# Qualified real estate expert



## Cebu Citizen (Dec 13, 2013)

After I arrive in the Philippines and secure a temporary home, I will want to immediately begin searching for my permanent and final retirement home.

Any advice for a good real estate expert who might be able to get a newly arriving ExPat settled into a nice home for sale. Someone familiar with all the in's and out's of the paperwork required for an ExPat to own a home in the Philippines.

I would like to avoid any pitfalls of purchasing my first home in the Philippines and would prefer to find someone who really knows what they are doing as far as handling all the legalities of purchasing a home for a foreigner...

Thanks again in advance for the awesome information I continually receive from this group...


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## Cebu Citizen (Dec 13, 2013)

ALSO...we have all heard about location, location, location when selecting real estate...So, I am wanting a home in a nice location obviously but it can be a fixer upper since I have many years of quality building experience and don't mind a good remodeling project or two...as long as the basic infrastructure is in place and solid...cosmetic appearances are easy to adjust on a house.

My goal here is to find a good trustworthy quality minded real estate professional that can assist with my purchase and facilitate all the necessary paperwork for an American buying my first home in the Philippines.


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## bbazor (Nov 18, 2013)

I know a reputable Real Estate Agent in Baguio. If nobody else can help you, let me know and I can ask if he knows someone in Manila.


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## Cebu Citizen (Dec 13, 2013)

bbazor...thanks for the quick reply but I will ot be needing a real estate agent for Manila...I do not have any desire to settle down in a big city and I am searching for a nice laid back place to hang my hat...I was originally looking at Cebu Island but the house my future wife and I were interested in has been sold already and then I began to search other areas of the Philippines...such as Palawan.

I love the laid back provincial life style and I love the self sufficient type of environment and I also love to scuba dive and many things all pointed to Palawan as a possible location but I have not decided. Perhaps I just need to scout around on my own and determine where it is I would like to settle down.

All I know at this point is that I will be in the Philippines later toward the end of this year and married early next year and ready to find my permanent home at that point...where ever it might be...


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## bbazor (Nov 18, 2013)

Cebu Citizen said:


> bbazor...thanks for the quick reply but I will ot be needing a real estate agent for Manila...I do not have any desire to settle down in a big city and I am searching for a nice laid back place to hang my hat...I was originally looking at Cebu Island but the house my future wife and I were interested in has been sold already and then I began to search other areas of the Philippines...such as Palawan.
> 
> I love the laid back provincial life style and I love the self sufficient type of environment and I also love to scuba dive and many things all pointed to Palawan as a possible location but I have not decided. Perhaps I just need to scout around on my own and determine where it is I would like to settle down.
> 
> All I know at this point is that I will be in the Philippines later toward the end of this year and married early next year and ready to find my permanent home at that point...where ever it might be...


That's great. I am happy for you. I will be there later this year as well. I was more like you as a kid, but since, I have been spoiled with the city life here in Silicon Valley. Thus, I need a city and the amenities that go along with it (Air-conditioned mall).

Good luck to you and your future wife!


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## M.C.A. (Feb 24, 2013)

*Homes*



Cebu Citizen said:


> ALSO...we have all heard about location, location, location when selecting real estate...So, I am wanting a home in a nice location obviously but it can be a fixer upper since I have many years of quality building experience and don't mind a good remodeling project or two...as long as the basic infrastructure is in place and solid...cosmetic appearances are easy to adjust on a house.
> 
> My goal here is to find a good trustworthy quality minded real estate professional that can assist with my purchase and facilitate all the necessary paperwork for an American buying my first home in the Philippines.


There are several locations, more like closed communities, lots with homes on them that are for sale, the prices for these homes in Los Banos Laguna and probably other municipalities would be the same price as a condo in Manila, houses can not be owned by foreigners only condo's.

Living away from the big city... some concerns brought up about Air conditioned malls, grocery, well the malls are large, same with the many grocery chains and fully air-conditioned, no shortage of Pizza hut, Burger King, KFC, Shakey's Pizza or McDonald's the only difference is that living in Manila is very, very expensive, they have the best hospitals (if this is a concern) trouble is that only a few dare to check out the provincial area's, Laguna is the area that those in Manila come to escape, so many swim resorts, laid back living.

Always be wary of real estate agents, they will turn you upside down and shake out all your spare change, (your concerns are real) same with the lawyers and when you run out of money they disappear and so does your very short friendship.

Another concern is that if you use money changers they take a small percentage of your dollars for the service, depends on where you live but in my area it's 3-4 peso's on the dollar...oh boy does that add up in losses. With out the immigrant card the banks won't allow you to open up an account, this can be another very costly concern you might want to think about.


