How Special Resident Retirement Visa (SRRA) work?

March 3, 2014 by Athomeako

Special Resident Retirement Visa (SRRA) is a privilege granted to foreigners who would like to have a permanent resident status in the Philippines. For investing in the Philippines, foreigners can enter and leave the country as many times and as long as one wishes, including family members. With a Special Resident Visa, a holder can live, do business, study in the Philippines indefinitely.

Requirements for Special Resident Retirement Visa

Principal Applicant:

• Application Form

• Passport with valid entry to the Philippines

• National Bureau of Investigation (NBI) Clearance or Police Clearance (to be authenticated by the Philippine Embassy)

• Medical Clearance (if applicant is abroad, this clearance must be authenticated by the Philippine Embassy)

• 6 pieces 6″ x 6″ pictures

• 6 pieces 1″ x 1″ pictures

• Bank Certification from an accredited bank of the Philippine Retirement Authority of bank deposit (US$ 50,000 for 50 years old & above, $75,000 for 35 to 49 years)

• Processing fee: US$ 1,500

Spouse / Dependent:

• Application Form

• Passport with valid entry to the Philippines

• NBI Clearance or Police Clearance (to be authenticated by the Philippine Embassy for 18 years old and above)

• Medical Clearance (if applicant is abroad, this clearance must be authenticated by the Philippine Embassy)

• 6 pieces 6″ x 6″ pictures

• 6 pieces 1″ x 1″ pictures

• Marriage Certificate (authenticated by the Philippine Embassy) for spouse.

• Birth Certificate (authenticated by the Philippine Embassy) for dependents.

In Lieu of Marriage or Birth Certificates:

• Family Register (for Koreans)

• Household Register (for Taiwanese)

• Certificate of Relationship (for P.R.O.C.)

Fees:

Service fee of $300 each for spouse or dependent (up to 3 dependents)

For families with more than 3 dependents, additional $ 15,000/dependent

Immigration conversion fee:

• Php: 7,600 for spouse and children 16 to 20 years old.

• Php: 7,350 for children 14 to 15 years old.

• Php: 6,850 for children 13 years old and below

• PLRA ID card ($10) for spouse and/or dependent

• Immigration express fee of Php 500 per person (elective)

Note: The required investment money (US$ 50,000 for 50 years old & above, $75,000 for 35 to 49 years) to avail of the Special Resident Retirement Visa (SRRA) must be deposited in a bank accredited by the Philippine Retirement Authority. This deposit can be withdrawn after 6 months but must be invested in the Philippines. It can be used to buy properties (condominiums) stocks, securities, etc.

Also see the Philippine Retirement Act from the Philippine Retirement Authority.

Information on buying a house, condo, lot or any real estate property in the Philippines.

March 3, 2014 by Athomeako

Information on buying a house, condo, lot or any real estate property in the Philippines.

It includes relevant information on Philippine laws and regulations, specially for former Filipinos who are now naturalized citizens of other countries and for foreigners who wish to purchase a property in the Philippines.

For Balikbayans

Former natural-born Filipinos who are now naturalized citizens of another country can buy and register, under their own name, land in the Philippines but limited in land area (see below). However, those who avail of the Dual Citizenship Law can buy as much land as any other Filipino citizen. A natural born Filipino is one who was born of at least one Filipino parent at the time of birth.

Under Republic Act 9225 (Dual Citizenship Law of 2003), former Filipinos who became naturalized citizens of foreign countries are deemed not to have lost their Philippine citizenship, thus enabling them to enjoy all the rights and privileges of a Filipino.

Steps to Gain Dual Citizenship:

• If you are in the Philippines, file a “Petition for Dual Citizenship and Issuance of Identification Certificate (IC) pursuant to RA 9225” at the Bureau of Immigration (BI) and for the cancellation of your alien certificate of registration.

• Those who are not BI registered and overseas should file the petition at the nearest embassy or consulate.

Requirements:

• Birth certificate authenticated by the National Statistics Office (birth certificate from the NSO can be requested online and mailed to you)

• Accomplish and submit a “Petition for Citizenship and Issuance of Identification Certificate (IC) pursuant to RA 9225” to a Philippine embassy, consulate or the Bureau of Immigration.

• Pay a $50.00 processing fee, schedule and take an “Oath of Allegiance” before a consular officer.

