One of the main reasons why overseas Filipino workers (OFWs) are willing to sacrifice being away from home is because they would like their families to have better and comfortable lives by earning more money. Saving more money means having more budget to buy and own a property.

Real estate trends based on Lamudi’s latest White Paper shows a promising growth in real estate investments. According to the report, the number of people searching to buy versus renting gives evidence of a fairly higher number. These facts do not eliminate the chances of OFWs buying and owning a real property as well. Remittances from overseas Filipinos either living or working abroad have hit a new record high of $2.56 billion in December of 2016, and is projected to increase further.

Given all the facts and figures of the rising economic growth, marketability, and demand for real estate properties, what should be the proper financial preparations that an OFW must consider when preparing to buy or own a property?

Determine Location, Potential Improvements, and Property Type

This may sound a bit odd but it can be considered as part of being financially prepared. Why? Because anyone living and working abroad for a long time will not have much idea about the assessed and market value of a property. It is essential to know the location, whether it is in an established prime area, an up-and-coming neighborhood, or an area that has the potential to become an “it” location in the future; and what property type to buy, whether it is a land, condo unit, townhouse, or a single-detached house.

Likewise, OFWs should study potential areas really well because the provinces that surround Metro Manila, such as Rizal, Bulacan, Laguna, and Cavite, improve really fast with new infrastructure projects, new roads and expressways, and some even become cities after a few years. These are factors that will give ideas about pricing and how much an OFW can afford and how much he is willing to spend.

Know the Current Status of the Philippine Economy and Rate of Foreign Currency Conversion

It is important to know how the Philippine economy is doing and how the real estate sector is performing. Read newspapers, inquire from reliable sources, read testimonials from economists and buyers, do a lot of research, and check reliable real estate reports. Timing is everything that’s why it is best to make sure that the exchange rate is favorable (and stable) when sending hard-earned foreign currency converted to Philippine peso and the money will be saved in the bank for future use.

Find a Reliable Real Estate Developer and/or Builder

With the rate of competition among real estate developers in the Philippines, there are definitely a lot of options in finding a reputable developer/builder. OFWs should invest time and make it a point to do some research because sadly there are unscrupulous real estate developers and sellers who are bent on ripping OFWs off their hard-earned cash. The following points should be taken into consideration when choosing a real estate developer:

• Background
• Financial Stability
• Company Profile
• Track Record
• Time Frame for Project Completion
• Quality Check
• Proper Documentation for Turnover

Choose a Trustworthy Representative

Living and working abroad means that OFWs are unable to process or have limited time in taking care of all the necessary paperwork and documents needed in dealing with any real estate investment, so a trustworthy and capable representative is very much needed. A Special Power of Attorney (SPA) will be granted so that the chosen person can act and do transactions on behalf of the OFW who is the buyer. In SPAs, the OFW may execute and make Attorney-in-Fact any trusted representative who is of legal age and that chosen representative must comply with the requirements of the law. The SPA must be Notarized or Consularized if executed or signed abroad. Note that the SPA is for the trustee and that he or she will not own any part of the real property and his or her main function is to just represent the OFW.

Study Different Financial Institutions for Short- or Long-term Loan Options

Any type of real estate investment will require a large amount of money and whether an OFW will buy via short-term or long-term loan, he will still require a backing from a financial institution that will give the best mortgage terms. Although government agencies give a lot of support to OFWs, there are still requirements needed and it would be good to study all possible options before applying for any type of loan. Government agencies like the Social Security System (SSS) and the Pag-IBIG Fund and commercial and universal banks all have eligibility requirements and loanable amount computations and it is important for OFWs to check if they’re eligible and how much amount they can borrow. Private banks and real estate developers also offer housing loans and in-house financing options that an OFW can avail of. Some may offer discounts and flexible payment terms available only for OFWs.

Open a Checking Account for Real Estate Transactions Only

Anyone investing in any form of real estate transaction should open a checking account that is separate from their regular savings account and personal expenses. The purpose of having a separate checking account for real estate transactions only is for proper monitoring of expenses. This is to make sure that every check that is issued is good and funds are also properly accounted for to avoid bounced checks.

Be Ready for Buying Expenses and Other Taxes

OFWs and anybody who will buy a real estate property should realize that there will be a lot of paperwork and documentations involve. Both buyers and sellers will shoulder expenses, including capital gains tax, creditable withholding tax (if applicable), documentary stamps tax, transfer tax, registration fees, and notarial fees, among others.

After execution of the Deed of Absolute Sale signed by both the seller and the buyer, the seller turns over original copies of tax declaration, tax clearance, transfer certificate of title (or TCT) or condominium certificate of title (or CCT, if what’s being bought is a condo unit), and when all obligations are paid for, the buyer will now be able to obtain a new TCT or CCT under his or her name and a new tax declaration will be issued.

In every paperwork and documentation involved, OFWs and their corresponding trustee that holds the SPA must practice due diligence even to the smallest detail because any mistake can be costly and these transactions are not something to be ignored and set aside.

Real estate property tax is something that cannot be taken for granted because it is a government-mandated law. The legal basis for the law is found in Title II of the Local Government Code of the Philippines. Taxpayers can either pay in full or by quarterly installment. Normally, the local government issues real property tax discounts when taxpayers pay in full and done in advance before the deadline which is due on or every 31st of January of each year.

Buying and owning a real property is definitely not an easy task, especially when considering the fact that the money that will be used is hard-earned. Any OFW who has sacrificed so much of being away from home should see to it that what they have saved for will definitely be worth it. After all, at the end of the day and whichever part of the world they’ve been, OFWs have one thing in common—they will always come back home.

If you are a Filipino based in the UAE and you are serious with being a professional financial planner, it is time for you to be certified!

Since 2013 the AFP has been helping Filipino financial planners in the middle east improve their level of competency and professionalism.

The 2017 schedule will be this September 1 & 2, 2017 in Dubai, UAE.

Why the AFP?

Because of the increasing financial awareness and prosperity of many Filipinos, the demand for financial products and financial advisors has been growing through the years. However, while there have been many who claim to be financial advisors, there has been a need for certified advisors to be differentiate a properly trained advisor from one who is not.

This differentiation can be achieved by choosing to become an Associate Financial Planner (AFP®), a professional designation awarded by the Registered Financial Planners Philippines, the Philippine’s leading financial planning institute.

Become an Associate Financial Planner (AFP)®

The public is looking for a financial planner who has demonstrated a commitment to competency, and financial professionals want an established certification that will set them apart in the globally expanding financial planning profession. As an AFP®, you can energize and revitalize your career by leveraging the knowledge and prestige associated with one of the world’s most recognized financial planning certification.

Benefits of the AFP® Certification

– Immediate recognition from clients, peers and employers with AFP® designation after your name.

– Strict eligibility criteria mean only a selected few are privileged to hold this designation.

– Provides a good starting point for professional who have the necessary skills sets and knowledge in basic personal financial planning.

– Provides an interim designation while you are pursuing the Registered Financial Planner (RFP®) quantification in the future.

– Become part of the preeminent financial planning organization in the country, the Association of RFPs in the Philippines with numerous benefits, including access to technical sessions, events, seminars and conferences.

What will be discussed during the AFP® Program?

• Personal Finance Steps
• Insurance Planning
• Behavioral Finance
• Investment Planning
• Time Value of Money
• Stock Market Investing

After completing the training program, a qualifying examination will be performed within 1 to 2 months after the program. Those who pass the exams can apply for membership to the AFP®

Who will be conducting the AFP® Program?

Randell Tiongson, RFP is the director of the Registered Financial Planner Philippines and has been engaged in the financial services industry for 3 decades. He is one of the most respected personal finance speaker and educator in the Philippines and has given over 1000 lectures & training on finance through the years. He is a columnist of the Philippine Daily Inquirer, best-selling author of 5 finance books.

Marvin Germo, RFP is the Philippine’s most in demand speaker and educator on stock market investing. He has given hundreds of seminars on investing in equities for Filipinos across the globe. He is frequently seen in Philippine media on the subject matter of investing and he is also a best-selling author of 5 books on investing and the stock market.

If you are interested to become an AFP®, please send an email dubaifinancialevents@gmail.com AFPdubai@yahoo.com or click HERE

Just 3 years ago, we launched the Associate Financial Planner (AFP) ® program for the Filipinos in the Middle East and held our first certification class in Doha, Qatar. More than 20 participants from Qatar and the UAE joined the milestone initial program. Since 2013, the AFP program has been helping improve the financial lives of many Filipinos in the Middle East by way of objective and structured financial education. To date, there are almost 200 AFP’s from Qatar and the UAE and these AFPs are really making a difference.

We are pleased to announce that the AFP will be holding 2 runs in the UAE this September 2016.

Abu Dhabi – September 9 & 10, 2016

Dubai – September 10 & 11, 2016

Why the AFP?

Because of the increasing financial awareness and prosperity of many Filipinos, the demand for financial products and financial advisors has been growing through the years. However, while there have been many who claim to be financial advisors, there has been a need for certified advisors to be differentiate a properly trained advisor from one who is not.

This differentiation can be achieved by choosing to become an Associate Financial Planner (AFP®), a professional designation awarded by the Registered Financial Planners Philippines, the Philippine’s leading financial planning institute.

Become an Associate Financial Planner (AFP)®

The public is looking for a financial planner who has demonstrated a commitment to competency, and financial professionals want an established certification that will set them apart in the globally expanding financial planning profession. As an AFP®, you can energize and revitalize your career by leveraging the knowledge and prestige associated with one of the world’s most recognized financial planning certification.

Benefits of the AFP® Certification

– Immediate recognition from clients, peers and employers with AFP® designation after your name.

– Strict eligibility criteria mean only a selected few are privileged to hold this designation.

– Provides a good starting point for professional who have the necessary skills sets and knowledge in basic personal financial planning.

– Provides an interim designation while you are pursuing the Registered Financial Planner (RFP®) quantification in the future.

– Become part of the preeminent financial planning organization in the country, the Association of RFPs in the Philippines with numerous benefits, including access to technical sessions, events, seminars and conferences.

What will be discussed during the AFP® Program?

• Personal Finance Steps
• Insurance Planning
• Behavioral Finance
• Investment Planning
• Time Value of Money
• Stock Market Investing

After completing the training program, a qualifying examination will be performed within 1 to 2 months after the program. Those who pass the exams can apply for membership to the AFP®

Who will be conducting the AFP® Program?

Randell Tiongson, RFP is the director of the Registered Financial Planner Philippines and has been engaged in the financial services industry for nearly 3 decades. He is one of the most respected personal finance speaker and educator in the Philippines and has given over 1000 lectures & training on finance through the years. He is a columnist of the Philippine Daily Inquirer, best-selling author of 4 finance books.

Marvin Germo, RFP is the Philippine’s most in demand speaker and educator on stock market investing. He has given hundreds of seminars on investing in equities for Filipinos across the globe. He is frequently seen in Philippine media on the subject matter of investing and he is also a best-selling author of 4 books on investing and the stock market.

If you are interested to become an AFP®, please send an email afpdubai@yahoo.com or click HERE

Testimonials from the AFP®’s from the UAE

“The AFP® helps me pursue my personal commitment in helping others with their financial journey (giving back to the community) as a form of social responsibility. The AFP® has also served as a venue for me and my fellow Overseas Filipinos to find and validate opportunities of investment vehicles where we grow our hard-earned money.”

Francis Medina, AFP (Business Manager and entrepreneur)

“I initially wanted to join the Program just to advance my knowledge in money management and get a clearer view of my own total financial life. I have attended a few talks provided by financial institutions and naturally most of them are product-driven. I yearn for unbiased views on personal finance and was in search for programs where the focus is on the concepts and not on the products. This is what AFP has provided me – Financial Planning, which is customized and goal-focused, thereby providing need-based solutions to an individual’s financial circumstances.”

“Through the AFP I have been equipped with the tools and knowledge to navigate the complex landscape of personal finance. The program has somehow boosted my confidence and has also facilitated the establishment of strong networks within the Filipino finance community. What I’ve learned at the AFP was something wonderful that I just had to share it to my immediate community. Today, as a community leader, I am imparting what I’ve learned to my fellow Filipino Expats in the UAE by pushing financial education. For me the AFP is not just a title; it has become a way of life.”

Charry Dela Cruz, AFP (Private Banking & serial investor)

“The AFP program is more than just a professional certification program. Being an AFP means being a life-long advocate of financial literacy.”

Gemmy Lontoc, AFP (Remittance Manager & community builder)

“The AFP taught me 3 things: To connect, to grow, and to contribute.”

“The AFP helped me connect with people who share the same passion. These same people helped me grow my expertise and contribute to my fellow OFs by helping them cross the bridge to financial security.”

Josh Mallo, AFP (Oil & Gas industry & stock market investing aficionado

“My affiliation with the AFP made me more confident and courageous in sharing financial literacy among my church group. An answered prayer indeed, 50 of my church mates and our beloved Pastor attended our financial literacy event last 3rd of June, 2016.”

Ivy Datanagan, AFP (Accountant & financial education advocate)

The AFP gave me a more structured way of handling my personal finance and paved my way to more investment opportunity. The AFP became a n opportunity for me to meet like minded persons who aims to make a difference in the life of OFWs.

Jermain Poncardas, AFP (Registered Nurse & personal finance advocate)