How to become a Filipino citizen

[stevewool]

Fred what are the estate taxes, is it something life a death duty or something,
If you are up to date with your taxes , is this a extra one that occurs once some one dies and leaves a house .

[Terpe]

Fred what are the estate taxes, is it something life a death duty or something,
If you are up to date with your taxes , is this a extra one that occurs once some one dies and leaves a house .

As far as I'm aware it's like this, REP Tax (Real Estate Property Tax) is payable annually. If you pay it within a certain period you get 50% reduction on the total amount.

Here in Metro Manila the RPT is 2% of the 'assessed' value of the property.
Our properties in the province have a RPT of 1% of the 'assessed' value of the property.
The assessed value is actually supposed to be a general 'fair market value'
multiplied by an assessment factor. All this is arrived at through the various ordinances of the city LGO or provincial LGO.

It's actually very cheap based on my experience when paid annually with discount. If it's not paid (often the case it seems) then interest and penalties can increase the amount significantly year by year. Eventually someone has to pay one way or another.

[Terpe]

I know a Brit who lives a short drive outside Davao.
He and his Filipina wife owned quite a substantial farm both in land size and business turnover.
His wife passed away. They had no children and she also had no remaining family

The British guy is currently legal owner of the farms and the businesses.
He has been informed when he passes away himself it all goes to the government

[Harry T]

I know a Brit who lives a short drive outside Davao.
He and his Filipina wife owned quite a substantial farm both in land size and business turnover.
His wife passed away. They had no children and she also had no remaining family
The British guy is currently legal owner of the farms and the businesses.
He has been informed when he passes away himself it all goes to the government

So he had best just remarry.

[fred]

Fred what are the estate taxes, is it something life a death duty or something,
If you are up to date with your taxes , is this a extra one that occurs once some one dies and leaves a house .

It`s the same as inheritance tax Steve, owed by your loved ones after death..It includes pretty much everything you own including bank savings,property,land etc..You name it.
If even one spouse kicks the bucket,the law kicks in and 50% has to be paid within 6 months before fines incur..Usually by the surviving spouse.
We have taken out a life insurance policy to protect each other and our kids..

[stevewool]

It`s the same as inheritance tax Steve, owed by your loved ones after death..It includes pretty much everything you own including bank savings,property,land etc..You name it.
If even one spouse kicks the bucket,the law kicks in and 50% has to be paid within 6 months before fines incur..Usually by the surviving spouse.
We have taken out a life insurance policy to protect each other and our kids..

Thanks Fred, i must have a talk with Emma and see what she and the family have sorted out about there or could it be her father when it comes to it ( if you get my drift).
As always a bill shared by 5 siblings is better then being paid by just the one.