Thursday, January 21, 2010

Dual Citizens

Balikbayan

Former natural-born Filipinos who are now naturalized citizens of another country can buy and register, under their own name, land in the Philippines but limited in land area (see below). However, those who avail of the Dual Citizenship Law can buy as much as any other Filipino citizen.

Under Republic Act 9225 (Dual Citizenship Law), former Filipinos who became naturalized citizens of foreign countries are deemed not to have lost their Philippine citizenship, thus enabling them to enjoy all the rights and privileges of a Filipino.

Steps to Gain Dual Citizenship:

• If you are in the Philippines, file a "Petition for Dual Citizenship and Issuance of Identification Certificate (IC) pursuant to RA 9225” at the Bureau of Immigration (BI) and for the cancellation of your alien certificate of registration.
• Those who are not BI registered and overseas should file the petition at the nearest embassy or consulate.

Requirements:
• Birth certificate authenticated my the National Statistics Office (birth certificate from the NSO can be requested online and mailed to you)
• Accomplish and submit a “Petition for Dual Citizenship and Issuance of Identification Certificate (IC) pursuant to RA 9225” to a Philippine embassy, consulate or the Bureau of Immigration.
• Pay a $50.00 processing fee, schedule and take an "Oath of Allegiance" before a consular officer.
• The Bureau of Immigration in Manila receives the petition from the embassy or consular office. The BI issues and sends an Identification Certificate of citizenship to the embassy or consular office.

If a former Filipino who is now a naturalized citizen of a foreign country does not want to avail of the Dual Citizen Law, he or she can still acquire land but limited to the following:
• Up to 1,000 square meters of residential land.
• Up to one (1) hectare of agricultural of farm land.

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Tuesday, January 19, 2010

Foreigner's Opportunity to Own Real Estate

Foreigner's Opportunity to Own Real Estate

The general rule is that only Filipino citizens and corporations or partnerships, at least 60% Philippine owned are entitled to acquire real estate in the Philippines. As an exception to this rule, an alien acquisition of Philippine real estate is allowed in the following cases:

  • acquisition before the 1935 Constitution
  • acquisition thru hereditary succession if the foreign acquire is a legal heir
  • purchase of not more than 40% interest as a whole in a condominium project
  • purchase by a former natural born Filipino citizen subject to the limitations prescribed by law.
Filipinos who are married to aliens retain their Filipino citizenship, unless by their act or omission they are deemed to have renounced their Filipino citizenship.

Special Visas for Foreigners Allowing 100% Land Ownership

There are visa options available to foreigners that allow 100% ownership and control of Philippine land and real estate properties.

New Dual Citizenship Laws Affecting Property Ownership

Dual citizenship means having two citizenship's and passports from two different countries. Dual citizenship is now newly available for the following:

  • Former Filipino citizens born in the Philippines, but that have immigrated to another country and obtained citizenship of that country.
  • A foreign spouse married to a Filipino citizen. Dual citizenship allows the citizenship holder full rights of possession of Philippine real property. Currently this is a new law and it is still unclear as of the procedures involved to implement it. Check back for updates.
Foreigner Married to a Filipino Citizen

If holding title as an individual, a typical situation would be that a foreigner married to a Filipino citizen would hold title in the Filipino spouse's name. The foreign spouse's name cannot be on the Title but can be on the contract to buy the property. In the event of death of the Filipino spouse, the foreign spouse is allowed a reasonable amount of time to dispose of the property and collect the proceeds or the property will pass to any Filipino heirs and or relatives.

Foreign Ownership of a Philippine Corporation

Foreign nationals and or corporations may own 100% of a Philippine condominium or town home. For private land, residential home with land lot and or commercial building with land lot ownership, the foreign national and/or corporation forms a Philippine Corporation to take ownership of the property. A Philippine Corporation by law will be a maximum of 40% foreign owned, and a minimum of 60% Filipino owned with a minimum of five incorporators. The corporation by law shall have a main bank account tied to it upon incorporation. A foreign national may be the sole person on the Philippine corporation bank account. Thus allowing the foreign national total control over the funds derived and paid out from the Philippine Corporation and from the income or sale of the asset or real estate property.

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