No. of Recommendations: 3
I've long thought that if you aren't a citizen, you shouldn't be able to own land. That should be a perk reserved for citizens only.
Several countries have similar rules.
It has its pros and cons. Outsiders aren't buying up land and speculating, so the price of land doesn't ratchet up quickly in areas. I thought a compromise would be fine, where we allow them to buy areas in industrial parks, etc. Leave the housing to us.
We actually have a pathway to citizenship that requires a $6 million(?) investment ( not sure if that's the right amount, but close methinks). Foreigners do get scammed on that.
The Philippines has rules that you can't own land (one or two designated areas in the entire country), you can lease land, and you can own a condo, but only 40% of the condos in a project can be owned. It has a paragraph in its laws to cover foreign ownership that is a wonder to read, it seems to cover everything, and one part of it I still question what it means. :)
This leads to some attorneys hustling you with tales that you can own it in a corporation, etc., powers of attorneys, daisy chain entity ownership - none of it works in court. Corporations have to have Filipinos in them to work. Outside of a condo, if you marry a Filipina, you can get the equivalent of a Life Estate, which at least allows you to stay there, but expats have been murdered to get it.
Possibly a state can enact that legislation on its own.
