Home Selling

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).

Tips for Buying a Condo in the Philippines

September 27, 2013 by Athomeako

Looking to purchase a home? A sky high lifestyle in a condominium could be for you.

For those looking to find a new home, purchasing a condo is one of the options you can consider. Condos are a popular choice in real estate in the Philippines. Having a condo not only provides you with a good home, you also enjoy the luxuries that come with it. With condos strategically located in or near business districts, it’s definitely advantageous to residents.

However, it’s understandable that buying a condo can be intimidating, especially if you’re buying one for the first time. While condos are generally less expensive than house and lots, it’s still a major purchase decision.

How to Sell Real Estate

Here are some tips for you to consider, if you’re looking to purchase a condo:

1. Analyze your financial capacity.

Before you start your search, you have to know what you can afford. Evaluate your funds and where these will come from. Visit your trusted bank, and they can give you the details you’ll need before you purchase a condo. They will also work with you on setting a reasonable budget for your income.

2. Check the developer’s track record.

If you already have properties in mind, do research first. Are the projects finished on time? When is the turnover date for your prospective condo?

3. Consider your location.

Aside from the general location, pay attention to the neighbourhood. Consider things like your daily commute, the proximity to grocery stores, malls, and other factors that could be appealing or unappealing.

4. Attend open houses for your preferred condo.

Typically there are scheduled open houses for different properties. If not, you can get in touch with your seller to set up a schedule for viewing. It’s best to really take your time in going through the condo and take note of things you like and don’t like. Don’t forget to take note of these on a notebook or on your smartphone. This way, you’ll be able to compare notes when you’re trying to narrow down your choices.

5. Ask questions.

If something is not clear to you, don’t hesitate to ask your seller. Ask about details like fees associated with the property. Are there association fees you need to pay? What comes with these fees? Know what benefits come with what you’re paying for.

It can be pretty scary for a first-time buyer, but keep these tips in mind and you’ll be able to approach the condo-buying process with confidence.

Sources: smdc.com/buying-tips/tips-buy-condo-in-the-philippines

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How to Sell Your Home Fast

September 3, 2013 by Athomeako

Decorating a Contemporary Dining Room

In today’s market, selling your home can be quite challenging, especially if you require a quick sale. There are a variety of factors that need to be considered in how to sell your home fast. Typically, the most common problems that require selling a home today are the loss of a job, a job transfer, or significant health care bills. No matter what your specific reason for selling your property, there are basic steps that need to be followed to ensure you can sell it quickly, and for the correct price.

The biggest challenged individuals face when they need to sell their property fast is the sense of desperation they feel. Sometimes, a potential buyer can recognize this, so it is important to maintain a poker face when talking to them directly.

Talking to a real estate agent is the easiest way to understand the starting point for selling the home. They will be able to offer your variety of options that can help you sell your home quickly. They will have the skills, tools, and availability to potential buyers.

Another consideration for using a realtor to sell the home quickly is that they can help you find comparables in the neighborhood, or previous homes that sold for specific price. These comparables will have the same features and amenities as your home, so that you can price the real estate properly.

No matter what real estate agent you choose, make sure he or she has the experience of using online tools and effective marketing strategies that go beyond traditional selling. Ask them to bring along the flyers of homes that have previously sold by them. This will ensure that they are proving that they have the ability to sell your home, and so it quickly.

Staging is another key component to selling your home fast. This means removing any clutter out of the garage, the basement, the attic, or filled rooms. Cleaning out the closets is also a good idea.

Staging also requires rearranging the existing furniture, or changing it out with rented furniture to make the home look more aesthetically appealing. The home should be beautiful and neutral, so that any potential buyer can visualize their own furniture in the home, or enjoy looking at the furniture that already is there.

Clean the entire home inside and out. This means keep the landscaping fully groomed, by removing debris around plants and shrubs and keeping the lawn trimmed at all times. In addition, make sure that the kitchen and bathrooms are sparkly clean. This includes scrubbing the grout, and keeping the countertops looking good. If the shower curtain is in need of replacement, do it, to ensure that there is no negative aspect when potential buyers walk through the property.

Have the carpets and flooring professionally cleaned. Once the entire house is clean, the landscaping is manicured, and the clutter has been removed, the realtor can hold an open house. An open house can offer you the ability to have a lot of potential buyers arrive at the same time. This ensures a quicker sale.