QUESTION: Sir John, who can own land in the Philippines?
Acquisition and ownership of private lands is limited and/ or reserved to Filipinos or to corporations or partnership where at least 60% of the authorized capital of which is owned by Filipino citizens. Exemptions:
* When such property is acquired prior to the 1973 Constitution
* Acquisition by an alien or foreigner by hereditary succession
* Foreigners/ aliens owning not more than 40% interest in a condominium project pursuant to RA4726
* Where a former natural born Filipino who became a citizen of another country but is now returning to the Philippines to reside permanently. Hence, may acquire sale, donation, or through a tax sale, foreclosure sale or execution sale not more than 1000sqm for urban land or not more than one hectare for rural land to be used solely for residential purposes and subject to other limitations and requirements as provided under said law
* A Filipina who marries an alien retains her Philippine citizenship (to avoid being stateless) unless by her own act or omission she is deemed to have renounced her Filipino citizenship, may acquire and own private lands in the Philippines.