You are on page 1of 2

Tourist/Business Visa Requirements for Employees Disclaimer: Although much effort has been made in the

1. Application Form creation of this guide, Lamudi Philippines and OMI Land Title
2. 1 piece of Passport size colored picture (Please attach on Services advise homebuyers to always consult with
the application form) professionals, such as real estate brokers and lawyers.
3. Original Passport (should be valid for more than 6months)
4. Photocopy of Passport Bio-page (page 2) Buying a property is no easy task. The process of acquiring
5. Original & Photocopy of valid visa/s and arrival stamps to new space doesn’t just stop when you bring out the cash and
OECD member countries for the past 5 years (If applicable acquire a Deed of Sale. One of the most crucial steps would
only) be transferring the land title from the seller’s name to the
6. Original Certificate of Employment buyer’s name – that’s you! The issuance of a new land title
(must include applicant's position, date hired, will be the ultimate proof of ownership. After all, you can’t
compensation, office address, HR landline number(cell-phone call it yours if it’s not filed under your name, right? And don’t
number is not allowed), HR e-mail address) take this for granted! Failure to comply would mean facing
7. Original Personal Bank Certificate technical, legal, and financial issues.
(must include account type, current balance, account
Where Do I Begin?
opening date, ADB)
8. Bank Statement Photo via DepositPhotos
(original or certified true copy of bank statements/passbook Even before the purchase of a property, make sure to plan
for the last 3 months) out the steps of executing the transfer of land title. If you’re
9. ITR(Income Tax Return) or Form 2316 Copy not able to do this personally, make sure to hire a duly
10. Copy of PRC Card or IBP Card (If applicable only) registered company or a highly trustworthy expert who can
go through the process on your behalf. Though take note
* If personally invited by Korean
that along the way, you may have to personally need to go to
. Invitation Letter
the government offices for follow-ups and status updates.
. Photocopy of inviter's Passport or Identification Card
(authentication not required) Once you have the Deed of Sale signed and notarized,
deadlines for tax payments are already in effect. Failure to
* If invited by Company in Korea
meet deadlines would occur penalties and surcharges – a true
. Invitation Letter
pain in the wallet. For some cases, if payment has been
. Photocopy of Korean Company Business Permit
delayed for several years, the total penalty amount can even
(authentication not required)
be greater than the value of the property at the time of
* Frequent travellers who have travelled as tourist to OECD purchase.
member countries within 5 years are exempted from
Acquiring that coveted land title is surely a tedious and long
submitting ITR.
process which can take several months to complete. In some
■ Processing Time: cases, it can take longer than expected if there are problems
3 working days (for those who have been to OECD member with the property’s existing documents or records. Numerous
countries within 5 years as tourist) back and fourths with multiple government agencies are
5 working days (for those who have not been to OECD necessary and a patient attitude is extremely required.
member countries within 5 years)
Here’s a 6-step guide to help you process the transfer of
■ Visa Fee: 59 days (or less) stay in Korea -- GRATIS your land title:
60 to 90 days stay in Korea -- PHP2,000.00
1.) File and secure the required documents at the Office of
Here’s How to Transfer Land Titles in the Philippines the Bureau of Internal Revenue Regional District (BIR
By Lamudi - September 7, 2016 RDO)
https://www.lamudi.com.ph/journal/how-to-transfer-land- Before making your way to the office, make sure you have
titles-in-the-philippines/ secured the complete list of all necessary documents. Bring
hard copies of the required documents below:
Transfer Certificate of Title - concept for register of deeds,
sale or property.  Original copy and (2) photocopies of the notarized
Signed, sealed, delivered – but is the land already yours? Deed of Absolute Sale (DAS)
Here’s a step-by-step guide on how to transfer a land title  Owner’s duplicate copy and (2) photocopies of the
under your name. Transfer Certificate of Title (TCT) OR the
Condominium Certificate of Title (CCT) in case of sale
Note: This article is an updated version of the one published of condominium units
last March 11, 2015.  Certified True Copies and (2) photocopies of the latest
Tax Declaration for land and improvement of the real
property. *NOTE: If the property sold is a vacant lot or
no improvements have been made on it, a Sworn
Declaration of No Improvement by at least one of the 4.) Pay the Transfer Taxes and secure the Tax Clearance at
transferees or Certificate of No Improvement issued the Local Treasurer’s Office
by the city or municipal assessor is required Aside from paying the Transfer Tax, you also need to secure
 Tax Identification Numbers (TIN) of the Seller and the following documents for the issuance of the Tax
Buyer Clearance:

Take note that there are additional requirements for certain  Original copy and (1) photocopy of the Deed of
cases. It’s best to double check to minimize numerous back Absolute Sale
and fourths:  photocopy of the Tax Declaration
 Official Receipt of Payment of Real Property Tax and
 If the person signing on the document is not the Special Education Fund Tax for the current year
owner as it appears on the TCT or CCT: Special
Power of Attorney (SPA) 5.) File documents at the Registry of Deeds for the issuance
 If the SPA is executed abroad: Certification of the of new land title
Philippine Consulate. If zonal value cannot readily be The new owner’s duplicate copy of the TCT and CCT in your
determined from the documents submitted: name will be released once you have presented all of the
Location plan or vicinity map following documents:
 For documents required in case of mortgage, judicial
 Original Copy and (3) photocopies of the Deed of
or extra-judicial settlement of estate, judicial and
Absolute Sale, stamped as received by the BIR
extra-judicial foreclosure of mortgage, consolidation
 Seller’s Owner’s Duplicate Copy of the TCT or CCT
of ownership, execution sale, and condominium
project: Refer to the required documents filed under  Original Copy of the CAR
the Registration of Real Property with the Register of  Original Copy of the Tax Clearance
Deeds  Original Copies of Official Receipts of Payments of
 Other requirements as may be required by law, CGT, DST, Tax Clearance Certificate, and Transfer Fee
rulings, regulations, or other issuances  Original Copies of the Current Tax Declaration for
land and improvement issued by the local assessor’s
2.) Secure assessment of transfer taxes at the BIR and office
Authorized Agent Bank (AAB) OR Municipal OR City  If the seller or buyer is a corporation, submit the
Treasurer’s Office following requirements:
o Secretary’s Certificate authorizing the sale of the
After filing the required documents, a BIR representative will real property
calculate your Capital Gains Tax (CGT) and Documentary o Certified True Copy of the Articles of
Stamp Tax (DST). Afterwards, they will ask you to sign three Incorporation and By Laws of the seller or buyer
(3) copies each of the ff: corporation
6.) File documents at the Municipal or Provincial Assessor’s
 BIR Form 1706 (CGT)
Office for the issuance of new Tax Declaration
 BIR Form 2000 (DST)
For the release of the new Tax Declaration, present a
These will then be filed at the AAB. For areas where there are
photocopy of the following documents:
no AABs, they will be filed with the Authorized City or
Municipal Treasurer.
 Deed of Absolute Sale
 TCT OR CCT
3.) File documents at the BIR for the issuance of Certificate
 CAR
Authorizing Registration (CAR) OR BIR Clearance
You will receive a claim slip with the claim date of the CAR,  Transfer Tax Receipt
which will be released along with the following documents:  Latest Tax Receipt OR Tax Clearance
For some local assessors’ offices (ex. Makati City), additional
 Original copy of the Deed of Absolute Sale, stamped documents are required:
as received by the BIR
 Owner’s Duplicate Copy of the TCT or the CCT  Subdivision Plan, if lot is subdivided
 Original copies of the BIR Form 1706 (CGT) and Form  Full-color photos of the house, lot, or condominium unit
2000 (DST), stamped as received by the BIR Do not forget to accomplish this last step, as this is often
missed out. Remember – ownership of a Tax Declaration
 Copies of the Tax Declaration for land and
should always be done after Land Title Transfer as the name
improvement
on the Land Title should coincide with the name indicated on
 According to BIR Memorandum Order No. 15-03, BIR
the Tax Declaration.
RDOs should release CARs for all One Time
Transaction (ONETT) within five (5) days of
submitting all required documents.

You might also like