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## Cebu Citizen (Dec 13, 2013)

Mcalleyboy...I know this is the wrong thread to bring this up...but...is this immigration card necessary even if I am married to a Philippine woman? I am still figuring out all of my details but I will certainly need a bank account after I arrive...


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## Asian Spirit (Mar 1, 2010)

*Banking*



Cebu Citizen said:


> Mcalleyboy...I know this is the wrong thread to bring this up...but...is this immigration card necessary even if I am married to a Philippine woman? I am still figuring out all of my details but I will certainly need a bank account after I arrive...


I'm online so will jump in just for fun.

*I must correct my own post here. It seems that now, all banks are requiring the ACR card even to open a peso account. So be prepared.*

Most banks will allow you to open a peso acct without the card. But to open a 
US dollar Social Security/SSDI account *you must have the ACR card.* No other way that I know of.

There is only a short list of approved banks for Social Security direct deposits as well. Personally, I would recommend either Chinabank or Metrobank.

Also, living outside the US, your spouse can not be on or even a signer on your SS bank account and they (the bank) are not allowed to issue an ATM card on that acct as well. So you will probbly want to open a peso acct with an ATM card. Then each month just transfer (in person) the dollars to the peso acct.

As soon as you have your US dollar Social Security acct open, then just phone the > Social Security at the US Embassy and they can do the rest for you either in person or by phone-your choice.



Jet Lag


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## Cebu Citizen (Dec 13, 2013)

Thanks for the clarification on the ACR Card Jet Lag...but another question. What if my Social Security check is being direct deposited into a US bank account and I only need a Philippine bank account to occasionally transfer funds from the US to the Philippines?

It was mentioned to me in an earlier thread post that I should keep most of my money in the US because they insure up to $250,000.00 through FDIC and the Philippine banks only insure up to $12,000, (approximately)...PLUS it was mentioned that I need to report all monetary bank balances in the Philippines in excess $10,000 to the US.

So it was my belief and thought that everything would go into my US bank account and stay there and I would only transfer the necessary funds to the Philippine bank account as needed. My US bank is a Wells Fargo Bank and they are officially connected to several banks in the Philippines and have assured me that I can do periodic transfers of up to $3,000 US Dollars per day if necessary and the money will be available to me in two to three business days guaranteed.

I would set up automatic transfers each week...almost like a regular paycheck...or maybe twice a month to save on the small service fee for the transfer, (only $2.00 per transfer), that way I never have too much money in the Philippine bank to worry about the $10,000 cap or the $12,000 insured limit and my money is safe yet readily accessible when ever I would need it and it can all be done online at my convenience, (as long as I have internet access).

But once the automated transfers are set up, I don't need to ever worry as the money will always show up on the prescribed day without worry and the two dollar service charge will be taken out of my main account in the US.

Did I make an error in my thinking? Am I missing something? Did I mistakenly assume that this simple solution will work? And is it acceptable for US and Philippine government regulations and requirements?


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## JimnNila143 (Jul 23, 2013)

*Banking*



Cebu Citizen said:


> Thanks for the clarification on the ACR Card Jet Lag...but another question. What if my Social Security check is being direct deposited into a US bank account and I only need a Philippine bank account to occasionally transfer funds from the US to the Philippines?
> 
> It was mentioned to me in an earlier thread post that I should keep most of my money in the US because they insure up to $250,000.00 through FDIC and the Philippine banks only insure up to $12,000, (approximately)...PLUS it was mentioned that I need to report all monetary bank balances in the Philippines in excess $10,000 to the US.
> 
> ...


After reading the above statement, for security's sake, it may be better to keep your money in the US, because of the F.D.I.C. protection, and occasionally, transfer from your US bank account to your bank account in the Philippines. Most banks here do have online transferring which works out very well. I would recommend that you work with one of the Philippine banks that your US bank is connected with, it will be far easier on you. This online funds transfer is very secure. I think you will be OK here and not have to worry. Just make sure that when the funds are transferred that you DON'T have to be present in the USA for any of those transferals. 

As far as funds limitations, as long as you have less than $50,000US over here, that money doesn't need to be reported to the IRS. Another thread refers to this. However, if you bring in, as far as pension money, more than $25,000 a year, in the US, you do have to file a tax return, from what I understand, it may be a higher bracket if you put your wife on the tax return in filing a joint tax return.


