ongoing costs of owning a condo

[jacko 8,822]

When I opened my savings account last year the lady who processed my account told me no interest for accounts held by a foreigner. Maybe they changed the banking regulations. If so, I'll sleep better tonight knowing my 1K is drawing interest.

That might have been true last year but I have been asking questions at the Bangkok Bank in Pattaya. The standard 'current' style account is like many in the UK, the interest rate is so pathetic I wonder why they bother, they could just give out a 'chiclet' every now and again at the ATM.

 

That said, fixed term deposits are being offered with 3.5% and 3.75% for 6 or 12 months. They are also advertising 'mutual funds' at 4.75%, in English.

 

Seems like the banks are in need of some capital.

Edited June 21, 2006 by jacko

[dotcom_OD 0]

Gary sorry to tell you that you are mistaken as far as owning in the Philippines. Papayito who is a member of this board is American. He bought a piece of land and will be building an apartment complex.

 

As far as condos, the condo complex I am buying into, there are tons of foreigners, expats who own and rent condos. Even multinational companies have purchased units that they lease to their top administrators. The complex I speak of is the Rockwell complex in the business district of Makati. The team of sales ladies have toured the US several times doing presentations in various hotel conference rooms and have sold from California to Florida to whomever is willing to buy. THere were several americans who were buying condos for retirement purposes with the intention of living there due to the cost being so cheap and the ability to have househelp to assist in old age.

 

A retiree friend of mine bought land and is building a home in the area of Alabang where the British, American schools are.

 

If you are talking about a large land development for a condo complex or housing development, yes there are laws regarding ownership with similar requirements as Thailand wherein 51% must be Filipino owned.

[Gary 4,119]

Gary sorry to tell you that you are mistaken as far as owning in the Philippines. Papayito who is a member of this board is American. He bought a piece of land and will be building an apartment complex.

 

As far as condos, the condo complex I am buying into, there are tons of foreigners, expats who own and rent condos. Even multinational companies have purchased units that they lease to their top administrators. The complex I speak of is the Rockwell complex in the business district of Makati. The team of sales ladies have toured the US several times doing presentations in various hotel conference rooms and have sold from California to Florida to whomever is willing to buy. THere were several americans who were buying condos for retirement purposes with the intention of living there due to the cost being so cheap and the ability to have househelp to assist in old age.

 

A retiree friend of mine bought land and is building a home in the area of Alabang where the British, American schools are.

 

If you are talking about a large land development for a condo complex or housing development, yes there are laws regarding ownership with similar requirements as Thailand wherein 51% must be Filipino owned.

The land must be in his wife's name. Either that or he has a company. I briefly surfed and found this. I have friends over there who bitch about this.

 

 

With 7,100 islands and year-round tropical sun, there is a lot of attractive property in the Philippines. It also is cheap, especially in comparison to Western prices. Throw in a low cost of living and a population that for the most part speaks excellent English, and the Philippines starts looking like a pretty attractive vacation home or retirement destination.

 

The problem is, the country's Constitution says you have to be a citizen to buy.

 

However, there are various means by which noncitizens can hold property in the Philippines.

 

The most common way is a corporate structure. Corporations can own land, so long as Filipino citizens own 60 percent of the company; the rest can be owned by a foreign partner or partners. The arrangement makes it particularly easy for foreigners to buy condominiums, as long as they don't compose more than 40 percent of a building's ownership.