In 2017, more than 6.6 million foreign nationals visited the Philippines. The Department of Tourism said this is 11% more than the 2016 figures, and attributed it to improved air travel and scheduled cruises. It is also interesting to note that the majority of these are return visits to the country. That means foreign visitors come back to see the islands again and again. A good number of them also go on extended stays – or want to stay permanently.
PropertyAccess Philippines helps foreigners buy properties in the country, so they can have their own place whenever they come back. This is not only cheaper than staying in hotels or renting condo unit; it can also be a good investment opportunity for them.
Foreigners can have real estate investments
Philippine laws do not allow foreigners to own land in the country. However, a special package was created so that foreigners who wanted to retire in the Philippines can buy real estate. The Special Resident Retiree’s Visa is open to foreign nationals as young as 35 years old. This is a great opportunity for those who want to retire at an early age or have companies that they can run from anywhere in the world.
One of the requirements is a time deposit equivalent to USD$50,000. This same amount can be converted into a real estate investment, so the “retiree” can have a home to call his own. There are also different requirements for foreign nationals who want to bring their family or children with them when they settle down in the Philippines.
Expanding your investment portfolio
Condos or apartments in the city are great, but there are also investment opportunities in the islands. Foreigners love beachfront properties, as well as the relaxed and laid-back life in rural areas. Many foreign nationals have also bought beachfront properties, so they can have a weekend or vacation home away from the city. These can be turned into vacation rentals, or listed with Airbnb so that they can earn passive income when they’re not around.
The Philippines is a warm and welcoming country with plenty of room for foreign investments. The real estate industry is booming, so now is the best time to explore the opportunities.