What is a Nominee Agreement? A nominee agreement is an agreement where one person agrees to act on behalf of another person in certain legal matters. A nominee agreement is like a power of attorney but may be broader in scope.
In Law 5 of 1960 concerning Basic Agrarian Regulations (UUPA) states that foreigners can have land rights with the status of usufructuary rights. This status allows foreigners to own a house to live with certain conditions and for a certain period of time