• The Bureau of Immigration in Manila receives the petition from the embassy or consular office. The BI issues and sends an Identification Certificate of citizenship to the embassy or consular office.

If a former Filipino who is now a naturalized citizen of a foreign country does not want to avail of the Dual Citizen Law, he or she can still acquire land based on BP (Batas Pambansa) 185 & RA (Republic Act) 8179 but limited to the following:

For Residential Use (BP 185 – enacted in March 1982):

• Up to 1,000 square meters of residential land.

• Up to one (1) hectare of agricultural of farm land.

For Business / Commercial Use (RA 8179 – amended the Foreign Investment act of 1991):

• Up to 5,000 square meters of urban land.

• Up to three (3) hectares of rural land.

Foreigner’s Guide

By law, foreigners don’t have the right to acquire land in the Philippines. Only Filipino citizens can own land (there have been many proposals to amend this law but of this writing, the law remains unchanged.) The simplest way for a foreigner to acquire real estate properties is to have a Filipino spouse purchase a property in his/her name.

Exceptions:

Corporations or partnerships that is at least 60% Filipino owned are entitled to acquire land in the Philippines. An exception to this rule, is foreign acquisition of a Philippine real estate in the following cases:

* Acquisition before the 1935 constitution.

* Acquisition thru hereditary succession if the foreign acquire is a legal or natural heir. This means that when you are married to a Filipino citizen and your husband/wife dies, you as the natural heir will become the legal owner of his/her property. The same is true for the children. Every natural child (legitimate or illegitimate) can inherit the property of his/her Filipino father/mother even if he/she is not a Filipino citizen.

* Purchase of not more than 40% interest in a condominium project.

* Purchase by a former natural-born Filipino citizen subject to the limitations prescribed by law. (natural born Filipinos who acquired foreign citizenship is entitled to own up to 1,000 square meter of residential land, and 1 hectare of agricultural or farm land)

* Filipinos who are married to aliens who retain their Filipino citizenship, unless by their act or omission they have renounced their Filipino citizenship.

Owning of houses or buildings is legal as long as the foreigner does not own the land on which the house is build.

Setting up a corporation with 40% of the stocks in the foreigner’s name and 60% to Filipinos is a good alternative. There must be a minimum of 5 stockholders, and foreigner can have the Filipino stockholders sign blank transfer of the stocks for security.

Rent

The land can be leased by the foreigner or a foreign corporation on a long term contract for an initial 50 year period and renewable every 25 years. A foreigner can rent a lot and at the same time legally own the house on the rented land.

Condominiums

The Condominium Act of the Philippines, R.A. 4726, expressly allows foreigners to acquire condominium units and shares in condominium corporations up to 40 % of the total and outstanding capital stock of a Filipino owned or controlled condominium corporation.

Those who claim that foreigners can own a house & lot in the Philippines have a condominium title to their property. There are a very few single-detached homes or Townhouses in the Philippines with condominium titles. Most condominiums are mid to high rise buildings.

Please see our condominiums for sale in the Philippines.

If you wish to stay permanently in the Philippines or if you frequent the Philippines and stay for long periods. Avail of the government’s Special Resident Retirement Visa (SRRV).

Why Buy Condo? What are the Guide to the Condo-buying Process?

September 27, 2013 by Athomeako

Why buy a condo?

When planning to buy a condominium, the ultimate consideration is your purpose for purchasing one. Is it because you want to move into a better residence to establish your independence? Or are you planning to make it an investment property? Buying a condominium ensures that these two reasons are fulfilled.

How to Buy Homes Smartly

A condominium offers a kind of flexibility that you can’t find in owning a house or land. If you’re looking for a permanent residence without the added burden of building your own home, then a condo is your best option. Similarly, if you want an asset which you can use commercially, it can become a lucrative investment property.
Important factors when buying a condo

1. Consider your short-term needs and long-term goals.

Evaluate your goals in life before buying a condo. While a condominium is a premium investment and a cost effective housing option, you cannot bank on the possibility that it can be passed on to your children 50 years into the future (see Section 8 of RA 4726!).

Think about the next five years and ask yourself questions that will create a drastic change in your lifestyle in the future. Will you be married after five years? Do you have plans to move in five years? Are you planning on changing careers in the next few years? These will help you decide whether you should invest on a condo and what type you will buy.

