"The Anti-Dummy law" - Page 5

Go Back   Expat Forum For People Moving Overseas And Living Abroad > Asia > Philippines Expat Forum

Philippines Expat Forum The Philippines Expats Forum is dedicated those individuals that have chosen to make Philippines their new home. This forum is an ideal place for Expats now living in Philippines to meet and discuss all aspects to their new way of life.

Like Tree40Likes

"The Anti-Dummy law" - Page 5


Reply
 
Subscribe to this Thread Thread Tools
  #41 (permalink)  
Old 4th September 2020, 09:40 PM
Manitoba's Avatar
Member
 
Join Date: Jun 2014
Location: Mandaluyong City
Posts: 1,111
Rep Power: 180
Manitoba has much to be proud ofManitoba has much to be proud ofManitoba has much to be proud ofManitoba has much to be proud ofManitoba has much to be proud ofManitoba has much to be proud ofManitoba has much to be proud ofManitoba has much to be proud of
1153 likes received
197 likes given

Users Flag! Originally from canada. Users Flag! Expat in philippines.
Default

Quote:
Originally Posted by M.C.A. View Post
There's an Expat from the UK that owns BadLadz Resort in Puerto Galera on Mindoro he would be the guy to talk with about dummy laws/Insurance, ....
When I was there in February, I did chat a little about property owning with him. He said that all he does is the basic long term lease, 50 years is so far in the future that it is irrelevant in his business plans. He does take a mortgage on the property but that is an additional protection on his investment, not a means of control.

At least that is what I got out of a 2 minute discussion on the topic.

I had stayed there in 2018 and picked it again just for the Mexican food.

My advice is just play by the rules, you will run into much less hassles than trying to exploit a loophole that someone says exists. The anti dummy laws are blanket laws designed to close off any loopholes and I would expect that they would be interpenetrated in that fashion, if you come up with something that on its face is totally legal, but gives a foreigner de facto long term control, for longer than the normal lease terms, do not be surprised if you lose the lease have to return the property and then fight to get your money back.

I want security in having a place to live for as long as I need it, not to have property for the future.


You realize you can buy and sell the unexpired portion of a long term lease as well? I did see one ad for a property in Subic that was for the remaining 38 years. That would be a slightly lower cost option and provide a secure place to live for as long as I would expect to need the property.


Last edited by Manitoba; 4th September 2020 at 09:48 PM.
Reply With Quote Quick reply to this message
Reply


Quick Reply
Message:
Options

Register Now

In order to be able to post messages on the Expat Forum For People Moving Overseas And Living Abroad forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid email address for yourself.
Email Address:
Location
Where you live
Expat From Country
Please select the country you originate from. This will appear as a flag when you make posts on the site.
Expat To Country
Please select the country you have either moved to or want to relocate to. This will be presented on the site when you make posts.

Log-in


Thread Tools

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


FORUM PARTNERS

ExpatForum.com is owned and operated by VerticalScope Inc.

Retiring Overseas Guides | Moving Overseas Guides | Cost of Living | Health Care Guides


All times are GMT. The time now is 03:14 AM.


Powered by vBulletin®
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
Search Engine Friendly URLs by vBSEO
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2020 DragonByte Technologies Ltd.