SRRV worth it or not - Page 2

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SRRV worth it or not - Page 2


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  #11 (permalink)  
Old 27th December 2019, 01:01 AM
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Default SRRV Return of Money?

Quote:
Originally Posted by Scott E View Post
I think he means if I stop the SRRV and get married with a 13a ,, or leave the country ,, I any event, if say "I die" who gets the money ,, can my son inherit this pile of cash !!
I found this link for canellation of the SRRV https://pra.gov.ph/assets/citizen-ch...ng_of_Visa.pdf

That's a very good question and I did a little research and didn't come up with much and it appears the PRA/SRRV doesn't' have a frequently asked questions bank so I'd contact them directly and ask and please share the results with us.

https://pra.gov.ph/contact/

I would draft a Last Will and Testament and give a copy of it to the PRA.
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__________________


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.; 27th December 2019 at 01:43 AM. Reason: Addition of a Last Will and Testament
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  #12 (permalink)  
Old 27th December 2019, 08:08 AM
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Yep agree Mark, Gorn also has raised a few good points. Your funds are retrievable but can take 6 to 12 months based on a simple deposit then removal from the system, from what I have read over my many years researching and on expat sites, PRA sites as well as questions directly to them? The answers are vague. Only an opinion but if the deposit to the PRA were converted to a property or lease, then one passes away? I am sure the legalities will take longer if one invested in a condo or lease but at the end of the day the funds will eventually be returned to the estate and as an offside I certainly won't be around to deal with the tripe when it happens but have secured the tripe in my will.

SRRV or SIRV, non quota, likewise 13a etc are not for every one and the individual simply needs to do their research based on their particular situation. While expat sites such as this offer great info, one at the end of the day needs to do their own research with government bodies.

Cheers, Steve.
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Old 27th December 2019, 08:50 AM
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lOl, I read the links you supplied Mark and think I will simply do the 3 year visa run..... No mention within the links of a PRA member passing on without a last will and testament nor even with a will, 2 years and thousands of pesos to navigate a hidden system? OMO.
So what is aimed at the likes of myself and others has not been addressed accordingly.

Cheers, Steve.
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Old 27th December 2019, 11:42 PM
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Default Is SRRV visa worth the trouble

Is the SRRV visa really worth having here? With the $10,000 deposit plus the $1400 application fee plus the $360 a year fee adds up to $11,760 total. Divide up each year what it cost to renew the tourist visa and see if it is worth getting the SRRV. That is around 8 to 10 years of tourist fees.

If not old enough then it is a $20,000 deposit!!!!

Hmmmmm! just my thoughts.

art
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  #15 (permalink)  
Old 28th December 2019, 07:40 AM
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Incorrect information on the deposit. It is 50k USD if between 35 and 50, 20K if over 50 and no pension and 10k if over 50 and at least 1,000 USD pension direct deposit to a Philippine bank the deposit is 10k USD. A dependent (spouse or child under 18 years old) can also come on for a small additional fee, the pension requirement is slightly higher.


There is also a class of SRRV for retired military ( just about any nation), and some other special categories (retired diplomat etc) that the deposit is 1500 USD and the annual free is $10.

You can use the deposit as part payment on a condo or long term lease of a home. The deposit is not lost, you get 1% interest on it and that is taxed at 30% so you net 0.7% after tax interest.

If it is worth it or not really depends on your circumstances. The annual fee works out to about the same as the SRRV fees. (Less if there are two people on the SRRV.)

However it only took me a total of 5 hours to get my SRRV and the first year residency, then one hour to renew it for 3 years. ( That is 6 hours for 4 years staying here) SRRV holders are exempt from ACR cards, annual reports and a few other perks. You can also legally get a local driver license which you cannot do on a tourist visa. ( I know some LTO's are reported as issuing them on tourist visa but the law is visa good for at least one year and the longest you can get a tourist visa extension is 6 months.)

How many horror stories are there here about people taking a couple days every 2 to 6 months to renew their tourist visa?

The one thing that is not mentioned on tourist visa is that they are single entry visas. If you renew for 2 months and want to take a shopping holiday to Singapore or need to go home for a family emergency then the time on your tourist visa is lost and you start the whole process over again with the visa on arrival.

For me the deciding factor is that as a Philippine resident I had no issues becoming a non-resident for tax purposes of Canada. Since I worked about 2 years on some very well paid USAID and ADB projects I saved many times my deposit, which I still get to keep.

Look at the totality of your circumstances, financial, where you want to live and access to a BI office, if you want to buy condo or get long term lease, the tax circumstances in your home country etc before making a decision.


And also look at the true facts on how much it costs and the rules of getting the SRRV.
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  #16 (permalink)  
Old 28th December 2019, 07:43 AM
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Quote:
Originally Posted by Gorn View Post
The money is not yours anymore, so there's no need to worry about it. It's an investment in the Philippines. All you can do is transfer it to another investment (condo, extended lease), and even doing that has many regulations.
Not true.

The money is held in a time deposit in a Philippine bank and you get interest on it. You can get it back when you cancel your SRRV but knowing the Philippines, that may take a long time. It will be covered in part by the deposit insurance but that is only 500,000 p per bank or about $US10,000.

You can transfer to the investment but that has been reported as being very difficult to do for many people.
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  #17 (permalink)  
Old 28th December 2019, 07:44 AM
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Horses for courses I suppose art. While I have sprouted the benefits over the years now have doubts, in two minds, one of the good attributes I saw was not having to rock up to immi every 59 days, San Fernando City La Union cannot process the 2 x 6 month visas (within the 3 years before you have to leave) and a thorn in my side is the express lane fees, I'm not in a hurry, I'll pick it up next week, sorry sir you have to pay,,,,, unless some one else can advise differently.

As most readers know or if they care to look back I went through the "converting your deposit with the PRA into a tangible asset" scenario, hoops and hurdles it simply became too difficult. For us the decisions/options are as follows:
Pay the fees as art suggested and kiss 10K, (earning minuscule interest) goodbye until you either die or pull out of the system. My dilemma is that I have no need to draw a pension from my superannuation for some years, nary a government pension that we were all promised, my bad for working hard. That throws me into the 20K bracket that can be invested far wiser than the return from PRA (10K extra) though it would alleviate the 6 plus visits a years but hey I am retired,,,,, almost and can fit that into my schedule, done it many times and is really just an inconvenience.

Draw the minimum pension and avail the 10K deposit, $1,400 application fee and $360 per year there after, if I were not cashed up I would go this way and live comfortably on an affordable pension.
We have done our sums and will (I will) keep visiting the local BI office until the time I decide to avail my super and then reevaluate big time.
Only an offering from a humble expat.

Cheers, Steve.

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  #18 (permalink)  
Old 28th December 2019, 07:51 AM
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Well said Rick. Obviously all need to research and do it very very well to secure the appropriate visa for their particular circumstance in the Philippines.

Cheers, Steve.

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  #19 (permalink)  
Old 28th December 2019, 10:17 AM
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Quote:
Originally Posted by Manitoba View Post
You can get it back when you cancel your SRRV
That's the part that requires a source.

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  #20 (permalink)  
Old 28th December 2019, 10:39 AM
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Default Downgrade of the Visa and Withdrawl Clearance

Quote:
Originally Posted by Gorn View Post
That's the part that requires a source.
The form cancelling the SRRV Visa listed above seem to make it clear that they downgrade your SRRV to a Tourist Visa if still living in the Philippines and if not the costs are a little bit more and that Withdrawal Clearance.

__________________


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.; 28th December 2019 at 10:54 AM.
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