CVEZA

Philippines are known for its unique beauty and have a favorable weather not the same with the other countries. So many wants to live in and foreign individuals want to have a place to own. They can buy Condominium units and town houses under the supervision of Condominium principle with Condominium Certificates of Title. This is the Condominium act or Republic Act 4726. For those who are planning to stay longer in their visits in the Philippines, a Philippine Visa is required and fro non Philippine nationals, a retirement visa is applicable through the help of Philippine Leisure Authority. Under the provisions of the Philippine Constitution, only those partnerships and corporations at least 60% owned are capable to acquire land in the Philippines.

Foreign individual who are married to a Filipino citizen can acquire Philippine real state but with the use of Philippine spouse’ name. The name of foreign spouse cannot be use in the Property title but only in the contract to buy the property. Under Presidential Decree No. 957, which has the authority to manage the sale of subdivision and the developments of condominium, the National Authority has an exclusive jurisdiction to properly monitor and regulate real state trade in the Philippines. There are conditions required to have a full license in selling a condominium development units including subdivision development lots and homes to a Filipino or Foreign owned individual and also corporation. These requirements are a certificate of registration, an approval of the building plans and specifications and a performance bond.

Dual citizenship is now accepted in the Philippine law. It means that someone can have two citizenship and passports from two different countries. Those who are under dual citizenship have a full hold of real state within the Philippines. Those Filipino being naturalized in other countries will lose Filipino citizenship and these will seriously affect the unity of Filipino citizens with overseas Filipino individuals. But there is an act now that will allow them to recover their citizenship in the Philippines. This is through dual citizenship. Children of Filipinos who reacquire citizenship are also affected by this, whether they are legitimate or illegitimate citizen of the Philippines. The process is not that easy because they need to have an oath of allegiance.