Questions about buying/building a home in PI

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 Tree8Likes

Questions about buying/building a home in PI


Reply
 
Subscribe to this Thread Thread Tools
  #1 (permalink)  
Old 14th April 2015, 06:40 PM
New Member
 
Join Date: Mar 2015
Location: Illinois
Posts: 19
Rep Power: 0
GaryFromIL is on a distinguished road
6 likes received
2 likes given

Users Flag! Originally from usa. Users Flag! Expat in philippines.
Default Questions about buying/building a home in PI

My wife and I are planning on a retirement in the PI. Luz is a Philippine citizen so she is allowed to own property. In a few years we plan on selling our home here in America and using that money to either build or buy a home.
I realize that I am still a few years out but I was wondering how the money can be moved to PI without running afoul of the IRS or other government agency.

Reply With Quote Quick reply to this message
  #2 (permalink)  
Old 15th April 2015, 01:36 PM
Member
 
Join Date: Nov 2013
Location: wisconsin
Posts: 120
Rep Power: 0
northwoods is on a distinguished road
43 likes received
374 likes given

Users Flag! Originally from usa. Users Flag! Expat in philippines.
Default building buying ..

Quote:
Originally Posted by GaryFromIL View Post
My wife and I are planning on a retirement in the PI. Luz is a Philippine citizen so she is allowed to own property. In a few years we plan on selling our home here in America and using that money to either build or buy a home.
I realize that I am still a few years out but I was wondering how the money can be moved to PI without running afoul of the IRS or other government agency.
what area ,,,have you chosen to live in ?

Reply With Quote Quick reply to this message
  #3 (permalink)  
Old 15th April 2015, 02:14 PM
Member
 
Join Date: Apr 2015
Location: Illinois
Posts: 145
Rep Power: 0
Rogdas is on a distinguished road
111 likes received
228 likes given

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

Gary where in illinois do you presently live? I presently live in iillinois and just finished building a house in sorsogon city philippines. if you would like you can message me and maybe i could help you out.

Reply With Quote Quick reply to this message
Sponsored Links
Advertisement
 
  #4 (permalink)  
Old 15th April 2015, 02:27 PM
Guest
 
Join Date: Jan 2013
Location: Antipolo
Posts: 774
Rep Power: 0
197649 is a splendid one to behold197649 is a splendid one to behold197649 is a splendid one to behold197649 is a splendid one to behold197649 is a splendid one to behold197649 is a splendid one to behold197649 is a splendid one to behold
857 likes received
199 likes given

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

Quote:
Originally Posted by GaryFromIL View Post
My wife and I are planning on a retirement in the PI. Luz is a Philippine citizen so she is allowed to own property. In a few years we plan on selling our home here in America and using that money to either build or buy a home.
I realize that I am still a few years out but I was wondering how the money can be moved to PI without running afoul of the IRS or other government agency.
Move no more than 9999.00at a time as your bank must report 10k or more. You have to report 10k or more to the IRS example I had to report as I had over 10k in my bank.
What I did was I borrowed from a bank here. Then paid on the loan but kept the payments under 10k. Example is sell your place there for 50k. Send 9 k a week to pay on the loan. This way you avoid both the IRS rules
M.C.A. and northwoods like this.

Reply With Quote Quick reply to this message
  #5 (permalink)  
Old 15th April 2015, 03:55 PM
Member
 
Join Date: Apr 2015
Location: Illinois
Posts: 145
Rep Power: 0
Rogdas is on a distinguished road
111 likes received
228 likes given

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

c_acton98 has a good point but if you build who is going to oversee the work? if it is a family member you will be able to send to there bank account a little at a time during the construction. but you better have good trust with them. when we built are house my wife's sister was in charge and my wife put the fear of god to her lol... and a lot of skyping..

Reply With Quote Quick reply to this message
  #6 (permalink)  
Old 15th April 2015, 04:03 PM
lefties43332's Avatar
Member
 
Join Date: Oct 2012
Location: everywhere philippines..pundakit na
Posts: 1,630
Rep Power: 215
lefties43332 is a jewel in the roughlefties43332 is a jewel in the roughlefties43332 is a jewel in the roughlefties43332 is a jewel in the rough
1294 likes received
152 likes given

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

Quote:
Originally Posted by Rogdas View Post
c_acton98 has a good point but if you build who is going to oversee the work? if it is a family member you will be able to send to there bank account a little at a time during the construction. but you better have good trust with them. when we built are house my wife's sister was in charge and my wife put the fear of god to her lol... and a lot of skyping..
Fear of god means little to them when money is involved(most)
M.C.A. likes this.

