In addition to these methods, it is also possible to own real estate in the Philippines legally.

Foreigners may own 100 percent of a condominium unit - provided the total foreign ownership of the condominium building does not exceed 40 percent. It's a little tricky since you will be relying on the developer to maintain the legality of your ownership by restricting the foreign ownership of the development to 40 percent. And there is the question of what happens when individual owners of condo units start selling their condos on the aftermarket.

A more solid option, perhaps, is making use of an offer by the Philippine government. Foreign nationals may come to the Philippines as an officially sanctioned immigrant, either a retiree, or an investor. The main drawback is that, in either case, a substantial amount of cash has to be placed in a dollar time deposit in the Philippines.

Details are available at the Philippine Retirement Authority website (www.plra.gov.ph); essentially you are allowed to own some land if you avail of a SRRVisa (Special Resident Retiree's Visa). Under this program the foreign immigrant is allowed to own up to 1,000 square meters of urban (residential) land or one hectare of rural (agricultural) land, but must be able to place USD 50,000 in a dollar time deposit in a bank in the Philippines. The SSRVisa is a good program, but unfortunately there is a lot of paperwork to process and one must be able to put a big chunk of money on ice without missing it.

In conclusion, while there are bureaucratic restrictions in place, a serious buyer can easily avail of any number of methods to effectively own land in the Philippines, and a future in paradise.