Is owning land possible in phillipines by a foreigner or only a filipino can buy it.
Our valued sponsor
Best country for a freelancer / digital nomad post-covid
- Thread starter Ority
- Start date
Land can only be BOUGHT by a citizen of the Philippines who resides permanently within the Philippines. Apartments and entire buildings can be bought and owned by foreigners, too.
A condo in the Philippines does not have any land participation included.
If a foreign individual wants land participation this is usually done via a long term lease with a valididty of 50 years + contractual automatic extension of 25 years (= 75 years in total) that has to be registered with the Department of Trade and Industries since it is considered to be an investment.
There are more options but the above is the base rule.
You can set up a corporation that owns the land. This corporation has to be min 60% Filipino shareholders, in this case it is best to use several Filipino shareholders that dont know each other and have everything prepared by a legal firm so they can run away with it.
Or as backpacker mentions, often the land is also leased, or many foreigners who have a spouse buy the land on her name.
A foreigner can own a condo as long as 60% of the owners in that condo building are Filipinos. There is a register kept as the condo is as a corporation with each owner being a shareholder.
Correct. This is practiced elsewhere too, e.g. in Africa where some countries prohibit non national land ownership.
There is starlink available which has good results in the province without fiber connection (which is also not always stable).
Hello backpacker since i am going to phillipines in January and i want to stay there for a month and i would need wifi can you tell me which this provider is for internet?
I read the thread, and Paraguay was mentioned a few times. For nomads in the five-figure or low-six-figure territory, it is currently the best solution together with Georgia, especially if they plan to travel frequently.
Taxes:
0% on foreign income (doesn't need to be reported)
Locally, the regime is in general 10%VAT-10%PIT-10%CIT
All the VAT you pay on purchases within the country (restaurants, groceries, clothes, services, etc.) can be used to offset the VAT you issue in the invoices to clients (if you have local clients) or to offset personal income tax, even the future one.
Tax Residency:
In the law, there are two options. Spend 120+ days/year in Py or demonstrate ties to Py. They care about the days when you ask for a tax residency certificate. If you wish to spend fewer days in Py and still get the certificate.. Technically, it is a problem. Practically
Paraguay did not sign CRS. However, signed a different agreement, the Convention on Mutual Administrative Assistance in Tax Matters, with certain RESERVATIONS. They go case by case and guarantee full cooperation only in VAT frauds.
Banking:
Not good. Usually, time is needed to build a "relationship" with the bank. Contacts can speed up the process a little. USD transactions will be a pain in the a*s anyway.
Language:
You need to learn Spanish to live here. There are ppl who live here and speak only English. You can get basic things done, but your social life will be limited to the expat community.
Lifestyle:
Regarding cuisine, the meat here is better than in Argentina, except for the top expensive places in Buenos Aires. Asuncion has excellent Pho, Sushi, and Burgers. The beer is excellent. Italian pizza and pasta are worse. There are about ten luxury restaurants, one of which is listed among the top 50 restaurants in LATAM. You can have a 3-course meal for two people, a bottle of wine, and dessert for take away for about 100US there. Grocery stores Superseis and Casa Rica would be considered luxury in Europe. Carrefour in Argentina is a total joke compared to those.
There are apartment buildings that would be considered very good in Dubai regarding appearance and amenities. The quality varies significantly (which is also valid for Dubai).
Things to do... this is a problem for foreigners and also Paraguayans. They have a problem selling themselves. There are exhibitions, jazz concerts, etc., but they are always held within the community, and they can't get the word out. On the other hand, if you find the best Padel academy in the country. You can get a class for 15 USD (incl. court), and these guys are at a very good level internationally. The same-level guys in Marbella charge 100-200 USD. The same applies to other activities.
Girls are hot—a good mixture of European, native, and Brazilian genes.
Taxes:
0% on foreign income (doesn't need to be reported)
Locally, the regime is in general 10%VAT-10%PIT-10%CIT
All the VAT you pay on purchases within the country (restaurants, groceries, clothes, services, etc.) can be used to offset the VAT you issue in the invoices to clients (if you have local clients) or to offset personal income tax, even the future one.
