Originally Posted by rustyfox
1. If I deposit $10,000 into a bank account, is it in my name? or in the PRA's name?
2. May be used for investment/s in RFO Real Estate Properties; * Investment value must be at least US$50,000.00 - Does this mean that the deposit must be $50,000? or that the $10,000 can be used in an investment of at least $50,000 value?
3. Is it at all possible to get access to the $10,000 while still on the SRRV?
4. What happens to the $10,000 deposit when I die?
1. The deposit is in your name and has a hold placed on it by the PRA. You get the 1% interest. There are specific requirements for the deposit. You have to send funds from outside the country to a few specific banks, not all can take the accounts. If you bring cash you need to declare it at Philippine customs and show the declaration forms when opening the account. I don't recommend showing the customs guys that much cash just before I leave the airport and enter the taxi madness.
2. You can convert the deposit., You buy an investment ( condo, long term lease or country club membership) valued at least $50,000 and the hold is transferred from the cash account to being a lien on the property. There are specific wordings needed to be on the title for the PRA to approve the transfer and release the hold on the funds.
3. The only access you will have to the deposit is to convert it as mentioned above. Consider the low interest paid as part of the cost of having the SRRV.
4. The deposit will become part of your estate. Your executor will have to petition the PRA to release the hold and then it just becomes a normal term deposit. Not sure if your heirs can get the funds immediately or if they have to wait until the term expires.
I strongly recommend that you get a marketer to assist in the process. They are supposed to work for you for free and are paid by the PRA out of your application fee. I have heard of people here being asked for up to $500 additional. If I was asked I'd simply report them to the PRA and find someone honest.
I used and can recommend Maria Rose Villa Baranda <[email protected]
> Others here have recommended others so shop around.
Get all your documents in order before applying, the police clearance will be the most time consuming to get as it needs to be authenticated ( AKA red ribbon) by the Philippine Embassy before you submit it. The 10,000 deposit means you have a pension, I believe that this has to be paid into a Philippine bank directly to qualify. Setting this up may take a while but I have no experience since I am in the 20k deposit without pension situation.
Medical can be done here and mine consisted of an x-ray, finger prick blood sample and a urine sample. never spoke to a Dr or nurse about my medical history or was physically examined. In and out in 30 minutes.
You can also see my thread on my SRRV experience for a detailed description of what I went through to get mine. If you have any questions please post here or ask by PM if that is better for you.