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Alice Kim

Philippines: Many problems, some solutions, IRED - 0 views

    • Alice Kim
      The big problem regarding the real estate market in the country are neither the prices nor the fact that third of the year from May to September the country of more than 7,000 islands is attacked by severe typhoons. The main obstacle before the foreigners who try to settle down is put by the government. Foreigners aren't allowed to own property, at least aren't allowed to own the majority stakes in any kind of property. The land the residence is built upon also cannot be owned by foreigners even if they have special Resident/Retiree's Visa (SRRV). This visa holders although can buy condominiums or townhouses. Former citizens of the Philippines cannot buy land in excess of certain amount.
    • Alice Kim
      The solutions to these problems look a bit strange for some. They imply marrying Philippines' citizens who officially hold the property titles or hold the majority stakes or at least hold equal stakes with the foreigners. The major drawbacks are that such "arrangement" being strictly informal may create legal problems for the foreigners in case of divorce or death of the Philippine spouse. The divorce isn't allowed in the Philippines but technically speaking it may be done in many countries the foreign spouses come from. Many experts suggest enhancing the marriage with additional contract on the use of property in case of such events. To qualify for SRRV Visa the foreigners need to be older than 35 and to meet depositary requirements, in most cases between $50,000 and $75,000 for the principle applicant. For these visa holders the marriage to Philippines' citizen isn't a necessary step in order to buy a property.
    • Alice Kim
      Country profile:Area: 300,000 sq kmPopulation: 87.9 million (July 2005 est.)Population growth rate: 1.84% (2005 est.)Net migration rate: -1.49 migrant(s)/1,000 population (2005 est.)Life expectancy at birth: 69.91 yearsTotal fertility rate: 3.16 children born/woman (2005 est.)GDP per capita: purchasing power parity $5,000 (2004 est.)Distribution of family income (Gini index): 46.6 (2003)Main trading partners: U.S., Japan, China, Singapore, Hong Kong.Internet users: 3.5 million (2002)
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