Hello everyone,
I've seen posts about buying land in your wife's/girlfriend's name and then setting up a 25+25-year usufruct lease on the land and the building.
Has anyone run into problems doing it this way? Have you ever had legal issues later on?
Also, can a usufruct be passed on to a living relative through a will?
I'm looking to buy part of a piece of land to build a small family home and a few apartments, and I want to leave it as an inheritance for my young daughter (who is not a Philippine citizen).
Thanks for your opinions 🙏
You don't trust your wife? The best approach is to invest only what you can afford to lose. The land I bought goes to my kids when they become adults.
It doesn't work unless your wife is Filipino. Whether you buy it back home or here, leasing is best.
Talk to a lawyer, that's the best thing to do.
What I was thinking is to set up a company where I hold 40% of the shares and my girlfriend holds 60%. I'd lend money to the company so it can buy the land, then the company owns the land and leases it to me, and I pay off the debt that way. The first 25 years are easy, and the 25-year extension can be made nearly airtight, but from what I've looked into it's not 100% safe. Talk to a good lawyer first.
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