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In August , President Donald Trump created a stir when he asked aides to explore the possibility of purchasing Greenland from Denmark. As Fox News reported , Trump explained that "essentially, it's a large real estate deal, " and said it would beneficial to Denmark, which provides the equivalent of hundreds of millions of dollars in subsidies each year to the island. Danish Prime Minister Mette Frederiksen quickly nixed any deal, noting that Greenland, which became a self-autonomous region within Denmark back in and has its own separate parliament , premier and flag , is not Denmark's property to sell.
Greenland is Greenlandic. I persistently hope that this is not something that is seriously meant. Some argued that Trump's interest in buying Greenland wasn't that outlandish. From the s to the early s, the U. And the U. In , the U. And back in , the administration of a previous U. Still, Trump's proposed deal would have gone further than any of those, because he offered to buy an island that in many ways is now actually a separate nation-within-a-nation.
Can one country actually buy another entire country? It's a mind-boggling concept. Oddly, though, there's at least one historical example of that happening in the 19th century.
Here are some options. One of the main things about moving abroad is which part of your destination country you'll call home. There are a lot of factors to consider before you make that trek.
Do you want to be close to all the hustle and bustle when living abroad? Or do you truly want to leave it all behind and live without any hassles?
If you want to be in the center of it all, consider major cities like Quezon City, which has a population of nearly three million people. Manila—the capital city—with about 1. Finally, Davao City at 1. These cities, along with other major metropolises, have the perks you come to expect including restaurants, nightlife, and entertainment right at your fingertips.
There are also plenty of markets, as well as access to healthcare facilities. But remember, with all of these amenities come a lot of traffic and big crowds.
Perhaps you've had enough of city life, and would rather try something a little less urban. Tagaytay is a popular destination for tourists—both domestic and foreign. Situated in the mountainous region, it's known as one of the country's summer capitals because of its cooler climate. The total population is about 71,, and there is a lot to do—from golf courses and other outdoor activities. Dumaguete, on the other hand, is a bit larger, with a population of more than , It's a principal seaport and has great beaches.
Perhaps the easiest option is to purchase a condominium , a hybrid type of ownership that falls outside traditional structures. With traditional property , you own the structure, plus the land on which it sits.
If you buy a condo, however, you only own the condo unit itself—not the land beneath it. Remember, there are things you need to consider if you're going to buy a condo in the Philippines. Just like anywhere else, you will have condo fees to pay every month. And based on where you live, you may have to share the amenities like the pool, gardens, and common outdoor spaces.
The best thing you can do is not to wing it. Do an on-site inspection and a complete walk-through of the property before you purchase. After all, you don't want any surprises when you make your big move.
As we mentioned, foreigners can legally own houses and other types of buildings, but they are prohibited from owning the land on which it sits.
To work around this, you can buy a freestanding house but lease the property. Of course, the purchase price will depend on where you buy. The closer you are to a major city, the higher the price. The average interest rate for a year fixed-rate mortgage is about 7. Consider hiring a local agent before you buy—someone who deals exclusively with ex-pats.
This person can guide you through the process and help you avoid costly mistakes. You will, naturally, have to pay a fee for the service, but it may be well worth the investment. Corporations that meet this equity stake requirement must be registered with the government Board of Investment BOI for permission to buy, sell or act as an intermediary in a real estate transaction.
As a foreigner, the largest piece of residential land you can own, either with your Filipino spouse or through a corporation, is 1, square meters of urban land—just under a quarter acre—or one hectare or about 2.
Real estate transactions always involve more than just the price tag. If you buy property in the Philippines, you can expect to pay several fees, including:. One of the most important things you'll have to consider in the Philippines—or anywhere abroad for that matter—is your safety. As of August , the U.
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