[DiverDude]

If a person was to have duel citizenship in the Philippines.

Is it better to buy a rental income condo as a Foreigner or as a Philippine Citizen ?

Tax reasons ?
Since a duel citizen has to declare their income derived in the Philippines to both the BIR in the Philippines and in their home country. In the case of an American citizen, as long as they stay out of the US for specific amount of days, any income up to a certain amount is not taxed. For tax purposes, what is more beneficial declaring income derived in the Philippines as a Filipino or as an American ?

60 / 40 law for foreign owned condo units
If the condo corporation that I am buying my condo from has filled the quota of foreigner owning 40 percent of the total number of units. That means is if I buy a condo as a foreigner, then that would be part of the 40 percent of the total condo sold.

If I buy 2 condos in the building, and there are 100 condos total. That means I would represent 5 percent of the total number of condos foreigners are allowed to buy. If there are 40 units total owned by foreigners, then if I ever wanted to sell my condo, it would mean if I was a Filipino owner, I would not be allowed to sell to a condo to a foreigner, because the 40 percent of the total units of foreign owned condo quota is already full. That means I would be limited to selling only to a Filipino buyer.

But if I was foreigner owner selling to another Foreigner buyer, I would able to because the foreigner buyer would be using my Foreigner percentage of the total 40 percent foreign owned.

Are there any other benefits or difference from buying a rental income condo as a Foreigner or as a Philippine Citizen ?

[amanda.p]

Well, according to an eHow guide, "You generally won't be assessed tax by both countries; tax is usually based upon legal residence." There is also a bunch of texts relevant tax previledges for individuals with dual citizenship you can find at yahoo answers.

[DiverDude]

Well, according to an eHow guide, "You generally won't be assessed tax by both countries; tax is usually based upon legal residence." There is also a bunch of texts relevant tax previledges for individuals with dual citizenship you can find at yahoo answers.

Ok, so what if I don't live in the Philippines and don't live in my home country.
You you even took the time to read your reference link ... it does'nt answer any of my questions.

The word "generally"  is too vague of an answer.

So instead of joining this site and asking a question here, I should just go to yahoo and ask the same questions there ?

Can you link the specific answer to my questions on your yahoo link ? Because I am not seeing it.

Thanks in advance.
Post Merge: May 11, 2012, 07:24 PMI will reword the question to make it more simple.

Should I buy a condo I plan to rent out for income as a Filipino Citizen or a Foreigner ?

[felixshelsher]

You shared a good information, i think this is right way to earn more profit, dual citizenship gives us double side investment and by that we can get benefit.

[gary.elipelee]

Ok, so what if I don't live in the Philippines and don't live in my home country.
You you even took the time to read your reference link ... it does'nt answer any of my questions.

The word "generally"  is too vague of an answer.

So instead of joining this site and asking a question here, I should just go to yahoo and ask the same questions there ?

Can you link the specific answer to my questions on your yahoo link ? Because I am not seeing it.

Thanks in advance.
Post Merge: May 11, 2012, 07:24 PMI will reword the question to make it more simple.

Should I buy a condo I plan to rent out for income as a Filipino Citizen or a Foreigner ?

hi sir DiverDude it wouldn't matter if you use filipino citizen or foreigner its just the same as long as its a valid ID that's all.

sir i have a propose project for you. its a prime location good for investment or renting since all the establishment around its are hospital, Coporate Hubs, School, Embassies so you already have a captured market for renting. if interested kindly call or message me at +639273722697 or email me at gary.elipelee@yahoo.com.ph