Anyone bought property in philippines

Would like to hear all about it as might be buying one later this year. What are tax implications for buying overseas. How to structure. Financing.

Also, who should I be talking to for answers, accountant, lawyer, tax specialist? Any recommendations for someone in brisbane?
 
You're probably going to need to get tax advice here with regards to moving money overseas (both ways) and then someone in the Philippines as well. Legal and finance you should engage a specialist overseas.
 
Do you plan to live in Phil's or stay in Oz?
What type of property do you plan to buy?
Investment or residence?

Foreigners can't buy house or land in Phil's, only condos where 60% of the complex is owned by locals. You can buy house/land in a corporation but make sure you have trustworthy nominees and use a good lawyer. Main tax implications depend if you plan to become a non resident in Oz for tax purposes. If non resident then you don't have to declare rental income or capital gains. You'll have to pay cash for your purchase. Get in touch with Steve Douglas from SMATS for good advice.

http://www.smats.net/ContactUs.aspx#australia

He wrote this book:

http://www.amazon.com/gp/aw/d/9810575467?pc_redir=1395625394&robot_redir=1
 
Thanks for the replies.
Some context of situation would probably be helpful :) :
Dual citizenship so no restrictions in terms of rights in either country.
Live and work in Australia.
Property in Philippines will be used for when visiting the country on holidays (very rarely). All other times could either rent it out through realestate agent or let family members live there for free if they need a helping hand.
Money is all here in Australia. There is enough equity to either use as deposit or purchase property outright. But need to know tax implications, best method and structure to use. Any specific professionals in Brisbane I could talk to.
 
You could possible borrow in the philipines secured on the property over there, or borrow here secured against Australian property.

Australia taxes people on worldwide income. You may be able to claim a credit for any tax paid over there.

Not much different to investing in Australia really. Your tax return fees will be much more because of the complexity.

Probably not a good idea to invest in 3rd world countries. Invest here and spend there. Too dangerous otherwise - laws aren't really enforceable.
 
Sounds like you're all set, you just need to contact SMATS or BANTACS who have an office north of Brissie.

http://www.bantacs.com.au/l_ningi.php

Thanks for the replies.
Some context of situation would probably be helpful :) :
Dual citizenship so no restrictions in terms of rights in either country.
Live and work in Australia.
Property in Philippines will be used for when visiting the country on holidays (very rarely). All other times could either rent it out through realestate agent or let family members live there for free if they need a helping hand.
Money is all here in Australia. There is enough equity to either use as deposit or purchase property outright. But need to know tax implications, best method and structure to use. Any specific professionals in Brisbane I could talk to.
 
Thanks for replies and link to bantacs.

Terry, purchasing a property in Philippines is a definite as in the future it will be sort of a ppor when parents retire. All extended families are over there also so there is a personal reason for the purchase and not just solely for an investment.
 
Eggnog, do you think Filipina women make good wives?
My mate is smitten with a girl he met recently in Davao and is discussing marriage. I've heard the stories about girls only marrying guys because they want a visa and to escape poverty but he plans to live there and buy a house in her name. I'm concerned. Please reply by PM if this is too off topic.
 
Wow, that was a bit random. Yes there are some inherent social differences between Australians and Filipinos and I believe this does result in some aspects of people from one country being better than those from others. But at the end of the day it all comes down to an individuals personality and character. Put it this way, I've met many Australians who would make terrible wives or husbands. And I've met many Filipinos who would make terrible wives or husbands. Same goes for any other country.
 
What a ridiculous question!

Yes I guess it is. I remember a buddy at school always used to say Filipinas make good wives after he saw something on 60 Minutes. Terry i'll delete this post if you delete your quote.

Edit: thanks for your reply eggnog, that was very diplomatic of you.
 
I wouldn't really call it diplomatic. Ive travelled the world and been to many different countries. Met many different people from lots of clashing cultures. One of the certainties in life I've come to realise is that you cannot form generalised opinions. I have always found exceptions to peoples generalistic views.
 
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