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Can Foreigners Buy Real Estate in Cebu?

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Can Foreigners Buy Real Estate in Cebu?

Cebu is a city in the Central Visayas region of the Philippines and is becoming an increasingly popular destination for both foreigners and locals looking to put down roots there. But the biggest question for potential buyers and investors is whether or not foreigners can actually buy real estate in the Philippines, and particularly in Cebu.

The short answer is yes – foreigners are legally allowed to purchase real estate in Cebu. In fact, foreigners can purchase all kinds of real estate there, including commercial, industrial and agricultural property. However, there are a few things to consider before signing on the dotted line.

The Filipino government allows foreign entities to lease land, but prohibits the sale or transfer of ownership in land titles to foreign entities. That said, there is a loophole. Through the Benefit Estate option, foreign entities aren’t considered true owners, even though they have certain legal rights over the land.

In essence, this option provides foreigners with controlling rights over a piece of land through an extended lease of up to 50 years with a possible renewable period of another 25 years. Given that 95-year terms are quite common in this area, it’s an attractive option.

There are certain restrictions under this kind of arrangement. For instance, a beneficiary estate beneficiary cannot transfer their rights to anyone else nor can collateral be taken against it. It’s also subject to real estate taxes associated with land title processes.

This article from Real Estate in Philippines provides more information about the legalities surrounding real estate purchasing and rental for foreigners.

Foreigners are also able to own businesses in Cebu as long as it’s within the bounds of Philippine law. The easiest way to do this is to incorporate a Philippine company which would require at least five percent of the company’s shares to be owned by a Filipino national. Again, this article gives more detailed information on the legal and financial requirements for incorporation and obtaining business permits in the city.

Cebu and the Philippines in general offer a huge amount of potential and opportunity for foreigners looking to buy or invest in real estate here. It’s also one of the most affordable countries in Southeast Asia when it comes to residential real estate. With its many business opportunities and vibrant culture, it’s no wonder why so many people choose to make their home here.

Overall, whether it be for business or for pleasure, Cebu offers an attractive option for real estate seekers looking for property with a tropical climate and an eclectic mix of cultures and styles. With the help of professionals – such as a lawyer specialising in foreign investment laws and practices – finding property in Cebu will be a swift and successful endeavour.

An Insider’s Guide to Cebu City

Cebu City is a thriving metropolis located in the Central Visayas region of the Philippines. The city is known for its rich history, beautiful beaches, delicious cuisine, and friendly locals. In this insider’s guide, we will explore some of the best attractions, dining spots, cultural experiences, and hidden gems that Cebu City has to offer.

Local Attractions

Cebu is home to a number of must-see attractions that are sure to delight visitors. Here are a few of our favorites:

– Magellan’s Cross: Located in the heart of the city, Magellan’s Cross marks the spot where Ferdinand Magellan first landed in the Philippines in 1521. The cross is said to be a symbol of the introduction of Christianity to the country.

– Basilica del Santo Niño: This stunning basilica is home to the oldest religious relic in the Philippines, a statue of the Santo Niño (Holy Child) that is believed to have miraculous powers.

– Fort San Pedro: This 16th-century fort was built by Spanish conquistador, Miguel López de Legazpi, and served as a military defense structure during the Spanish colonial period.

– Taoist Temple: This ornate temple is a popular attraction for visitors and locals alike. Located in the Beverly Hills neighborhood, it offers stunning views of the city and the sea.

Dining Spots

Cebu is a food-lover’s paradise, offering a variety of local and international cuisine. Here are some of the best dining spots you should check out:

– Zubuchon: This popular restaurant chain serves some of the best lechon (roast pig) in the Philippines. The meat is tender and succulent, and the skin is crispy and delicious.

– Lantaw Native Restaurant: This floating restaurant offers stunning views of the sea and serves up delicious Filipino dishes like grilled seafood, pancit canton, and kinilaw.

– Casa Verde: This American-style diner has become a Cebu institution, famous for its massive servings of comfort food like baby back ribs and fried chicken.

– STK ta Bay!: Located in the Mactan Island area, this seafood restaurant is known for its fresh, delicious seafood dishes like grilled squid and garlic butter shrimp.

Cultural Experiences

Immerse yourself in Cebu’s rich culture and history with these unique experiences:

– Sinulog Festival: Held every January, the Sinulog Festival is a celebration of the Santo Niño. The festival features colorful costumes, lively street dancing, and religious processions.

– Casa Gorordo Museum: This museum is housed in a beautifully restored 19th-century home and offers a glimpse into Cebuano life during the Spanish colonial period.

– Lapu-Lapu Shrine: Located in Mactan Island, the Lapu-Lapu Shrine commemorates the heroism of Lapu-Lapu, who defeated Magellan in the Battle of Mactan.

Local History

Cebu has a rich and fascinating history that spans thousands of years. Here are some of the key historical events and landmarks that have shaped the city:

– The Battle of Mactan: This battle in 1521 marked the beginning of the Spanish colonial period in the Philippines and the death of Ferdinand Magellan.

– The 1898 Philippine Revolution: This revolution marked the end of Spanish colonial rule in the Philippines and the beginning of American occupation.

– The Cebu Taoist Cemetery: This cemetery is a testament to the influence of Chinese culture in Cebu. The graves are elaborately decorated with symbols of feng shui and Chinese mythology.

Off-the-Beaten-Path Suggestions

For those looking to explore beyond the usual tourist routes, here are some hidden gems worth visiting:

– Sirao Flower Farm: This picturesque farm is located in the mountains outside of Cebu City and is home to thousands of vibrant celosia flowers.

– Guadalupe Cave: This cave system is located in the Guadalupe neighborhood and offers a unique underground adventure. The caves are filled with stunning rock formations and underground waterfalls.

– Funtastic Island: This secluded island is a paradise for nature lovers. The crystal-clear waters are perfect for swimming and snorkeling, and there are plenty of hiking trails to explore.

In conclusion, Cebu City is a vibrant and exciting destination for travelers looking to immerse themselves in the rich culture and history of the Philippines. Whether you’re interested in exploring ancient landmarks, sampling delicious local cuisine, or simply relaxing on a beautiful beach, Cebu has something for everyone.

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Can Foreigners Buy Real Estate in Cebu?

Experience Adventure Like Never Before: Book Your Tour Today!