Ownership and Restrictions

 

1. Can foreigners own properties in the Philippines?

• According to Republic Act 4726, foreigners may buy real property in the Philippines. Foreigners also have 100% ownership of the unit. The limitation for foreigners are only applicable to house & lots where in they can only purchase when: married to Filipina or named under a Philippine Registered Company.

 

2. Can locals, foreigners and Corporations resell the property?

• Yes, foreigners and corporations can re-sell the property to either local and foreign investors or corporations. Same taxes apply to local or foreign buyers.

 

4. Is the land for the property leasehold?

• No the land is Free hold and at Perpetual Ownership, it means that if you invest in a condominium property in Makati you have exclusive ownership for your unit and co-ownership with the land and it will not be taken by the developer in a periond of years.

 

5. What are the taxes and fees involved?

• When Investing in a Condominium; illustrated are the following taxes and fees due and demandable upon transfer and titling and estimated to be 4% to 5% of the contract price.

  • Documentary Stamp tax

  • Registration Fee

  • Transfer Tax

  • Real Estate Tax

  • Miscellaneous Fee

  • Meralco Deposit Meter

• When selling a Condominium

  • 6% Capital Gains tax

  • 3% to 5% Broker's Fee

  • 4% to 5% Taxes and Fees (Buyer)

 

4. What are the annual cost of owning a condominium property?

• Association Dues of P90-P110/sqm.

• Real Property tax (2% of the Assessed value)

• Real Property tax for common areas

 

5. What are the modes of Investment?

• Cheques

• Cash

• Wire Transfer

• Deposit Payments

• Only US and PHP currencies are accepted.

 

6. Do foreign buyers get any benefits for investing in the Philippines?

• Yes, foreign buyers can avail of The Philippine Special Resident Retirement Visa (SRRV)

 

7. What is a Special Resident Retiree's Visa?

• SRRV is a retirement visa for foreign nationals aged 34 years and up who wish to stay longer in the Philippines.

• Philippine Retirement Agency (PRA) is a government agency that process and facilitates the SRRV application of foreigners.

 

8. What are the Benefits of having a Special Resident Retiree's Visa?

• Option to retire permanently in the Philippines.

• Multiple entry privileges.

• Exemption for Income tax over pensions an annuities.

• Exemption for Bureau if Immigration exit and re-entry permits and registration requirements.

 

9. Can foreigners apply for home loan?

• Yes, as of today foreigners are allowed to apply for home loan with different partner banks

 

9. What is the average annual return on invetment?

• Annually, the appreciation of Makati Property value increase by an average of 10%. This is based on a quarterly price appreciation

 

10. What is the rental rate of high end residential condominiums in Makati City?

• According to the firm C.B. Richard Ellis, the average rental rates in Makati is P1000/sqm to P1200/sqm. With a Rental yield ranging to 7% - 10% based on the size of the unit.

 

11. Is there a Referral fee for Successful Referral?

• Yes, Entitled to 2% Commission based on the Contract Price

 

How to Invest and own a Property?

 

STEP 1 - Inquiry

• Look for a Licensed Professional, a Real Estate Broker or a Real Estate Salesperson set an appointment and then let us provide you relevant facts about your investment needs and help you understand more about Investing in an ideal Property of your choice.

 

STEP 2 - Decide the Property of your choice

• Location (Accessibility and Profitability)

• Project (Features and Benefits)

• Unit type (Studio, 2Bedroom, Penthouse)

• Investment Scheme (Cash, Downpayment Schemes, Promo)

• Once decided, go through the Reservation Process

 

STEP 3 - Reservation and Payment Process

1. Fill up and Sign Reservation Agreement Form

2. Fill up and Sign Buyers Information Sheet

3. Issue 2 Government Issued ID's

4. Settle Reservation fee of P30,000 via Cash, Credit card, Cheque or Wire Transfer Directly to Megaworld Corporation.

5. Based on your chosen Investment Scheme, payments such as Down payments or Monthly Amortization must be settled 30 days after the Reservation Process via Cash, Credit card, Cheque or Wire Transfer Directly to Megaworld Corporation.

 

STEP 4 - After Sales Services

• Sending legal documents such as Contract to Buy and Sell and Buyer's Copy

• Regular updates on your Purchase and Property Appreciation

• Delivery of Provisional and Official Receipt

• Turn over Process and Loan application