Even if you pay off your dream house in Alabang or your targeted commercial buildings in other affluent cities, you still have to take care of your money. You still have to pay for maintenance, repairs, monthly fees, taxes, and other costs as a property owner.
If you own a property and rent it out, you still have to pay taxes on your rental income, get permits, and do other things to make your business legal. And if you are a foreigner, you should know that there are some rules about owning property in the Philippines before you put your money into a building or condo.
Trying to follow the rules (especially the ones you don’t know) can be challenging, moreso for people who are buying or selling a home for the first time. Here’s a quick list of your rights and responsibilities so that it’s easier to deal with the confusing rules and regulations of the country.
For Filipinos
You can totally own land and other properties in the Philippines as a Filipino citizen, whether public or private.
A Filipino citizen can only acquire up to 12 hectares of alienable lands (only agricultural lands that are part of government-owned property and have not been sold or given) and 500 hectares through lease for public lands.
Owning property grants you the right to hold, use, and enjoy the fruits, as well as dispose of or sell them and recover them.
As a property owner, your responsibilities are:
- Pay annual Real Property Tax and Special Education Fund Tax
- Comply with the Building code on height, setback, and materials requirements as well as specifications
- Follow the subdivision and zoning regulations and the requirements of Philippine laws (Eminent Domain, Escheat, Easement of Right of Way, etc.) before developing a land
For condo or apartment owners, you are expected to:
- Pay Real Property Tax and Special Education Fund Tax for the unit and the common area and land
- Insure that the condo or apartment and share the premium payments for common areas
- Pay condo and association dues and assessments
For foreigners, you will need to:
- Acquire Philippine properties by inheritance from blood relations, as well as properties protected by the 1935 Philippine Constitution
- Foreign investors are only permitted to own up to 40% of the units in a condo building in the country
- If you are a former natural born Filipino citizen, you can still buy property, but it is subject to legal restrictions and regulations
- You can only buy up to 1,000 square meters. for residential purposes, and up to 3 hectares of rural property or 5,000 square meters of urban land for commercial purposes
For those who are looking to buy a house (or houses), Elanvital Enclaves is welcome to serve you and assist you with your requirements. You can visit house models and browse the different options they may have for you.
If you’re interested, simply contact +63 9271440196 or visit our official website for more updates.
