Buying a condo in the name of a child

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wasak New member

Member since 19 May 2017

wasakNew member15 March 2018 11:26:31

Hello,

I am a French citizen living in France but i have spent some time in Manila (i was there for over a year). I am considering buying a condo in Manila but in the name of my kid. He is 10 years old and also a French citizen. I prefer to buy it in his name so that when i die it's already his.

Has anybody here done this? If so, what documents were needed? If the child is an adult, i suppose a power of attorney (SPA) would be needed but for a minor probably not. Maybe other things too. Can't find anything useful on the web.

Thank you.

Leanzac New member

Member since 18 February 2018

LeanzacNew member19 March 2018 05:11:58

Hi Wasak!

Have you tried visiting Cebu other than Manila?

Facilities in Cebu are not only world-class but are more advanced than those in Manila. With its well-planned urban development, Cebu has increasingly trumped the offerings of Metro Manila.

Regarding your question, I asked from my supervisor and the requirements needed are:
-affidavit of undertaking executed by legal guardian
-copy of guardianship bond issued by court
-ID parents/ Passport of your child

Please let me know if this helps

wasak New member

Member since 19 May 2017

wasakNew member19 March 2018 06:41:08

Thanks.
What's this: copy of guardianship bond issued by court?
That really sounds like a hassle.

wasak New member

Member since 19 May 2017

wasakNew member19 March 2018 06:48:02

So u work in real estate. What projects do u offer in Cebu?

jobanana New member

Member since 15 November 2016

jobananaNew member19 March 2018 06:56:55

no can do .............

wasak New member

Member since 19 May 2017

wasakNew member19 March 2018 08:25:59

I think you're right. I have to buy in my name and then transfer the property to my kid. Would have to pay gift tax (called donor's tax in PI).

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