small business opportunities in the Philippines
small business opportunities in the Philippines
In 2003, the Philippine government released a law which affords its naturally born citizens who lost their citizenship through naturalization in a foreign country the chance to re-gain their Philippines citizenship. Acquiring dual citizenship within this program provides many business benefits to both the Filipino and his/her whole family.
The benefits
1. One who re-gains Filipino citizenship can vote in elections in the Philippines.
2. One can possess real estate
3. One can practice his/her profession
4. One can possess and run a business
5. The citizen’s spouse can get an immigrant visa that entitles him/her to perpetually live in the Philippines – come and go, keep off exit clearances, entry bungs, etc.
Possession of small business opportunities in the Philippines real estate is a considerable benefit, as current law in the Philippines limits possession of real estate to its own citizens. While a foreigner is allowed to assume title to a condominium, he/she cannot take title to real estate (land and a house). A foreigner can rent land from a Filipino and then take possession of a house on the land, but this kind of a deal is highly seldom in the Philippines. So, through re-gaining of his/her Philippine citizenship, the Filipino is once more able to small business opportunities in the Philippines buy real estate, with no limitations.
Concerning those who need to retire to the Philippines, the ability to manage a small business or practice one’s profession is an effective advantage. Through dual citizenship, retirement in the Philippines can be the beginning of a new chapter in one’s life, as a business person or a professional. Possession of business as an only owner or as a completely possessed small business opportunities in the Philippines corporation is really limited, unless a foreigner establishes a considerable investment ($200,000 as a minimum).
Without citizenship, a foreigner who needs to run a business in the Philippines is bounded to organizing a corporation, of which he/she can only possess a 40% interest. As a dual citizen, the Filipino re-acquires the privilege to completely possess his/her business. So, a foreigner married to a Filipino with dual citizenship can assume 40% possession of a business and maintain it in the family by his/her dual citizenship spouse assuming the remaining 60% possession.
Disregarding about being in a small business opportunities in the Philippines immigrant status, there is just one method a person having a foreign passport can live in the Philippines for any considerable amount of time, and even then it demands the foreigner to be married to a “Balikbayan” (a returning Filipino who was born in the Philippines). A Balikbayan and his/her spouse can visit and live in the Philippines for up to one year, after which they must leave the small business opportunities in the Philippines country, and then re-enter in case they need to stay another year. This must be repeated on a yearly fundament