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## Nickleback99 (Aug 6, 2011)

That would sound good to me on the Wells Fargo plan. They especially link to BPI very well, and my wife and I used that regularly when we were apart. I Think they increased fee to like $3.50 per transaction couple years ago. Although I dont like the money grab Fed Government has been increasing here in U.S. , Including IRS now going after money from children of deceased elderly they somehow decided they overpaid S.S. benefits Years ago (I kid you not), money still safer than in Philippines.


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## billygoat993 (Jan 18, 2014)

Before buying a home make sure that you have checked other areas apart from the Province or island of your destination, its easy to buy but hard to sell fast. I would suggest not near the family of your girl, its best that they just visit every now and then to avoid some issues.
When choosing a broker you should ask for their license and you can check them online for verification. 
My tips for buying a home are
1. Check the status of your future neighbors ( if they love parties, karaoke/videoke, if they are noisy, if they have drinking sessions or fight) so you can be sure you will not have problems later on. 
2. Check the track record of developer to see if the homeowners have problems with the house.
3. Check the materials being used during the structural stage. If some developers would not allow you to visit and see the house during construction stay away from them cause it should be tour right to see to it that construction is done well.
4. Check and ask the homeowners about flooding and power interruptions.
5. Check if there is overhead water tank and electrical post. 

Guide for a good real estate broker:
1. Should know answer when you ask what if your neighbor.... 
All villages/subdivisions have Deed of Testriction so neughbors cannot have poultry, make a commercial establishment, build a house more than 10 meters etc. it is annotated at the back of the title.
2. She will not force you or give the BS that you need to put downpayment or reservation cause of this and that. She should let you choose and decide and think over.
3. She would ask the seller copy of TCT, TAX DEC Land ind improvement, copies of receipt of property taxes, inspect the meralco base/meter, water meter to see if there is any owing or problems. Also to check in registry of Deeds if tge title is clean. Also she should check for history of title uf its not from a developer. If individual sale the process of verification should be done very carefully to avoid double sale.
4. She should inform you that expats or not allowed to own land but usually for protection they usually draft a memorandum of agreement that the husband is the one that owns the improvement/ leasing and cannot be sold without consent or he cannot be kicked out in a snap. Not saying that this would happen, of course when we settle down our trust, love and respect is there but nowadays there is bo assurance of anything. I love my husband and even if everything is under my name I ask a lawyer to make that paper so whatever happens my husband will be ok. We have no issues with my relatives since they are well off but just thinking of other unexpected things. 

When you have a babk account in PI and the bank notice a transfer often usually the babk asks why, we experienced it being hold somewhere in US even if the money came fromour bank in Canada. We have to show proof that i have a legitimate business and that we are building a house. But after that thibgs were ok.
I would suggest you keep your mobey in US and just transfer what you need. Philippines is not a first world country there ate lots of issues here but as long as you do not trust too much and you are willing to adjust things will be ok. 

I wish you good luck and hope you enjoy the Philippines.


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## Cebu Citizen (Dec 13, 2013)

Can someone clearly distinguish between the terms I am hearing about a "peso" account and a "US Dollar" account? Is this the way the money is deposited or withdrawn or what exactly?

Can I transfer funds here from a US Bank account and withdraw it with or without the ACR card? Or is this transfer form the US considered a US Dollar account and I will need an ACR card before I can even open a bank account in the Philippines?

My original plan was to leave all of my money safely tucked away in an FDIC Insured US Bank facility and then as soon as I arrive in the Philippines I would immediately open an account locally and then only transfer what is actually needed. What kind of an account will I need for this type of plan and is an ACR card necessary and how long does it take to get one of these cards because I would need access to my funds.

Also can someone point me to the correct thread to find out what all I need to get the ACR card?


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## Asian Spirit (Mar 1, 2010)

Cebu Citizen said:


> Can I transfer funds here from a US Bank account and withdraw it with or without the ACR card? Or is this transfer form the US considered a US Dollar account and I will need an ACR card before I can even open a bank account in the Philippines?


I'll leave the answer to time needed to get the ACR to someone else that has done it in the recent past.

You do need the ACR card now to open any bank account. An alternative would be to leave your funds in the bank in the US and simply make withdrawals here with an ATM card. Naturally your US bank will have a service charge each time but it is an alternative. 

Doing this, you need to notify your US bank of where (what country) you will be using your ATM or they will likely suspend it thinking the card is stolen.


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## JimnNila143 (Jul 23, 2013)

*Banking*



Cebu Citizen said:


> Can someone clearly distinguish between the terms I am hearing about a "peso" account and a "US Dollar" account? Is this the way the money is deposited or withdrawn or what exactly?
> 
> Can I transfer funds here from a US Bank account and withdraw it with or without the ACR card? Or is this transfer form the US considered a US Dollar account and I will need an ACR card before I can even open a bank account in the Philippines?
> 
> ...


