SRRV Deposit for Investment
I have had an SRRV Classic since July 2018. I am now thinking about converting the deposit into an active investment (I know I need to add an additional US$30,000 to increase the deposit to US$50,000).
I have a couple of questions.
1. If I purchase a condo, does it have to be ready to move in or can I purchase a pre-selling unit?
2. Can I purchase a Townhouse? I was chatting to real estate agents in Dumaguete and they said I can't purchase a Townhouse since I am a foreigner and can't own the land the Townhouse is on. They said I need to register the land in the name of a Filipino and then purchase the Townhouse.
I know there this this option of a long term lease of house or house & lot. Can I use this option for a Townhouse? In this case do I use the US$50,000 to purchase the house or is the US$50,000 for the lease only. Would I still have to register the land in the name of a Filipino?
I would be very grateful for the advice and experiences of those on an SRRV visa who have converted their deposit into an investment.