Foreigner buying property under corporation in the philippines?

BUY AT YOUR OWN RISK......BERNIE MADOFF WILL PALE IN COMPARISON TO THE HUSTLERS HERE IN THE PHILIPPINES....

FROM CAR SALES EXECUTIVES...TO CONDO SALES PERSONS...REAL ESTATE AGENTS.....YOU WILL BE A FOREIGNER....GRITTING YOUR TEETH IN DISGUST.

The only property that foreigners are allowed to buy in the Philippines is a condominium unit. But the unit can be sold only to a foreinger up to 40% of the units, meaning 60% of the total units should be owned by Filipinos.

To take ownership of a private land, residential house and lot, and commercial building and lot, foreign nationals or corporations should form a Philippine corporation. The corporation is to be 40% foreign-owned (maximum) and 60% Filipino-owned (minimum), and with at least five [5] incorporators. Upon incorporation, a main bank account should be tied to it. A foreign national may be the sole person in the bank account, allowing him/her total control over the funds derived from the corporation and the income or sale of the asset or property.

Once again Tommy is correct. There are people who will tell you that there are ways to get around foreign land ownership and the Corporation Laws can be gotten around in ways that will allow foreigners to own land. It is not true. Yes, you may get your name on the title and you may think you have ownership until a problem arises. When the problem comes and it goes to court you will loose because the Constitution is quite clear on land ownership in the Philippines. In a lease involving a foreigner the Filipino can break the lease and take back his or her land by proving in court it is to his or her advantage to void the lease. The same is true if in court it is proven that exceptions were made to escape provisions of law ownership in the Philippines.

In the Philippines there is an "anti dummy law" that specifically prohibits this. Get caught and not only do you face deportation but the Govt. can take it.

There is no legal way around the law period!

If you don't trust your wife enough to put the property in her name then buy a condo. Foreigners can legally own a condo.

They have changed the law and foreigners can buy. I wouldn't . Laws get changed to easily here.