The article discusses property ownership in the Philippines for Filipinos living abroad, including dual citizens and non-resident Filipinos. It outlines their rights, legal considerations, tax obligations, and the importance of proper title registration. It emphasizes the need for legal guidance to navigate the intricacies of real estate transactions.
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Step-by-Step Guide to Selling Real Estate Owned by a “Dead” Corporation
“We should all be obliged to appear before a board every 5 years and justify our existence… on the pain of liquidation.” – George Bernard Shaw, Irish Playwright and Political Activist (Part 2 of 4) By Realttorney® In Part 1 of this series, we discussed how corporations in the Philippines may be dissolved and howContinueContinue reading “Step-by-Step Guide to Selling Real Estate Owned by a “Dead” Corporation”
How Can a “Dead” Corporation Sell Its Real Estate in the Philippines?
The article discusses the complexities surrounding the sale of real estate owned by dissolved corporations in the Philippines, emphasizing the legal distinctions between dissolution and liquidation. Many Filipino family corporations from the late 20th century have become inactive, complicating real estate transactions due to their properties remaining under their name. The Revised Corporation Code allows dissolved corporations to conduct limited activities for three years post-dissolution, including property sales through appointed liquidators.
The 99-Year Lease Debate: Implications for Real Estate and Other Looming Risks
The proposed “99-Year Lease Law” aims to attract foreign investment in the Philippines by extending lease terms for foreign investors. However, concerns arise over potential impacts, such as reduced land availability for locals, increased housing costs, and risks to agriculture and food security. Critics argue it may lead to foreign dominance over land, undermining national interests. Real estate stakeholders must navigate these challenges while advocating for balanced policies to protect the rights of Filipinos and promote sustainable growth.
5 Critical Things to Know About the Real Property Valuation and Assessment Reform Act
The Real Property Valuation and Assessment Reform Act (RPVARA) in the Philippines aims to improve the real property tax system. With a focus on fairer property valuation, transparency, streamlined government services, taxpayer relief, and increased tax collection, the reform strives to enhance the efficiency of the valuation process, increase revenue, and reduce unnecessary government costs. By establishing uniform standards and a more transparent system, RPVARA aims to boost public confidence and motivate real estate investors, ultimately benefiting the country’s real estate industry.
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