Buying real estate in the Philippines from abroad is complex, particularly for Filipino-Americans. It requires legal due diligence and understanding citizenship implications. Dual citizens enjoy full rights to purchase property, while U.S. citizens face limitations on land ownership. The buying process includes verifying titles, hiring licensed professionals, preparing essential documents, and understanding tax obligations. Common pitfalls include neglecting legal checks and rushing decisions. Strategic planning is crucial for making wise investments aligned with individual goals of ownership or financial security.
Tag Archives: Value-Added Tax
How to Legally Not Pay VAT for the Ordinary Asset of a Corporation?
A common estate planning tool in the 1990s, real properties registered in the name of Family Holding Corporations are typically considered ordinary assets by the BIR. But, if the deal can be structured where the buyer will purchase the shares of the single-asset family corporation then the payment of VAT can be dispensed with altogether.
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