Friday, April 20, 2018

Apr 16 18, 10:02 am

Dialogue On The Filipino Diaspora Held At Pcg

Foreign Affairs Undersecretary for Strategic Communications Ernesto C. Abella (3rd left, seated) recently met with around 25 movers and shakers of the Filipino community in Dubai and the Northern Emirates and conducted a dialogue on diaspora engagement for...

Abu Dhabi Bayanihan Council Installs New Batch Of Officers

The Bayanihan Council in Abu Dhabi recently held their oath taking ceremony at the Philippine Embassy, an event graced by Ambassador Constancio R. Vingno, Jr. together with Vice Consul Von Ryan Pangwi, Vice Consul Anna Guerra, Labor Attaché Ophelia Almenario and...

Can a foreigner legally purchase a condo unit in the Philippines?

by | Feature, Finance, Property

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.

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Abu Dhabi Bayanihan Council Installs New Batch Of Officers

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THE FILIPINO TIMES is the biggest and most trusted Filipino newspaper in the UAE.

It has a print run of 60,000 copies and 250,000 readership per week; bolstered by 1 million visitors to its website every month. It also has an e-newsletter sent to its 250,000 subscribers every day.

The Filipino Times is FREE and has the widest targeted circulation across the 7 emirates of the UAE.

With more than 2,500 strategic distribution spots, TFT is available where the Filipinos are - at Smart Bus Shelters, Metro Stations, restaurants, supermarkets, schools, airport lounges, Emirates and Etihad Philippine-bound flights, churches, Filipino community events and many more.

THE FILIPINO TIMES. We are where the Filipinos are.

FOLLOW US

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