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Old 9th October 2018, 09:03 AM
bigpearl bigpearl is online now
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Users Flag! Originally from australia. Users Flag! Expat in philippines.
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Quote:
Originally Posted by lawyer128 View Post
Hi, Steve!

Thank you. I'm glad to be able to contribute on this forum. I have a lot of experience in dealing with PRA, and yes, apparently not all information are available on their website.

With respect to your question regarding your existing leasehold, the answer is no. The deposit should come first then it can be converted into an investment by buying or leasing properties and not the other way around.

In your case, the best scenario would be to put $50k into your PRA account get a visa and then use this money later on to cover your rental payment.

No, you cannot use $20k for this kind of transaction. If you intend to invest the money, you should deposit $50k regardless of your age or qualification and then convert this deposit into an investment.

Yes, they will go online soon. Hopefully, this will make the process a lot shorter and more efficient.


Cheers,
Reina
Thanks for your input Reina, much appreciated and then some.

As said the lease is already in place and paid in full so that can't be achieved unless we redraw the lease and caveat/encumbrance on the title. As I have gathered with my years of reading there is little or no flexibility within the PRA when it comes to doctrines and mandates, those are the rules which we must abide by even after investing more than PHP 6 million in a property and a further PHP 8 million in extensions and renovations in the coming years, cars, bikes, furniture and a plethora of other things on top of that invested in the Philippines appear to count for nothing as a genuine vested retiree.

Perhaps the PRA could look at committed expat retirees that have already invested in this fine country in a favoured light, perhaps another category within the PRA for those already committed and living here and while yes live the life we choose also contribute to the economy, enrichment and help sustain local employment and services.

Personally I will simply avail the tourist visa services for the next 20 odd years of my life unless things change in the interim.
Again thanks for your matter of fact input.

Cheers, Steve.
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