CAVEAT EMPTOR – “Let The Buyer Beware!”
Boracay Real Estate has fast become the best investment for Philippines Real Estate. FULLY TITLED Boracay Philippines Real Estate can be purchased by foreign investors interested in Real Estate in the Philippines.
Boracay Island Real Estate can be used for Residential Homes, Boracay Resorts or Boracay Hotels, contact our Manila Philippines Real Estate Office located in Ortigas Center, Pasig City Manila Philippines +63.2.631.7260
The issue of Boracay Real Estate ownership on Boracay Island has long been raging, however the basic fact is this; almost 70% of all real estate on Boracay Philippines is untitled! The remainder is clear and free titled real estate belonging to an ancient few families (such as the Tirol family), the remainder of titled Boracay Real Estate was snapped up by the Fil-Estate Realty Land Inc. in the early to mid 1990's in order to develop the prestigious and opulent
Fairways & Bluewater Boracay Resort, Golf and Country Club.
TAX DECLARATION REAL ESTATE
There are many, many individuals that have "bought" Tax Declaration Land for a residential or commercial purposes - but what exactly does that mean? What exactly did they "BUY" was the right to use land owned by the Philippine Government on the proviso that they continue to pay the TAX due on that particular piece of Philippines Real Estate! The land belongs to, and will always continue to belong to the Philippine Government until such time that there is a change in the law. You may indeed own the "building" placed on the land, but you will NEVER legally own the real estate.
FOREIGN OWNERSHIP OF PHILIPPINES REAL ESTATE
Can a non Filipino citizen own real estate in the Philippines? The answer is a resounding NO! Is it unfair? Sure it is! (A Filipino can own a huge mansion in the middle of London or New York City - NO PROBLEM!). It is also a huge reason why the Philippines does not attract enough foreign investment as it rightly deserves!
Are there ways to get around this? Any Philippines Real Estate Broker will tell you "YES", but YOU decide, here are your options:
1. Marry a Filipino Citizen and put the Boracay Philippines Real Estate in their name.
2. Give up your nationality and become a Filipino Citizen - by the way, there is NO dual citizenship here in the Philippines!
3. Form a Filipino Corporation and let the Company own the property. This involves the lengthy process of incorporation through the Philippines SEC and even then, the foreign interest in the company cannot exceed 40 percent!! (known as the 60/40 rule). This often works well as long as the company actively operates on a daily basis otherwise you end up with a "dummy" corporation which is frowned upon by the Philippine Securities and Exchange Commission.
4. Buy a CONDOMINIUM!
CONDOMINIUM / CONDO OWNERSHIP
The only Philippines Real Estate a foreign national can 100% wholly own is a Philippines Condominium.
In order for a developer to build and offer a condominium project, they must gain the permission and be sanctioned by the HOUSING REGULATORY BOARD and be in strict compliance with the Philippine Condominium Act - Republic Act No 4726.
This act clearly states that such a project must be developed on REAL property i.e. titled real estate, thus enabling the "Master Title" to be cut into individual "Certificates of Condominium Title".
As mentioned previously, almost 70% of Boracay Real Estate remains untitled to this day. However, if you were to use any of the major search engines like, Google, Yahoo, or Msn and type in "boracay" and "boracay real estate" you would find thousands upon thousands of listings! How can this be? The use of the term "condo" or "condominium" inherently implies "title" under the terms and conditions of the above mentioned law! So, in conclusion, "LET THE BUYER BEWARE" or GET A GOOD LAWYER!
NOTE: Boracay Real Estate, is in conjunction with Fil-Estate Realty Corporation, offers what are probably the only fully titled condominiums on Boracay Island Philippines.
All of our offerings are covered by, and are in strict compliance with the Philippine Condominium Act, Republic Act No 4726.
The Choice is Yours!
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