Property Owned By Company?

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Posted

I understand that a property can be owned by a company if the majority shareholders are Filipino citizens.

 

Does anyone know if a FOREIGN company with majority Filipino shareholders can own a property?

 

Can anyone recommend a property lawyer in Manila?

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Posted

I understand that a property can be owned by a company if the majority shareholders are Filipino citizens.

 

Does anyone know if a FOREIGN company with majority Filipino shareholders can own a property?

 

Can anyone recommend a property lawyer in Manila?

It's a minefield but from me a little reading that may help. I know that others will have a answer so for now just read and get a feel, Lawyers are ten a penny, choose wisely.

 

http://www.iflr.com/Article/3068928/A-bright-future-for-foreign-investment-in-the-Philippines.html

 

In fact I believe the writers are Lawyers.

 

jack :thumbsup:

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Posted
I understand that a property can be owned by a company if the majority shareholders are Filipino citizens.

 

not a majority, 60%

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As stated property can be owned by a corporation that is 60% owned by Filipinos.  That being said, it would not be legal if the intent was to circumvent the law that does not allow a foreigner to own land.

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Whilst I am not in Philippines, I am in Thailand and stupidly got involved in owning a property here wiith a company.  My advice, forget it, it is even harder there as I understand.

Buy a condo or rent.

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Posted

I understand that a property can be owned by a company if the majority shareholders are Filipino citizens.

 

Does anyone know if a FOREIGN company with majority Filipino shareholders can own a property?

 

Can anyone recommend a property lawyer in Manila?

I don't know if there is any difference for foreign companies.

 

Whole house can be owned by foreigners at LEASED land.

As soon as land is involved in the owning, foreigners can own max 40 % of such company even when foreigners could have owned whole if there weren't any land involved.

 

To have foreigners owning any land through company, it need to be max 40 % foreigner owned as you say, PLUS:

/the company has to have NEED of land for the BUSINESS  (NOT only to get a home for the foreigner   :)

/Plus I claim - although some protest in other topics !   :)    -  it's NOT legal to do the "solutions" several lawyers do to make foreigners get CONTROL over the company/property using "Dummies" to get around the "Anti-Dummy" law !!!

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Thanks for the advice.

We would not be trying to circumvent the anti dummy laws as the land would be bought as a workplace for the corporation's employees.

Mogo, could you give some details of your Thailand experiences?

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Still haven't found any good lawyers. Can somebody recommend one please?

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Can somebody recommend one please?

 

How about Thomas  :hystery:  (just kidding)

 

But seriously,  I do not know any property lawyers in Manila and by the lack of response it may that none of our group have any recommendations for you.

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Still haven't found any good lawyers

 

I think this might be an oxymoron John, is there such a thing :mocking:

 

But seriously, I have only used lawyers here for notary purposes. Dave is right, most of us lead quiet retired lives, and avoid situations where we would need a lawyer.

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