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-   -   SRRV Deposit for Investment (https://www.expatforum.com/expats/philippines-expat-forum/1474342-srrv-deposit-investment.html)

English Andy 11th February 2019 04:01 AM

SRRV Deposit for Investment
 
I have had an SRRV Classic since July 2018. I am now thinking about converting the deposit into an active investment (I know I need to add an additional US$30,000 to increase the deposit to US$50,000).

I have a couple of questions.

1. If I purchase a condo, does it have to be ready to move in or can I purchase a pre-selling unit?

2. Can I purchase a Townhouse? I was chatting to real estate agents in Dumaguete and they said I can't purchase a Townhouse since I am a foreigner and can't own the land the Townhouse is on. They said I need to register the land in the name of a Filipino and then purchase the Townhouse.

I know there this this option of a long term lease of house or house & lot. Can I use this option for a Townhouse? In this case do I use the US$50,000 to purchase the house or is the US$50,000 for the lease only. Would I still have to register the land in the name of a Filipino?

I would be very grateful for the advice and experiences of those on an SRRV visa who have converted their deposit into an investment.

lawyerly 11th February 2019 05:29 AM

Hi, English Andy!

(1) You would need to purchase a condo with existing Condominium Certificate of Title because the certificate of title would be annotated with PRA's lien. Pre-selling condos and even some RFOs have to certificate of titles yet so be careful with this one.

(2) Only condos and shares in golf clubs and other time sharing clubs are allowed for conversion. You must have the sole ownership of the entire property and not share it with someone else as the PRA would have a lien over it and liens are not divisible.

M.C.A. 11th February 2019 09:26 AM

Hi English Andy, I'd get some legal advice on this I'd be careful especially with real estate agents and I don't blame you for asking questions, here's a link to the SRRV guide https://pra.gov.ph/wp-content/upload...e-04.14.15.pdf

But the bottom line is to contact the Philippine Retirement Authority https://pra.gov.ph/

English Andy 11th February 2019 09:43 AM

Thanks for links, but have already read guides and very limited information there. PRA is very poor at replying to requests for information, so hence the post here for advice from those who have gone through the process already.

Tiz 12th February 2019 04:02 PM

https://pra.gov.ph/wp-content/upload...e-04.14.15.pdf

Page 4 says SRRV CLASIC - Condominium or long term lease, ( both of which are ready for occupancy )

English Andy 13th February 2019 01:42 AM

Quote:

Originally Posted by lawyerly (Post 14797822)

(1) You would need to purchase a condo with existing Condominium Certificate of Title because the certificate of title would be annotated with PRA's lien. Pre-selling condos and even some RFOs have to certificate of titles yet so be careful with this one.

So you are saying that most pre-selling condos DO NOT HAVE a Condominium Certificate of Title? With all these restrictions, it would seem easier for me to purchase the condo without using the US$50,000 deposit. i.e keep the $20,000 deposit in the bank, and just purchase a condo - I then have the option of a cheaper/pre-selling condo (I am a cash buyer).


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