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Requirements for OFW's for Property Purchase in the Philippines (Must still be a Filipino Citizen) Dual Citizens and Filipino Citizens can own a land and structure here in the Philippines. Foreign Nationals and Filipinos who changed their stature to foreign citizen and renounced their filipino citizenship cannot own a land but can own condominiums here granted that the percentage of ownership of foreigners is about 40 percent only. RA 4726. It is highly recommended for OFW's to have a representative (SPA)* here in the Philippines to sign some contracts and bank forms for the clients behalf in case he goes back in the country where he works/live other than the Philippines. These are the simple requirements for OFW's for property purchase in the Philippines: 1. Special Power of Attorney (SPA)* - this document gives authority on all or some of the following in behalf of the client (OFW) in case he cannot stay here in the Philippines for a long period of time: Sign Documents (Bank Forms - If Loaned and Contracts) Receive Proceeds of Bank Loan - If Loaned Execute and Sign Contract to Sell and Deed of Absolute Sale In SPA's, you may execute and make Attorney in Fact your relatives or family members of legal age. It must me Notarized or Consularized in the place where it is signed** *Note : In cases that the OFW can finish all the documentations here in the Philippines (2 to 5 months for cash purchase - includes titling) or (3 to 6 months for Bank Loan), he doesn't need to execute an SPA **Note : If signed in the Philippines - Notarized : The cheaper alternative, it just needs the IDs of Attorney in Fact and the passport of the grantor which is the client or the OFW. The passport needs to be photocopied and date of signing and notarization of the Special Power of Attorney (SPA) shall have the same date as the OFW's stay here in the Philippines as seen on the arrival and departure stamps on the Passport. Reminder*** 2. Passport - photocopy of identification portion and arrival and departure stamps portions 3. Job Contract and payslips if any - Needed for bank loan purposes 4. Bank Statements - Needed for bank loan purposes 5. Marriage Contract Other Requirements may be required by some banks.
Bank Loans: Some banks on the Philippines offer housing loans to OFWs granted that they should not be more than 60 years of age (other banks allow up to 65) on loan maturity They accept auto debit arrangements or you may opt to open savings or checking accounts**** here in the Philippines for Amortization Payments. ****Some banks are now strict on allowing individuals to open a checking account. Please check on your bank of choice first.
Here they are, the simple requirements for OFW's to purchase a property here in the Philippines. Browse thru our Budget Analytics below or thru our properties on the left and invest your hard earned money in properties that are more stable and have a great income earning opportunity.
Contact us now and experience our unrivalled service here at Property Hunter Realty.
To better process your inquiries, calling us (rather than emailing) is highly suggested due to dozens of email inquiries in a day.
Viber : +(63) 906.4718240 Or Chat with us at:
If you have any more inquiries, please call us or leave us a message and we would be more than glad to assist you.
For faster processing of inquires, calling us is highly recommended for we process dozens of email inquiries in a day. Thank you so much. Real Estate License Number : PRC # 566
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