SECTION 1. Any natural born citizen who has lost his Philippine citizenship and who has the legal capacity to enter into a contract under Philippine laws may be a transferee of a private land up to a maximum area of five thousand (5,000) square meters in the case of urban land or three (3) hectares in the case of rural land to be used by him for business or other purposes.
SECTION 2. In the case where both spouses are qualified under the law, one of them may avail of the said privilege: However, if both shall avail of the privilege, the total area acquired shall not exceed the maximum allowed.
SECTION 3. In the case the transferee already owns urban or rural land for business or other purposes, he shall still be entitled to be a transferee of additional urban or rural land for business or other purposes which when added to those already owned by him shall not exceed the maximum areas allowed.
SECTION 4. A transferee under this Act may acquire not more than two (2) lots which should be situated in different municipalities or cities anywhere in the Philippines: Provided, That the total land area thereof shall not exceed five thousand (5,000) square meters in the case of urban land or three (3) hectares in the case of rural land for use by him for business or other purposes. A transferee who has already acquired urban land shall be disqualified from acquiring rural land and vice versa. However, if the trasnferee has disposed of his urban land, he may still acquire rural land and vice versa, provided that the same shall be used for business or other purposes.
SECTION 5. Land acquired under this Act shall be primarily, directly and actually used by the transferee in the performance or conduct of his business or commercial activities in the broad areas of agriculture, industry and services, including the lease of land, but excluding the buying and selling thereof. A transferee shall use his land to engage in activities that are not included in the Negative List or in those areas wherein investment rights have been granted to him under this Act.
SECTION 6. Registration of Land. The Register of Deeds in the province or city where the land is located shall register the land in the name of the transferee that it will be used for any purposes mentioned in Section 5 above, i.e. certification of business registration issued by the BTRCP/Department of Trade and Industry and affidavit that the land shall be used for business purposes.The provision of BP 185 (An Act to Implement Section 15 of Article XIV of the Constitution and for Other Purposes Pertaining to the Ownership of Private Lands for Residential Purposes by Former Natural Born Filipinos) and its implementing Rules and Regulations shall be adopted, where applicable, in the implementation of this Act through a Circular to be issued by the Land Registration Authority.The Register of Deeds shall ensure that the limits prescribed by law are observed.
(Section 10. RA 7042 as amended by RA 8179. Approved, March 28, 1996)
THIS PAGE IS BY
National Economy and Patrimony
Foreign Investment Act
The Subdivision and Condominium Buyer’s Protective Decree
Dual Citizenship Law
Law on Sale of Mortgaged Property
Real Estate Rights of a Natural Born citizen of the Philippines who have lost his Philippine Citizenship
Law on Urban Development and Housing Program
Protection on Buyers of Real Estate in Instalment Basis
An Act to Regulate the Sale of Properties Under Special Powers Inserted In or Annexed to Real Estate Mortgages
Civil Code (Part A)
Civil Code (Part B)
Special Prceedings (Rule 72-109)