SRRV Deposit for Investment

Go Back   Expat Forum For People Moving Overseas And Living Abroad > Asia > Philippines Expat Forum

Philippines Expat Forum The Philippines Expats Forum is dedicated those individuals that have chosen to make Philippines their new home. This forum is an ideal place for Expats now living in Philippines to meet and discuss all aspects to their new way of life.

Like Tree1Likes
  • 1 Post By English Andy

SRRV Deposit for Investment


Reply
 
Subscribe to this Thread Thread Tools
  #1 (permalink)  
Old 11th February 2019, 04:01 AM
New Member
 
Join Date: Mar 2018
Location: The Philippines
Posts: 10
Rep Power: 0
English Andy is on a distinguished road
4 likes received

Users Flag! Originally from england. Users Flag! Expat in philippines.
Default 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.

Reply With Quote Quick reply to this message
  #2 (permalink)  
Old 11th February 2019, 05:29 AM
New Member
 
Join Date: Jan 2019
Location: Makati
Posts: 7
Rep Power: 0
lawyerly will become famous soon enoughlawyerly will become famous soon enough
4 likes received

Users Flag! Originally from philippines. Users Flag! Expat in philippines.
Default

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.

Reply With Quote Quick reply to this message
  #3 (permalink)  
Old 11th February 2019, 09:26 AM
Moderator
 
Join Date: Feb 2013
Location: Los Banos Laguna
Posts: 2,666
Rep Power: 283
M.C.A. has a reputation beyond reputeM.C.A. has a reputation beyond reputeM.C.A. has a reputation beyond reputeM.C.A. has a reputation beyond reputeM.C.A. has a reputation beyond reputeM.C.A. has a reputation beyond reputeM.C.A. has a reputation beyond reputeM.C.A. has a reputation beyond reputeM.C.A. has a reputation beyond reputeM.C.A. has a reputation beyond reputeM.C.A. has a reputation beyond repute
2135 likes received
6748 likes given

Users Flag! Originally from usa. Users Flag! Expat in philippines.
Default

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/

__________________


I am not a regulated immigration adviser. I am offering an opinion and not advice. Check here for professional help with the Philippine Bureau of Immigration PBI https://www.facebook.com/officialbureauofimmigration or Philippine Retirement Authority PRA for an SRRV Visa https://pra.gov.ph/contact/ Always stay alert and don't let your guard down.

Last edited by M.C.A.; 11th February 2019 at 09:30 AM.
Reply With Quote Quick reply to this message
Sponsored Links
Advertisement
 
  #4 (permalink)  
Old 11th February 2019, 09:43 AM
New Member
 
Join Date: Mar 2018
Location: The Philippines
Posts: 10
Rep Power: 0
English Andy is on a distinguished road
4 likes received

Users Flag! Originally from england. Users Flag! Expat in philippines.
Default

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.
M.C.A. likes this.

Reply With Quote Quick reply to this message
  #5 (permalink)  
Old 12th February 2019, 04:02 PM
Tiz Tiz is offline
Member
 
Join Date: Jan 2016
Location: Bonifacio Global City
Posts: 156
Rep Power: 0
Tiz is on a distinguished road
92 likes received
71 likes given

Users Flag! Originally from australia. Users Flag! Expat in philippines.
Default

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 )

Reply With Quote Quick reply to this message
  #6 (permalink)  
Old 13th February 2019, 01:42 AM
New Member
 
Join Date: Mar 2018
Location: The Philippines
Posts: 10
Rep Power: 0
English Andy is on a distinguished road
4 likes received

Users Flag! Originally from england. Users Flag! Expat in philippines.
Default

Quote:
Originally Posted by lawyerly View Post

(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).

Reply With Quote Quick reply to this message
Reply


Quick Reply
Message:
Options

Register Now

In order to be able to post messages on the Expat Forum For People Moving Overseas And Living Abroad forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid email address for yourself.
Email Address:
Location
Where you live
Expat From Country
Please select the country you originate from. This will appear as a flag when you make posts on the site.
Expat To Country
Please select the country you have either moved to or want to relocate to. This will be presented on the site when you make posts.

Log-in


Thread Tools

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
SRRV visa deposit Fred98TJ Philippines Expat Forum 17 13th May 2015 03:14 PM
my deposit for rent is protected or not 2uk Britain Expat Forum for Expats Living in the UK 6 17th February 2015 03:44 PM
Fighting for My Deposit Igloo Spain Expat Forum for Expats Living in Spain 6 4th December 2014 06:41 PM
Self-Employed Nomad seeks Cheap Fun places to live temporarily davidosullivan General Expat Discussions 22 16th February 2011 09:08 AM
Help, rental deposit not returned, then slander follows dterryr Spain Expat Forum for Expats Living in Spain 1 27th March 2010 11:48 PM

FORUM PARTNERS

ExpatForum.com is owned and operated by VerticalScope Inc.

Retiring Overseas Guides | Moving Overseas Guides | Cost of Living | Health Care Guides


All times are GMT. The time now is 10:45 PM.


Powered by vBulletin®
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
Search Engine Friendly URLs by vBSEO
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2019 DragonByte Technologies Ltd.