Philippine Laws on Foreign Ownership of LandForeign nationals would prefer to own lands, especially foreign investors who intend to stay here for a considerable period of time. The law, however, states that foreigners cannot own lands, with only a few exceptions:1. a balikbayan (a former natural born filipino citizen) is entitled to own 1,000 square meters of residential land, and one hectare of agricultural or farm land; 2. in cases of succession; and 3. in cases of a condominium unit where a foreigner can own up to 40 percent of the capital stock of the condominium corporattion. A lease agreement can be entered into with Filipino landowners for an initial period of 50 years renewable for another 25 years. |