"The Anti-Dummy law" - Page 5

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"The Anti-Dummy law" - Page 5

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Old 4th September 2020, 09:40 PM
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Users Flag! Originally from canada. Users Flag! Expat in philippines.

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.
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