November 22, 2019
SEC-OGC OPINION NO. 53-19
RE: FOREIGN REAL ESTATE HOLDING COMPANY; OWNERSHIP OF CONDOMINIUM UNIT
Cortina & Montes Law Offices
Suite 1212, Herrera Tower,
V.A. Rufino cor. Valero Sts.,
Salcedo Village, Makati City
Attention: Atty. Jeanne R. T. Montes
Atty. Patrick Daniel O. Ladrido
Dear Attys. Montes and Ladrido :
This refers to your letter dated 06 February 2019 requesting an opinion on whether a foreign real estate holding company is legally allowed to own and hold a condominium unit.
You state in your letter that Company X, a holding company registered with the Commission, has P23,500,000.00 worth of common shares which are fully subscribed and paid, 39.9996% of which, amounting to P9,399,900.00, are fully subscribed and paid by Mr. Y, a British national.
You also mention that Company X will undergo restructuring and proposes to increase its authorized capital stock and to categorically exclude from its purpose clause the ownership of land. As a consequence, you aver that the corporation will no longer be constrained by the foreign equity limit as it is a domestic market enterprise with a paid-in capital of more...
