do you know your rights and responsibilities as a property owner in the philippines?
TRANSCRIPT
A Filipino’s Rights as a Property Owner
● You can fully own lands and other properties in the Philippines, whether public or private.
● A Filipino citizen can only acquire up to 12 hectares of alienable lands and 500 hectares through lease.
● Owning a property gives you the right to possess, use, enjoy the fruits, dispose or sell, and to recover.
A Filipino’s Responsibilities as a Property Owner
● As a property owner, you have to:
○ Pay annual Real Property Tax and Special Education Fund Tax.
○ Follow the Building code on height, setback, and materials requirements as well as specifications.
○ Take note and comply with the subdivision and zoning regulations as well as the requirements of Philippine laws (Eminent Domain, Escheat, Easement of Right of Way, etc.) before developing a land.
● For condo or apartment owners, you
have to:
○ Pay Real Property Tax and Special Education Fund Tax for the unit and the common area and land.
○ Insure the condo or apartment and share the premium payments for common areas.
○ Pay condo and association dues and assessments.
A Foreigner’s Rights & Responsibilities as a Property Owner
● You can acquire Philippine properties
through inheritance from blood
relatives and properties that are under
the 1935 Philippine Constitution.
● For investors, you can only own up to
40% of units in a condo development
in the country.
● If you are a former natural born
Filipino citizen, you can still acquire
properties, but it is subject to
limitations and requirements
prescribed by law.
● You can only acquire up to 1,000 sqms. of urban land and 1 hectare of rural land for residential purposes and up to 3 hectares of rural land or 5,000 sqms of urban land for business purposes.
For more information about residential or commercial buildings in Fort Bonifacio, contact us.