would sooner take my chances with an estranged Wife (If it went Sour) Than 4 or 5 local partners who all added up have a far greater share holding than me. if the Purchase is done right the family can be held back as long as you are both Living.

For me this Anti dummy law would give me a headache nightly.

 

Sometimes I think we take the land Legalities in Connection with a Foreigner/local Wife purchase too much to heart. 

As I said, if done right it is yours & Your Wife's not the families.

That's me of course.

 

JP :tiphat:

[Gerald Glatt]

Why not lease the land w/option to buy at end.  Who knows you may not need it in 50 years.

[Dave Hounddriver]

Why not lease the land w/option to buy at end.

 

I used to think this was a good idea, then I started thinking:  What if I change my mind.  Can I 'sell' my house if its on leased land?  What if I need to go back to my country of origin or I just want to move to another city?  I would think it would be much easier if the house were owned by a corporation that I had control of.  Thus I see the benefits of the opening post but I am skeptical about the corporation being formed for the sole purpose of buying one house.  Better off with a condo maybe? Just a thought.

[RBM]

Why not lease the land w/option to buy at end.  Who knows you may not need it in 50 years.

Leasing land requires one to register with the BIR and set one the way to many trials and tribulations in the wonderful world of Filipino bureaucracy.

If some form of protection is what you require and not falling foul of the spirit of the act what not just do a IPOA.

[scott h]

Appreciate your thoughts

 

You asked :hystery:

 

If there is any lingering doubt in your mind, any doubt what so ever about:

anything happened in relationship

 

IMO it wont matter what instrument you use to purchase property. In the long run the smart money is that you will loose it. And if they take you to court to dissolve the corporation the legal fees and time to fight it will probably prohibitive. And that is not even taking into account something happening on a dark and stormy night. (remote possibility, but has been known to happen.)

 

2. Is it truly safe (safer) doing this way?

 

In fact I believe it would be more dangerous, physically for you that is. If you do beat them in court, their only recourse would be violence. I know I sound alarmist, but remember the boy scout motto. Look at all the angles. :cheersty:

[Jack Peterson]

 I would think it would be much easier if the house were owned by a corporation that I had control of.  

 

 

There lays the basis of my post, the OP can never have control of the corporation his maximum Share could only ever be 40%. :unsure:

If he had his GF as a member it may up the Anti another 10/15% but on marriage that would go back to norm as in Business husband and Wife are Counted as One Entity. Hiding the fact of Marriage after will to me, just bring more Problems.

Involving your Wife in the Corporation of course is doing what the OP did not want. Family Involvement, So?

 

JP :tiphat:

Morning All. :morning1:

[sonjack2847]

Iv`e heard many people talk about different ways of doing this kind of thing here, my opinion is don`t invest more than you can afford to walk away from.