Peso account means that you are receiving your pension funds from your country and because you DO have an ACR card you receive your pension in the form of pesos. The bank charges a fee to convert US$ to Philippine Pesos. The US Dollar account is exactly that, your bank account is in US Dollars which you do not need an ACR card to open. 

In order to receive an ACR card, you have to be married to a Filipina and she has to petition you for permanent residency. This takes time due to the time it takes for PBI processing and you have to be interviewed. The processing time takes between 2 to 4 months and sometimes longer if there is a problem, and costs 12,000 Pesos. You are placed on Probationary status for ONE (1) YEAR if approved. Just before the year is up, you are interviewed again. Upon success of the interview and approval by PBI, you will then receive your "Permanent Resident" ACR card. Each year, in January, you return to the PBI to renew the card, you fill out an app, make a 2X2 ID Photo and are finger printed. It cost 400 Pesos each annual renewal. 

You can establish an account here without the need of a ACR card, it has to be in US Dollars. To obtain pesos you have to go to a currency exchanger or use the bank which does charge a fee. This bank account can have an ATM card. In this case it is recommended that your ATM card is VISA/MASTERCARD ATM card. Your pension account/peso account with the ACR card CANNOT have an ATM card and the bank discourages transferring additional funds from any other source except from the SSA. 

My wife and I use 2 banks, one is for my pension account, the other is our joint ATM account which we use for savings purposes. Depending on the bank, to have an ATM account that has VISA/MASTERCARD requires a minimum of 50,000 Peso deposit. Some banks may have a different requirement for this particular type of account. Again, it depends on the bank. As long as you have funds in the account the ATM card can be used anywhere that accepts VISA or MASTERCARD ATM cards.

Until you have started the ARC process, after you are married, you will have to renew your tourist status every 59 days at PBI. If I remember correctly you do not have a spouse or fiancé so you will just need to take things slowly and one day at a time.


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## cvgtpc1 (Jul 28, 2012)

Best explanation I've seen ever about the banking process. So on my next visit I can open a USD account since I don't have the ACR card. Will probably use BPI as I have the most experience with them.


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## Gary D (Oct 28, 2013)

cvgtpc1 said:


> Best explanation I've seen ever about the banking process. So on my next visit I can open a USD account since I don't have the ACR card. Will probably use BPI as I have the most experience with them.


Sorry I can't agree with you there. You do not need to be married to qualify for an ACR card. Anyone can apply for one. If you are in the Philippines on a tourist visa on the second extension you are automatically issued one. This does attract and additional fee but is mandatory.


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## cvgtpc1 (Jul 28, 2012)

Gary D said:


> Sorry I can't agree with you there. You do not need to be married to qualify for an ACR card. Anyone can apply for one. If you are in the Philippines on a tourist visa on the second extension you are automatically issued one. This does attract and additional fee but is mandatory.


Sorry, not following what you're saying here...


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## jon1 (Mar 18, 2012)

Jim was referring to a Resident ACR (for people on 13A visa). I disagree with Jim as every bank I have encountered lately (BPI, BDO) require an ACR. What Gary is referring to is that you can acquire a Tourist Visa ACR (apply for on your 3rd extension). It can take a few months to receive.

Read this http://www.expatforum.com/expats/ph...nk-account-long-term-visitor.html#post3739169


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## humanaso (Jul 28, 2012)

JimnNila143 said:


> After reading the above statement, for security's sake, it may be better to keep your money in the US, because of the F.D.I.C. protection, and occasionally, transfer from your US bank account to your bank account in the Philippines. Most banks here do have online transferring which works out very well. I would recommend that you work with one of the Philippine banks that your US bank is connected with, it will be far easier on you. This online funds transfer is very secure. I think you will be OK here and not have to worry. Just make sure that when the funds are transferred that you DON'T have to be present in the USA for any of those transferals.
> 
> *As far as funds limitations, as long as you have less than $50,000US over here, that money doesn't need to be reported to the IRS.* Another thread refers to this. However, if you bring in, as far as pension money, more than $25,000 a year, in the US, you do have to file a tax return, from what I understand, it may be a higher bracket if you put your wife on the tax return in filing a joint tax return.


Sorry this is wrong. YOU NEED to report any and all accounts once the aggregate amount hits $10,000. And you need to report the interest on your 1040 plus check the box on schedule B to designate you have an account outside of the USA.
The $10,000 threshold gets filed before July 30 of the seceding year. 
Failure to file this results in a minimum penalty of $10,000 per account, maximum penalty up to 50% or $100k which ever is higher.