2. Learn about the prices of properties in different locations before deciding on a place to settle down.

Location is a very crucial factor in selecting your unit, mainly because where you choose to live will shape the lifestyle that you will have. However, different locations especially in the Metro are priced differently depending on the area.

Properties near the central business districts are higher than those farther away. For example, the sale price of a three-bedroom unit in Makati can go from PHP 14,500,000 to PHP 25,785,000. While the same unit for sale in Bonifacio Global City can cost between PHP 13,500,000 to PHP 29,500,000.1 Aside from condominium prices, the cost of living also varies in different locations.

3. Choose the type of unit that best suits your needs.

The great thing about buying a condo in the Philippines is that you have a lot of options to choose from. Aside from the many existing condominiums in the market, there are also pre-selling condos that are readily available. However that same factor can also hinder you when you start searching for your ideal residence.

Because of the number of options, you may find yourself gravitating towards cheaper alternatives or more costly ones just because they have amenities and features you think you might need.

You should bear in mind that you are in control of what condo you’ll buy. Don’t settle for second best when you can have the perfect one by simply being very discerning about your decisions.

4. Gather all the information you need before signing a contract.

Buying a condo unit entitles you to a building’s services and amenities. Thus, you are also responsible for a portion of the upkeep of the building. Before you sign a contract, enlist the help of a broker to guide you into the financial aspect of buying a condo unit. This ensures you won’t be blindsided when a bill comes for a service that you were not aware of before buying the unit.

You should also pay particular attention to the details of the contract and discuss some important points you want to clarify with the building owner. For example, if you’re planning on sub-letting your unit then you should be aware if the owner allows this sort of business venture or not.

Moreover you can also make some suggestions or propose changes to your contract. For example, you are not certain about paying for a gym membership since you don’t work out that much or you want to upgrade the pre-installed appliances in your unit. You can discuss these with your broker or the owner of the building. By voicing out your opinion, you will save yourself from regret and complications later on.

Buying a condominium in the Philippines shouldn’t be a difficult task, especially if you follow these simple guidelines. Owning the perfect residential home is a dream, and you now have a chance to turn it into a reality.

Sources: hoppler.com.ph/blog/real-estate-buying-tips/things-to-remember-when-buying-a-condo-in-the-philippines

A Guide to the Condo-buying Process

Thinking of buying a condo? The idea of owning your very own luxury condo unit is incredibly appealing. That is, until you get to the actual buying process. Suddenly, it gets pretty intimidating.

Buying a condo appears daunting, but then again, buying any type of real estate usually is. But if you have a solid idea of what the process is, you’ll know what to expect and you can prepare accordingly. Preparing what you can ahead of time already eliminates any additional stress.

The condo-buying process is actually pretty simple once you have everything you need prepared. Here are the basic steps in the condo-buying process to guide you:

1. Prepare your documents.

When you reserve a unit, it’s best that you have the necessary documents already prepared. You’ll be needing at least (2) valid Ids, a checking account, a utility or credit card bill in your name, a recent Income Tax Return, to start with. For special circumstances, you may need other documents like a Special Power of Attorney, and so on. To be sure, ask your broker for the requirements you need.

2. Reserve the unit.

Make sure that you’ve clearly communicated with your broker regarding your preferred unit location, orientation, and other specifics. Also, make sure that you’re up to speed on the necessary computations. You’ll be asked to fill up a reservation form, a registration fee, and pay the reservation fee.

3. Submit requirements for the processing of the Notice of Approval.

For the processing of the Notice of Approval (NOA), you’ll need the documents mentioned in Step 1, plus the reservation form, a copy of the provisional receipt for the reservation fee, as well as the computation sheet signed by you and your broker.

4. Submit requirements for contract preparation.

After the NOA is released, the contract is ready to be prepared. For this process, you’ll need the reservation forms, valid Ids, proof of billing, a copy of the signed computation sheet, proof of TIN, and a copy of your marriage certificate if you’re married.

5. Submit all documents within 30 days from your reservation date.

For this step, you’ll need the signed contract, as well as the complete post dated checks.

Be sure to work with your buyer on the requirements you need. Don’t hesitate to ask questions, especially if something is unclear to you. This way, you’ll be able to purchase your condo unit without the unnecessary stress!

Sources smdc.com/buying-tips/a-guide-to-the-condo-buying-process/