Can a foreigner own property in the Philippines? We talk about owning land, owning condo and rentals in the Philippines.
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but 2-bedroom unit is 8.2 million but
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it's 57 square meters the two-bedroom
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unit of a vida bytes 8 million to 8
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million 200,000 its but it's 57 square
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meters so it's like 2 times of your
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one-bedroom Oh your Bible ready I think
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[Music]
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we're talking to our sister purple
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shadow about properties and we want to
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know more about the rules as far as can
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I as a foreigner owned land in the
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Philippines or owned a property or a
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property or a condo or whatever and so
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this is live so you can ask us any
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questions trolls will be kicked out so
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let's let's get started so it's pretty
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controversial purple shadow um whenever
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we talk about foreigners owning property
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somebody chimes in and says yes you can
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or no you can't what is what's going on
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with it can you own product can I afford
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our own property cannot fly to Cebu and
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be like I want to buy this plot of land
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in Cebu hi yes there are yes and no yep
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yes yes and no yes if you are if you own
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a corporation about 40% of it will be
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owned by you and 60% should be owned by
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a Filipino yes if you have a wondered
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hectare land here you own 40 60 s for
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the Filipino it should be owned by a
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Phillip
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no citizen okay now what about a condo
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anytime you can buy as many as you want
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but there is a limitation should be 40%
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well if you have money you can own 40%
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of the condo if you want to buy it so
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this is almost only 40% of the
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foreigners are there but actually it's
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not strictly followed but in the law
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should be at least I'm should be 40%
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only is owned by foreigners in a condo
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yes but you can own we can own it any
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condo you want you can just both buy the
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entire building okay condo the foreigner
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can own like and rent it out and they
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and they collect the money on that but
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you're trying to own the whole building
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that's different that's cuz that's
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property womp yeah gotcha gotcha only
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40% so we got Terrance
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we got Jay Barnes we got way Buchan way
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how you doing guys
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this is purple shadow if you didn't know
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how and she's telling us she's informing
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us she's schooling us about property as
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far as a foreigner owning property and
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cuz we're buying condos and stuff so we
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want to know as much as possible so if
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you guys have any questions this is a
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great time to ask yeah well you have me
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or you can email me though
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purple shadow homes at gmail.com or you
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can take a look at my page just
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facebook.com forward slash purple shadow
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homes everything's there anyway cut
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earlier one of our subscribers is also
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youtuber was asking about condominium
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for right
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depends how much how long is he staying
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here and how much is his budget how many
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big bedrooms and is there a preferable
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location those are the things that I
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need first that I would take into
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consideration is how much is he willing
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to pay who is it that's a very pricey
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logistics
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o HT HT would definitely buy it's
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definitely a business guy all right yeah
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rinse it out okay yeah Oh a month well
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yeah there are lots of condo units here
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for rent how depends on his budget how
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long he will stay well a month yes is
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there a preferred location if there's a
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preferred location the budget has two
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commonplace so budget is the number one
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that I would really consider mr. Mike
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man says hi guys this is this is what I
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have proposed I proposed to my fiance
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that I purchased the property and lease
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it from her for 30 year lease that's a
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good idea like the property will be
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under her fiancé's name is that what you
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mean yeah Mike is that what you mean if
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you could hear us Joel Jill well hey how
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you doing man he says last year when I
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was in the Philippines the sales people
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of a building said that Americans can on
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their own condo unit 100 percent is that
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true no only 40 percent if the condo
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unit 100 percent yes but if the building
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the building a building itself like you
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know from let's say one
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our first floor to the 40th floor they
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can't have it all they can only open on
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40 percent yeah but if it's the unit the
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one-bedroom unit studio penthouse got
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ability you can I can help you percent
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okay what's the processing of buying the
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condo first reservation to valid IDs
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since you're there you can authorize me
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to sign on your behalf of course your
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money that's very important the
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reservation fee and then after I'm
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within 30 you are given 30 days to
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comply all the requirements just like
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your that could be your payslip a stub
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or your a bank statement showing your
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capability of thing and you should open
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up a checking account or a fill I'm in
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the Philippines and then oh I should
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speaking of that I should take note of
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the checks I have issued also what else
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special power of attorney for the person
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that can find on your behalf or you can
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come here to sign the papers I will just
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schedule 4G towers there I'm actually a
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little close with the self management so
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I can easily ask a favor from them as to
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when are you coming over to sign the
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contract
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for other buildings I have not yet for
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other properties like izella properties
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I can I can definitely ask come that's
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what I love the Philippines I have lots
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of connections that's the one thing that
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I love about the Philippines so just let
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me know I can help you in any way make
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sure of course the most important you
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have cash
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who says hey mama why are you doing good
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evening your sister looks beautiful your
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you look slow what about me you look
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beautiful - beautiful - mm-hmm purple
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shadow let me a lovely and delicious
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I live my food now you were inquiring
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for a condo mr. Mike says yes that's
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what I meant
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okay I'm selling condo not myself okay
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HT was the one who was asking about
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Rhonda for rent for like a month we're
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at HD we would have to know like where
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Cebu is going - oh wow yeah I think you
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can get the hook-up I I see here Harold
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Essex I'm looking at mcaddie area buying
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a condo I love the Philippines if it's
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in Makati yes I can probably fly to
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Makati if it's a you know a good deal
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but if you can say boo yeah any time let
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me know yes definitely contact
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purple shit let me give you some contact
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information sandy wants to rent a condo
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how much are you willing to pay what's
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your price
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how much is HT yeah what kind of range
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are you in Roy knocks says what about
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rent hold
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I well let's I can we have agents and in
