Realty & Management Inc.
Yes there is. It's 1.5%
Fees pertaining to the registration and documentation process of buying a condo unit fall under the category of miscellaneous fees. The developer categorized it putting as MISCELLANEOUS fees, for some developers they put it under OTHERS.
Yes there is and it is under the category of MISCELLANEOUS fee.
In cases where a lessor has several residential units for lease, some are leased out for monthly rental per unit of not exceeding Php 12,800 while others are leased out for more than Php 12,800.00 per unit, his tax liability shall be as follows:
On yearly payment(Real Property Tax):
When the Local Government Code was enacted in 1991, the government vested power to local government units (provinces and the cities within Metro Manila) to create their own revenue sources. One of these revenue sources is the Real Property Tax (RPT)-the tax imposed on all forms of real property (land, building, improvements, and machinery).
Such power, however, is exercised within the limitations set by the Code, such as setting a ceiling and limits on tax rates, and the tax base and valuation.
In addition, exemption is given to real properties owned by the government, charitable institutions, churches, cooperatives, those that are used in the supply of water and electric power, and equipment for pollution control and environmental protection
The base of the tax-or the assessment level (the value from which the tax rate will be computed)-is only a fraction of the actual market value of the land; hence, there is an under-taxation built into the tax structure. However, this is compounded by the different assessment levels depending on land use. For example, a residential property has an assessment level of 20 percent, while that for a commercial property is 50 percent.
To compute for RPT, the RPT rate for the property is multiplied by the property's assessed value. The RPT rate is 2 percent for the cities and municipality in Metro Manila and 1 percent for provinces.
In addition to the basic RPT rate, the LGU may levy and collect an annual tax of 1 percent, which shall be accrued to the Special Education Fund of the LGU. Furthermore, the LGU may impose a 5 percent ad valorem tax on idle lands, which is based on the assessed value of the property.
To get the assessed value, on the other hand, the property's fair market value is multiplied by the assessment level, which is fixed through ordinances imposed by the provincial government or the city/municipal government if the property is in Metro Manila. The assessment level can be as high as 20 percent residential land to a high of 50 percent for commercial properties (show in detail in the following slideshow).
The RPT for any year shall accrue on the first day of January and from that date it shall constitute a lien on the property which shall be superior to any other lien, mortgage, or encumbrance of any kind whatever, and shall be extinguished only upon payment of the delinquent tax.
If you have prior years' delinquencies, interests, and penalties, your RPT payment shall first be applied to them. Once they are settled, your tax payment may be credited for the current period. (from Lamudi Ph.)
There is no specific period of time set for PR holders to be a Filipino citizen unless he/she marries a local citizen then he/she is eligible to apply for a Filipino citizenship anytime as long as the requirements from Bureau of Immigration has met.
On Alien Residency and Permanent Residence, check this link :
http://philippines.moneyguru24.com link shows loan programs for different banks.
Between 2014 and 2020, 80 percent of new homes to be built will be in the medium-range segment, leaving the mass housing segment largely unserved. So acute is the supply backlog that government is offering a four-year income tax holiday and duty-free importation of construction materials to developers embarking on mass housing projects. It will take at least 10 years for us to catch up with the backlog in low cost housing. ( MB by Andrew Masigan )
The bubble won't burst due to the high demand of real estate properties and shortages are sky-high. Should it burst, the rental costs could be adjusted to meet the demands of the clients.
The Bangko Sentral ng Pilipinas says that it is still safe and that it is monitoring the exposure ratios of our banks very closely. It maintains that it will not hesitate to impose new regulations should it see signs that the property sector is overheating. As of mid-2013, our banks had an exposure of +/- 20.5 percent or R900.1 billion-84.7 percent of which are loans to buyers and 15.3 percent are loans to developers ( MB Andrew Masigan )
The other developers can already compete with Ayala land in terms of its build quality. While we cannot deny that Ayala is still the best developer, other developers are quickly catching up to their standards.
The repayment schemes are negotiable depending on the developer and its contract.
Philippines was no.1 country in Asia after world war 2, although it was left behind since 80's and was tagged as the sick man of East Asia. A country that is composed of resilient people regardless of crisis has continue to soar high. Philippines is now known as A RISING TIGER in Asia. Here are some reasons why Philippines is a good place to invest:
The boom in property sector has created what is essentially a recession proof investment opportunity yielding major return for both buyer and developer. As a matter of fact one of the top Developers which is Century Property Development Inc., has collaborated with world class renowned American real estate mogul Donald Trump to build Trump Tower which is first in Asia. Armani, Versace and Hermes are among the world class designers who designed 5 star residential and commercial buildings under Century Property.
The Philippine economy is booming and this growth is predicted to last in until the next ten years. This investment opportunity is worth taking advantage of.
Your investment is secure should you put everything in order. We can hire lawyers and ensure all the appropriate documentation were made in accordance to the investment laws in the country.
The laws in the country may be old but they are still functional and is strictly being enforced throughout the country. Chinese, Japanese, Koreans are among investors who have been doing business in the Philippines for few decades and still preferred to continue doing business in the country.
The developers set the price standard of condo units. Any brokers or sales agents directly accredited to the developers have followed the same price scheme. Therefore, there's no price difference.
The life span of condominium is co-terminus of the project. According to the condominium Act. If the project has been in existence in excess of 50 years, that it is obsolete and uneconomical, and that condominium owners holding in aggregate more than 50% interest in the common areas are opposed to repair or restoration or remodeling or modernizing of the project; or that the project or a material part thereof has been condemned or expropriated and that the project is no longer viable, or that the condominium owners holding in aggregate more than 70 percent interest in the common areas are opposed to the continuation of the condominium regime after expropriation or condemnation of a material proportion there of; or that the condition for such partition by sale set forth in the declaration of restrictions duly registered in accordance with the terms of this Act, have been met.
As for the 50-year building tenure, the condominium corporation shall divide the overall cost of the property to each and every shareholder in the property once it gets demolished. However, there are properties that are being sold at perpetual ownership.
Various foreign and local banks offer housing loans for anyone interested to invest in the Philippines. For the complete requirements, you may visit the following links: