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Memorandum

To: xxxxxxxxxxxxxxxxxxxxxx
From: xxxxxxxxxxxxxxxxxxxx
Date:
RE: Transfer of Inherited Residential Lot by the Stockholders of T!" case
Summary of Facts
Our client Aida, is a Filipino citizen residing in Quezon City. She has three younger brothers -
Tito, Vic and Gringo. The three brothers hae ta!en Canadian citizens "ithout opting to
retain their Filipino citizenship.
#n the $%&'s, Aida(s parents )*oe and +ary, established a -a.ily corporation called TVGA
Corp. *oe and +ary o"ned /'0 o- TVGA shares "hile the re.aining /'0 "as diided
e1ually a.ong the -our children.
*oe and +ary died intestate so.eti.e a-ter 2'$3. The only property they hae "as a $,2''
s1... 4esidential lot located in Sa.ar. Aida is "ith settling the estate o- their parents. The
brothers "ant to retain co-e1ual o"nership oer the property. They suggested that the
property be trans-erred to the corporation proided that their o"nership in the property shall
be proportionate to their shares in TVGA.
Summary of Issues
5nder the 6hilippine la"s, can the property be trans-erred to TVGA Corp and .aintain their
o"nership interest7 #- it could not be trans-erred, "hat should the siblings do in order -or
the. to retain e1ual o"nership oer the property7
#rief "ns$er
8o. The property can be trans-erred to TVGA Corp ho"eer o"nership "ill no longer be "ith
the siblings. To retain e1ual o"nership, the property should be diided e1ually a.ong
the.seles "hich should be re-lected in the title o- the property.
Discussion
Artice XII Section 8. Notwithstanding the provisions of Section 7 of this Article, a
natural-born citizen of the Philippines who has lost his Philippine citizenship may be a
transferee of private lands, subject to limitations provided by law! "wnership of former
#ilipino citizens can be via purchase, inheritance donation and other mode of transfers
Article 15 of the New Civil Code provides that the nationality of a deceased shall govern
the estate left "bserving this provision, even if a person is no longer a #ilipino, he$she
can still receive a portion of the estate provided that he$she is a compulsory heir of the
deceased
%owever, according to Batas Pambansa 185, a former citizen can only own up to &,'''
s(m for urban lands and & hectare for rural land if purchase of the land is for residential
purpose while a ma)imum of *,''' s(m for urban land and + hectares for rural land is
imposed for lands purchased for investment or business purposes ,nder -P &.*, the
limitations have been enumerated A former citizen should consider the size and purpose
of the purchase to /now if there are no laws violated
0ith regard to ownership of land by by a corporation or partnership, the general rule is
that at least 1'2 of the capital of which is owned by #ilipinos are entitled to ac(uire land
in the Philippines
%onclusion

#n accordance "ith the proisions o- the la"s, o"nership o- lands by -oreign corporation has
a li.itation. Foreign corporations can only o"n a land i- the share o- the Filipino citizens is at
least 9'0. TVGA cannot o"n a land in the 6hilippines since the share o- the -oreign
stoc!holders e:ceeded the ;'0 -oreign capital li.it.
<ased -ro. the -acts o- the case, the siblings are allo"ed to inherit the land le-t by their
parents. =o"eer, the only "ay that co-e1ual o"nership o- the land "ill be retained by the
siblings is i- they "ill diide the residential lot e1ually a.ong the.seles.