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## Cebu Citizen (Dec 13, 2013)

*50k? Really?*



JimnNila143 said:


> After reading the above statement, for security's sake, it may be better to keep your money in the US, because of the F.D.I.C. protection, and occasionally, transfer from your US bank account to your bank account in the Philippines. Most banks here do have online transferring which works out very well. I would recommend that you work with one of the Philippine banks that your US bank is connected with, it will be far easier on you. This online funds transfer is very secure. I think you will be OK here and not have to worry. Just make sure that when the funds are transferred that you DON'T have to be present in the USA for any of those transferals.
> 
> As far as funds limitations, as long as you have less than $50,000US over here, that money doesn't need to be reported to the IRS. Another thread refers to this. However, if you bring in, as far as pension money, more than $25,000 a year, in the US, you do have to file a tax return, from what I understand, it may be a higher bracket if you put your wife on the tax return in filing a joint tax return.


I was always under the impression that the amount needed in country and reporting it to the IRS state side was $10,000.00...is this a firm fact about the $50k figure?

I can have $50 grand in a bank in the Philippines and I DO NOT have to report any of it to the IRS?:fingerscrossed:


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## M.C.A. (Feb 24, 2013)

*Philippine Banks*



Cebu Citizen said:


> Can someone clearly distinguish between the terms I am hearing about a "peso" account and a "US Dollar" account? Is this the way the money is deposited or withdrawn or what exactly?
> 
> Can I transfer funds here from a US Bank account and withdraw it with or without the ACR card? Or is this transfer form the US considered a US Dollar account and I will need an ACR card before I can even open a bank account in the Philippines?
> 
> ...


Some banks do not issue ATM cards, my bank the PNB does not, they also will not issue credit cards but the BDO but other banks do... it's gonna be a hassle and a real money loser if you don't use a Philippine bank here, money changers will charge up to 4 peso's on the dollar for exchanges, get that non immigrant card and visa it will save you so much money. 

On the flip side the PNB bank makes it fast and simple to withdrawal and get your money on the worst of holidays the other banks are a complete and total nightmare but then again if you have plenty of savings this won't be a concern.


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## WendyDarling (Apr 26, 2014)

I just love that the world still allows people to do this sort of thing. Congratulations on your new way of life,after this is all sorted out you will be so thankful to live somewhere where things are laid back, cheaper to live and peaceful. I wish you all the good fortune in the world!


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## Cebu Citizen (Dec 13, 2013)

*50k or 10k...???*



Cebu Citizen said:


> I was always under the impression that the amount needed in country and reporting it to the IRS state side was $10,000.00...is this a firm fact about the $50k figure?
> 
> I can have $50 grand in a bank in the Philippines and I DO NOT have to report any of it to the IRS?:fingerscrossed:


Did any one come up with a definitive answer on this looming question? Some places it says that we can have up to 10,000 in a Philippine bank and go over that amount and we must report the balance to the IRS...and here is says up to 50,000 and it still does not have to be reported.

Can any one shed some light on this discrepancy and maybe give me any documented proof as to which number is actually correct?

Thanks to all...and I apologize for the continued questions...I am only wanting to be absolutely sure and I seem to be getting more confused as more opinions are being made...


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## M.C.A. (Feb 24, 2013)

*Tax questions*



Cebu Citizen said:


> Did any one come up with a definitive answer on this looming question? Some places it says that we can have up to 10,000 in a Philippine bank and go over that amount and we must report the balance to the IRS...and here is says up to 50,000 and it still does not have to be reported.
> 
> Can any one shed some light on this discrepancy and maybe give me any documented proof as to which number is actually correct?
> 
> Thanks to all...and I apologize for the continued questions...I am only wanting to be absolutely sure and I seem to be getting more confused as more opinions are being made...


I do my taxes every year with Turbo Tax, there are several other programs and it gives you a step by step procedure and the amount reportable depends on if your married living outside the US or married living within the US but have money abroad in a foreign bank or investment, I don't have a short cut for this but the amount unreportable could be much higher, it depends also on your home abroad this is figured into the equation.

Best way to find this out is ask your tax man or simply fill out a dummie tax form online with Turbo Tax and it will walk you through the process, hopefully someone has more information, this was addressed before on the board but it's best to see it in writing.... I think you can also call the IRS toll-free number and ask them.


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## Cebu Citizen (Dec 13, 2013)

Thanks MC...I certainly don't have an issue with paying my fair share and I have never shied away from taxes...just trying to get a grip on what to expect...

I might be worrying to much about what is or what isn't...


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