Tax Residency:
In the law, there are two options. Spend 120+ days/year in Py or demonstrate ties to Py. They care about the days when you ask for a tax residency certificate. If you wish to spend fewer days in Py and still get the certificate.. Technically, it is a problem. Practically
Paraguay did not sign CRS. However, signed a different agreement, the Convention on Mutual Administrative Assistance in Tax Matters, with certain RESERVATIONS. They go case by case and guarantee full cooperation only in VAT frauds.
Banking:
Not good. Usually, time is needed to build a "relationship" with the bank. Contacts can speed up the process a little. USD transactions will be a pain in the a*s anyway.
Language:
You need to learn Spanish to live here. There are ppl who live here and speak only English. You can get basic things done, but your social life will be limited to the expat community.
Lifestyle:
Regarding cuisine, the meat here is better than in Argentina, except for the top expensive places in Buenos Aires. Asuncion has excellent Pho, Sushi, and Burgers. The beer is excellent. Italian pizza and pasta are worse. There are about ten luxury restaurants, one of which is listed among the top 50 restaurants in LATAM. You can have a 3-course meal for two people, a bottle of wine, and dessert for take away for about 100US there. Grocery stores Superseis and Casa Rica would be considered luxury in Europe. Carrefour in Argentina is a total joke compared to those.
There are apartment buildings that would be considered very good in Dubai regarding appearance and amenities. The quality varies significantly (which is also valid for Dubai).
Things to do... this is a problem for foreigners and also Paraguayans. They have a problem selling themselves. There are exhibitions, jazz concerts, etc., but they are always held within the community, and they can't get the word out. On the other hand, if you find the best Padel academy in the country. You can get a class for 15 USD (incl. court), and these guys are at a very good level internationally. The same-level guys in Marbella charge 100-200 USD. The same applies to other activities.
Girls are hot—a good mixture of European, native, and Brazilian genes.
In what cases would it be an advantage to have tax residency in Paraguay?
(Hint: You probably don't understand what tax residency is.)
(Hint: You probably don't understand what tax residency is.)
In the case you are able to not be a tax resident in a country with worse tax environment than Paraguay.
And then what would be the advantage of the PY tax residency if no other country tries to tax you anyway?
I did not say that no other country tries to tax you.
Legally, it is not possible to not be a tax resident in any country. If you do not meet the time and substance criteria in any country, the country of your citizenship is your tax residency.
Legally, it is not possible to not be a tax resident in any country. If you do not meet the time and substance criteria in any country, the country of your citizenship is your tax residency.
Why would they tax you if you are never there?
Because many places will not let you lose your tax residency unless you prove you have a different one. But that varies from case to case.
While I get his point, the statement is not exactly correct.
What I can confirm is that especially if you have no tax residency, the banks like to send their CRS report complimentary (also) to the country of your citizenship. But that has nothing to do with a tax residency, but with monkeys liking to report.
Many? Just very, very few. Welcome to the EUSSR. And even then, it is not about nationality but about former residency.
What I can confirm is that especially if you have no tax residency, the banks like to send their CRS report complimentary (also) to the country of your citizenship. But that has nothing to do with a tax residency, but with monkeys liking to report.
It's not correct for every case. And there are lots of people with more than one citizenship, even they are able to live tax free.
If you have left your country of citizenship and lived in another place for a few years, there is no one looking to tax you if you move out and extinguish your residency and visa status in the second country, have no property, bank accounts or family there, and spend your time moving around, staying less than 6 months in each country as a tourist, without establishing a new permanent residency.
Then you are practically a tax free nomad (you still get your money stolen through consumption tax and others, but you aren't a tax resident anywhere). This doesn't apply if you are owned by the USA, then you are supposed to fund wars wherever you live.
Paraguay looks interesting, but I remember something about banking issues regarding inward/outward transfers,
so it's not that attractive. Regarding crime, quality and cost of living it can't compete with Asia.
In many countries, when you cancel a residency (and it is the country of your citizenship), you must report where you are moving, where you will live, and the address where they can contact you.
Then it is a brief communication, and they figure out very quickly you are a "tax free nomad".
Also, I would like to see how you open a brokerage account without a tax residency or how you get a bank account to pay for your accommodation on your never-ending travels.
Latest Threads
-
-
Looking for Solutions to Reduce Taxation on Stock Investments (Europe based)- Started by Bourne
- Replies: 3
-
African Bank LC and EU bank backing it
- Started by Alexmorgan
- Replies: 10
-
-
