Are you a foreigner looking to invest in real estate in the Philippines? While there are some restrictions on land ownership, there are still several ways for you to own a beautiful property in this tropical paradise. Hereās how you can navigate the process, with a special focus on Boracay properties, where you can expect high returns on investment (ROI) and stunning beachside living. Letās dive into the details! š”āØ
š” Options for Property Ownership
As a foreigner, you have several options for owning property in the Philippines, even though direct land ownership is restricted. Hereās how you can invest:
Long-Term Lease: You can enter into a long-term lease with a Filipino landowner for up to 25 years, with the option to renew for another 25 years.
Corporate Ownership: Instead of individual ownership, foreigners can own units through a corporation that holds the building. In this case, the corporation can own the land, provided that 60% of the company is Filipino-owned.
Set Up a Corporation: You can form a corporation with Filipino partners, owning up to 40% of the corporation while the remaining 60% is Filipino-owned. The corporation, in turn, can legally own the land.
š 5 Easy Steps to Owning Property in the Philippines
1. Work with a Trusted Real Estate Agent š¤
Itās essential to find a reputable agent or real estate lawyer to guide you through the process. However, when purchasing through boracay.house, you're dealing directly with the ownerāso no extra agent fees, and a more streamlined process!
2. Browse Listings š
Look for available properties on reputable websites or through your agent. We offer direct listings of beautiful villas, condos, and homes on boracay.house that are ideal for foreign investors.
3. Submit a Letter of Intent š
Once you find the property that fits your needs, submit a letter of intent. This document outlines the basic terms like the purchase price, payment plan, and initial deposit, showing the seller your commitment while allowing time for due diligence.
4. Conduct Due Diligence ā
This is one of the most important steps! Make sure you verify the propertyās legal standingācheck the land title, inspect the property, and review necessary documents to avoid any future issues. Itās advisable to hire a real estate lawyer to help with this.
5. Complete Payment and Sign the Deed of Absolute Sale (DOAS) šļø
Once due diligence is completed, you will finalize the purchase by signing the Deed of Absolute Sale in the presence of a notary. After making the full payment, youāll officially own your slice of paradise! š“
š Why Buy in Boracay? ROI and Investment Opportunities
Boracay offers some of the best real estate investment opportunities in the Philippines. With high tourist demand and stunning beaches, the rental market is lucrative, with returns on investment (ROI) often exceeding 10%. Here's why buying property here makes sense:
High Rental Income: Expect to earn anywhere from $7,000 to $10,000 USD annually through short-term rentals, depending on the size and location of your property.
Tourist Hotspot: Boracayās white-sand beaches attract millions of tourists every year, ensuring high occupancy rates for rental properties.
Flexibility: We offer rent-to-own options, allowing you to secure a property while generating rental income.
Ideal for Long-Term Investment: Property values in Boracay are steadily rising, making it a great investment for the future.
š¼ Transaction Fees and Costs
When purchasing property in the Philippines, there are additional costs to be aware of:
šø Capital Gains Tax: 6% of the sale price (usually paid by the seller).
š Documentary Stamp Tax: 1.5%.
š¦ Transfer Tax: 0.5% to 0.75% depending on the location.
šļø Registration Fees: Typically around 0.25% of the sale price.
š Why Buy with Us?
Prime Location: Just a 4-minute walk from the beautiful Diniwid Beach, surrounded by lush greenery šæ and local charm.
Fully Licensed: All our properties come with the necessary business permits, ensuring a legal and hassle-free purchase.
Flexible Ownership Options: We offer rent-to-own opportunities, so you can start earning from your property right away while paying it off.
High ROI Potential: Our properties generate $7,000 to $10,000 USD per year in rental income, ensuring a strong return on your investment.
š Start Your Property Journey Today!
If youāre interested in investing in Boracay, weāre here to help you every step of the way. Contact us for more details, and let us guide you through the process of purchasing your dream property in the Philippines. Whether you're looking for a vacation home or an investment opportunity, Boracay has it all!
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