The Condominium Act of the Philippines, Republic Act No. 4726, expressly allows foreigners to acquire condominium units and shares in condominium corporations up to not more than 40% of the total and outstanding capital stock of a Filipino owned or controlled condominium corporation. You may read the full text of the law here.
In the law, a condominium is defined as an interest in real property consisting of a separate interests in a unit in a residential, industrial or commercial building or in an industrial estate and an undivided interests in common, directly and indirectly, in the land, or the appurtenant interest of their respective units in the common areas.
2 comments:
Buying real estate is a complicated process that you do not want to mess up with. It is going to be the most expensive purchase you make in your life. Therefore, make sure you are well educated and understand the entire process. thanks for the info.
philippine real estate
Thanks for sharing this. Buying a property in a real estate is a quite many process and you should be aware in condo acts to avoid misunderstanding and confusing. See this link for more tips about condos http://www.fortglobalcondo.com/florence-mckinley-hill/
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