[WSBARP] WSBARP Digest, Vol 54, Issue 13

[Lisa Chiang]

Hi Tom,

I don't have anyone well versed in Manila/Makati City condos to refer to
you, but have some suggestions based on my family's personal experiences as
permanent residents and owners of real estate in "that part of the world:"

1.  Inform your client about the fluctuating USD/peso exchange rates.  The
USD has been strengthening the past few years, so that's great if client is
using USD (versus pesos or whatever currency) to purchase;
2.  Here is a decent, reputable website you may want to check out to get
the basics about being an overseas investor:
https://www.propertyguru.com.sg/overseas-property-for-sale  (the prices are
listed in SGD)
3.  Look into whether there are excise taxes for non-citizens owning real
estate in PH; many countries in ASEAN have strict rules against foreign
land ownership; and a follow along is all the paperwork involved in sending
money overseas (think FATCA/CRS) if your client is a "U.S. person;"
4.  go for an actual site visit before putting money down (I won't go into
the anecdotal horror stories I've heard); and
5.  have someone local (who speaks working English, Tagalog AND another
dialect) on the ground to monitor the investment regularly.  (think about
the Philippine labor diaspora...and the quality of construction).

Best of luck,
Lisa

On Mon, Mar 18, 2019 at 1:10 PM <wsbarp-request at lists.wsbarppt.com> wrote:

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>    1. Real estate atty or broker in Manila/Philippines (Tom Lee)
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> Message: 1
> Date: Mon, 18 Mar 2019 11:24:54 -0700
> From: Tom Lee <tlee at cuttinglaw.com>
> To: wsbarp at lists.wsbarppt.com
> Subject: [WSBARP] Real estate atty or broker in Manila/Philippines
> Message-ID:
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> W3hfV7gEXOg at mail.gmail.com>
> Content-Type: text/plain; charset="utf-8"
>
> I'm looking to speak with a reputable real estate attorney or broker who
> knows the residential real estate market in Manila, particularly regarding
> condos. PC looking to buy condo at a newly constructed high rise in Manila;
> this is out of my wheelhouse and would like to talk to a knowledgeable
> attorney or real estate broker who knows the Manila market.
>
> Thanks!
>
> --
> Tom Lee
> *Associate Attorney *
> Cutting Law Office PC
> 2701 First Avenue, Suite 500
> Seattle, WA 98121
>
> www.cuttinglaw.com
> 206.788.8840
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