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Duvall I can I can refer her or refer
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Roy Roy knocks - my colleagues from
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another base in the bow this is just for
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a run mm probably if I'm on vacation I
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would probably for it but I can just
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easily refer
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roy to my colleagues in the well because
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we are all over the Philippines we even
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have a roadshow in Dubai and in New York
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and Los Angeles everywhere so we're all
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over soon I'll be selling properties all
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over the world
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they'll be awesome HT says 500 to 1500
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USD are my guess is that paper scar yeah
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I think this is paper write us that's
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why I don't have the price yet how much
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were you willing to pay Roy yeah a
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friend of our condo went one month
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that's a pretty nice right there
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I've been reading you annual that's a
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pretty decent way sir oh that right it's
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a decent place but you'll be raised
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going you're gonna be living like a king
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on that if that's a price range then
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hell yeah you you will have a lot of
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beautiful places that I can get you just
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let me know a month I'm one before you
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come because if it's going to be three
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or two months before it's it's not you
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know it's not very practical or it's not
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logical to HD you're so nice car guys
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right here HT zone man the Wallace life
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do you have any anything near Mall of
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Asia
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how much is your budget Wallace here
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there was a tiny logistic says I'm
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coming in April so
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in contact yes please so I can
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definitely get you or lick of the best
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place for you I think I need access yeah
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I'll be there like July yep contact me
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and of me so I have one month well one
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month is actually too far it's so easy
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to find something for you especially if
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you have that kind of budget in a day or
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two give me three days like when I say
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give me three days for that yep for one
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month
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yeah the ball is not that expensive
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compared to say blue I'm sure well yeah
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I'm sure I can find one for him hey
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Maria how you doing Maria but Tino is on
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with us Isis Roy says I'll give you one
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week the Wallace life who wants a place
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near Mall of Asia says 400 to 500
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monthly if it's me and Mo Avista
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I don't think 500 it's enough yeah
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that's like these in the Philippines
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right yeah big time
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there might even hard when this gonna be
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18 square meters we aren't even a
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anything you can hardly find that Friday
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Wallace life is look there's a box near
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the no I'm just kidding but yes that
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realistic yeah real fast life the job
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that makes you rent if it's for rent but
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if he's gonna buy it no you can find
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that price yeah okay let me see we got
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more comments coming in we got jaebum
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hey how you doing man we were just
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talking to you HT says but I don't want
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to stay in some some hotel I want to try
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something different for my business
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yeah he's the real deal j barnes says
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would it make sense to buy a condo now
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and written until I retire or just wait
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[Music]
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shadow perfect question right here so we
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bought ours like two weeks ago yeah in J
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Center hold on guys quick disclaimer
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disclaimer okay
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do not spend money that you can't afford
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them Amy listen this is an investment
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okay if people get really emotional
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whenever we talk about money or
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investing or anything like that the
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shadow is a real estate agent in the
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Philippines okay us Yuri and I buying a
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condo is its money we can afford right
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and we're we're taking a manage risk for
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us all right and this is not like
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cryptocurrency or like stocks this is
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real estate so this is real deal that
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being said let's let's continue okay I'm
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planning to retire soon I mean retire in
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the future I would say like buy
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something now like a pre-sale cuz it's
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which
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I think Jay Barnes sent me an e-mail
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today is that it I think that was him
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yeah so we're thinking long time because
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the place that we pre bought is not but
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we got plenty of time we're gonna be
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here in the US you know with the kids
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for a while so we can't even so we can
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wait but in the meantime we're making
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payments on it right now so that by the
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time it's built and we owe less on it
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we're gonna transfer it to the bank
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right so then we'll get a loan from Bank
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and all that stuff we bought a car we
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bought a townhouse - that was way
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cheaper - it's gonna be built in 2021
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right that's our back-up plan you know
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just in case in the future doesn't work
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for us here and we have the option to
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but what we want to do is rent it out so
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that's our plan Harold sx says i'm
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looking into buying also in Tights a guy
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okay pie and in Palawan ooh
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that's expensive right there is it I
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love Paulo wise Metro dad says is this
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purple shadow yes yeah I just got my
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package and finished we'll talk to you
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talked to me on Facebook by Sony
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Facebook I'll send you all the links
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everything you need j barnes says yep
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that was me
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HT says shadows when I'm you for a
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second hey she says so yeah
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so if I want to live in the Philippines
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is that the only way for me just or an
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apartment you can buy an apartment on a
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condo HD just buy the condo now yeah you
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options to buy a condo or if you happen
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to marry a Filipina and you guys are
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very close someone you can trust you can
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also buy a house or land 60% of it will
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be owned by your Filipina so here's
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another thing philippine scenes and some
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of the other people in our community
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they live there living in the
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philippines and they're Americans what
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they do is just rent cheap apartments
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yes you know that's what another thing
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that you can do but the smart the smart
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money would be to buy a pre-sale it's
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just my opinion buy a prebuilt building
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that's gonna be really nice that's cheap
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right now because it's not built yet and
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then when it's Bill yeah you're in a
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really nice place but that's you know
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that's if you're definitely gonna live
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there yeah but if you're not sure yeah
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you should test it first live there for
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a year and see if you know one thing a
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condo I mean if you if you live here if
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you live here in the Philippines and
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like when for five hundred dollars might
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as well buy a condo now and you know
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rent it out or sell it later I can sell
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it for you if you don't like to live
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here yes easier that way cuz I mean you
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know leaving and I'm paying $500 when in
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fact you can get what 400 I mean to $400
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or $300 pre-selling condo right now and
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I mean you're not gonna retire right now
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or you're not gonna live in the
