To cut it short – YES! There is a possibility for a foreigner to own a condo unit under their own name as long as certain conditions are met.
According to Section 5 of RA (Republic Act) 4726 a.k.a The Condominium Act which states that:
“…That where the common areas in the condominium project are held by the owners of separate units as co-owners hereof, no condominium unit therein shall be conveyed or transferred to persons other than Filipino citizens or corporation at least 60% of the capital stock of which belong to Filipino citizens, except in cases of hereditary succession. Where the common areas in a condominium project are held by a corporation, no transfer or conveyance of a unit shall be valid if the concomitant transfer of the appurtenant membership or stockholding in the corporation will cause the alien interest in such corporation to exceed the limits imposed by existing laws.”
This means that 40% of ownership in units within a condo tower can be owned by foreigners. However, it is in this same reason why the allotted units for foreigners in condominiums are scarce which is why if you’re a foreigner who plans to purchase a condo unit in the Philippines, participating in pre-selling is recommended so that you can secure your condo unit as soon as possible.
