I am British, and as a foreigner in the Philippines ready to buy a house on a lot, I can only legally own 60% of the land. I intended to give my girlfriend 40%, but she is married but separated. Her estranged husband could potentially claim her 40% share.
I am a qualified trusts draughtsman in the UK, but I know nothing about Philippine trust law. Local lawyers are obfuscatious and don’t appear to know the answers I am looking for.
Does anyone know:
Whether its legal for me to have a bank own the 40% of the land and I pay a rent or mortgage, or other encumberments on it?
Could I place the 40% of the land in trust with a Filipino trustee with us having flexible life interest?