Ownership of Condominium Units in the Philippines for Foreign Citizens

The matter of owning real estate, specifically condominium units, in the Philippines for non-Filipino citizens can be a complex topic. It is an area governed by specific laws and regulations. In the context of a query from a Filipino who has become a Norwegian citizen, this article aims to explore the general rules and considerations regarding the ownership of condominium units in the Philippines.

Question: Hi. I am a Filipino married to a Norwegian. I am now a Norwegian citizen. Do I have a right to own a condominium unit there? Am I not allowed to own a unit there? What are the rules?

Answer:

  1. Ownership of Condominium Units: The Philippine Condominium Act (Republic Act No. 4726) allows foreigners, including former Filipinos who have acquired foreign citizenship, to own condominium units in the Philippines. The law stipulates that foreigners can own up to 40% of the total and outstanding capital stock of a condominium corporation. In other words, a foreign individual or a former Filipino citizen who is now a foreign national can own a condominium unit as long as the total foreign ownership in the condominium corporation does not exceed 40%.

  2. Other Real Estate Ownership: It is essential to distinguish condominium ownership from other types of real estate ownership in the Philippines. The Philippine Constitution limits land ownership to Filipino citizens and corporations at least 60% owned by Filipino citizens. So while condominium units are an exception, other types of real estate may not be directly owned by non-Filipino citizens.

  3. Documentation and Compliance: Proper legal documentation, compliance with local laws, and adherence to the specific requirements of the condominium corporation are essential for foreign or former Filipino citizens wishing to own a condominium unit in the Philippines.

  4. Consult with Legal Professionals: Real estate transactions, particularly involving foreign or former Filipino citizens, can be intricate. It is highly recommended to consult with legal professionals or real estate experts in the Philippines who are knowledgeable about the specific rules and regulations governing condominium ownership.

In conclusion, as a Norwegian citizen who was formerly a Filipino, you are generally allowed to own a condominium unit in the Philippines, provided you comply with the existing laws and regulations. Understanding the particular legal framework, seeking professional guidance, and ensuring compliance with all necessary requirements are vital steps in pursuing condominium ownership in the Philippines.