Reply With Quote Quick reply to this message
  #7 (permalink)  
Old 15th April 2015, 05:32 PM
New Member
 
Join Date: Mar 2015
Location: Illinois
Posts: 19
Rep Power: 0
GaryFromIL is on a distinguished road
6 likes received
2 likes given

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

Quote:
Originally Posted by c_acton98 View Post
Move no more than 9999.00at a time as your bank must report 10k or more. You have to report 10k or more to the IRS example I had to report as I had over 10k in my bank.
What I did was I borrowed from a bank here. Then paid on the loan but kept the payments under 10k. Example is sell your place there for 50k. Send 9 k a week to pay on the loan. This way you avoid both the IRS rules
I don't really want to avoid the IRS rules because I have heard of examples where people did this sort of thing and the IRS charged them with trying to evade the reporting rules and took their money anyway.
I have nothing to hide and I plan on paying all due taxes on all my money. I was wanting to know what the procedure for paying for a house in full with money gained from the sale of my house here in America.
Does reporting the money incur additional taxes or is it just another intrusive form that must be filled out?

Reply With Quote Quick reply to this message
  #8 (permalink)  
Old 15th April 2015, 06:33 PM
Member
 
Join Date: Apr 2015
Location: Illinois
Posts: 145
Rep Power: 0
Rogdas is on a distinguished road
111 likes received
228 likes given

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

Quote:
Originally Posted by lefties43332 View Post
Fear of god means little to them when money is involved(most)
lefties I have to agree this is true when dealing with most. but I would hope family would be willing to do things right especially if it is going to benefit them also.
as far as my dealings with my wife and her family after being married 30 years and being there many of times to know my wife's family I new we where in good hands with my wife's sister handeling the construction of the house.

Reply With Quote Quick reply to this message
  #9 (permalink)  
Old 15th April 2015, 07:17 PM
Member
 
Join Date: May 2014
Location: US
Posts: 320
Rep Power: 132
UltraFJ40 has much to be proud ofUltraFJ40 has much to be proud ofUltraFJ40 has much to be proud ofUltraFJ40 has much to be proud ofUltraFJ40 has much to be proud ofUltraFJ40 has much to be proud ofUltraFJ40 has much to be proud ofUltraFJ40 has much to be proud ofUltraFJ40 has much to be proud ofUltraFJ40 has much to be proud of
249 likes received
776 likes given

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

My wife's sister is just now finishing up the renovation on another of my wife's houses. She is very frugal. In fact she always has shown the ability to manage money with the best of them. She is boots on the ground for my wife and pays for the material and labor as they are needed.

So far and the project is nearing it's end, my wife has zero complaints. This situation is very likely to be somewhat uncommon but definitely not out of the question. Just be aware that problems are more likely to happen than not.

Reply With Quote Quick reply to this message
  #10 (permalink)  
Old 15th April 2015, 08:18 PM
Member
 
Join Date: Apr 2015
Location: Illinois
Posts: 145
Rep Power: 0
Rogdas is on a distinguished road
111 likes received
228 likes given

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

Quote:
Originally Posted by UltraFJ40 View Post
My wife's sister is just now finishing up the renovation on another of my wife's houses. She is very frugal. In fact she always has shown the ability to manage money with the best of them. She is boots on the ground for my wife and pays for the material and labor as they are needed.

So far and the project is nearing it's end, my wife has zero complaints. This situation is very likely to be somewhat uncommon but definitely not out of the question. Just be aware that problems are more likely to happen than not.
Ultrafj40 100% true that sounds exactly like my wife's sister without her none of what we've done could have happened. but because of her we have our house built. a boarding house that she manages with a iron fist i might add lol.. and also a 2 hector rice field that her and her husband plant harvest and take care of there self. no tenant on our field to do the work because all they would do is lie and steel from us.
and she also did all the purchasing of material for the house and paid for labor as work was done...
UltraFJ40 likes this.

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


Similar Threads
Thread Thread Starter Forum Replies Last Post
Buying Land/Building in Irapuato, GTO, Mexico jallenb74 Mexico Expat Forum for Expats Living in Mexico 38 21st March 2013 11:18 PM
Buying building land sjg_ukr Cyprus Expat Forum for Expats Living in Cyprus 1 26th June 2011 10:38 AM
building own home in Cyprus donjee Cyprus Expat Forum for Expats Living in Cyprus 7 9th August 2009 10:28 PM

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 07:44 AM.


Powered by vBulletin®
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
Search Engine Friendly URLs by vBSEO
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2019 DragonByte Technologies Ltd.