PRA Rules for homeowner - Page 2

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PRA Rules for homeowner - Page 2


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  #11 (permalink)  
Old 10th June 2020, 10:41 PM
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Quote:
Originally Posted by Gary D View Post
Isn't buying a house then going for an SRRV putting the cart before the horse.
Yes agree Gary and Tukaram but sometimes the house or condo come first, even years prior to the thought of a retirement visa, it's a pain in the a*rse to change title and or lease documents but doable with pesos and time.

Maybe going off track here but a 10 or 20K US deposit to secure a retirement visa? Wouldn't that money be better injected into the local economy by the retiree? Change the PRA's protocols for retirees, "must live in the country for 9 or 10 months every year" etc.
I'm sure there are many retirees that want to take advantage of the SRRV but only live on a pension and don't have a spare 10K to spend.

Only a thought.

Cheers, Steve.

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Old 11th June 2020, 12:21 AM
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The idea of the SRRV is that you make a long-term investment in the Philippines. If you have already made that investment what incentive does the PRA have. They would expect a further investment to fulfil their requirements.
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Old 11th June 2020, 12:57 AM
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Hear you Gary but I would have thought that purchasing a property, car, motorbikes and employing contractors in PH. was a long term commitment and all I'm suggesting is perhaps further categories can be introduced to take into account different circumstances.
Also the long term investment (hiding your cash in an investment that pays pittance)? I can easily get an 8 to 10% (lol, not at the moment but historically) return which more than covers the cost of the tourist visa route with cash left over.
The "incentive" idea of the PRA is to get retirees here and inject capitol into the economy,,,,,, they still get their initial application fee as well as the annual fee, the deposit sits in a bank stagnating, is only a figure on their books that is owned by the depositor who gets little return while the banks make 2,3,4,5 or more %, they are the winners and perhaps there are kick backs, I didn't say that.

Having to go through so many hoops if you want to put that cash into property or lease for me is feasible but frustrating none the less. What of those that live here and have lived here for 10 or 20 years that are committed and survive but don't have a spare 10 or 20K?
As said it's only a thought and I'm well aware that big wheels turn slowly, sometimes not at all.
OMO.

Cheers, Steve.

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Old 11th June 2020, 02:12 AM
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I think the big difference is the the PRA deposit is your personal investment whereas building a house for wife or partner although your money as an investment by you is tenuous at best.
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Old 11th June 2020, 06:42 AM
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Quote:
Originally Posted by bigpearl View Post
....

Also the long term investment (hiding your cash in an investment that pays pittance)? I can easily get an 8 to 10% (lol, not at the moment but historically) return which more than covers the cost of the tourist visa route with cash left over.
The "incentive" idea of the PRA is to get retirees here and inject capitol into the economy,,,,,, they still get their initial application fee as well as the annual fee, the deposit sits in a bank stagnating, is only a figure on their books that is owned by the depositor who gets little return while the banks make 2,3,4,5 or more %, .

....
I was told that there are 50,000 SRRV holders here. If the average is the 10,000 k deposit (it goes to 50,000 but there is a category at 1,500) then the total under deposit is USD500,000,000. (25 billion p) That is on long term deposit, low interest and is a huge factor in their financial health.

If anyone does not think that the few banks allowed to have this on deposit and only pay out 1% on it are not a strong lobby for keeping things the way they are now, then I have a real good deal from some untitled land for you.
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Old 11th June 2020, 08:20 AM
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Originally Posted by Manitoba View Post
I was told that there are 50,000 SRRV holders here. If the average is the 10,000 k deposit (it goes to 50,000 but there is a category at 1,500) then the total under deposit is USD500,000,000. (25 billion p) That is on long term deposit, low interest and is a huge factor in their financial health.

If anyone does not think that the few banks allowed to have this on deposit and only pay out 1% on it are not a strong lobby for keeping things the way they are now, then I have a real good deal from some untitled land for you.
But how many leave the money in the bank? Everyone I know on the SRRV bought a condo. Why leave it in the bank, when you can use it?
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Old 11th June 2020, 03:54 PM
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The SRRV SMILE VISA for active/healthy individuals needs a $20,000 deposit. that is a lot of money to let the Philippine government keep indefinitely. The CLASSIC VISA needs a $10,000 deposit but must be used for investment or long term lease.

This is what I understand.

Art

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  #18 (permalink)  
Old 11th June 2020, 09:02 PM
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Quote:
Originally Posted by greenstreak1946 View Post
The SRRV SMILE VISA for active/healthy individuals needs a $20,000 deposit. that is a lot of money to let the Philippine government keep indefinitely. The CLASSIC VISA needs a $10,000 deposit but must be used for investment or long term lease.

This is what I understand.

Art
Both the classic and smile deposits are convertible. You can put them in cash or long term lease or condo.

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  #19 (permalink)  
Old 11th June 2020, 09:05 PM
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Originally Posted by Tukaram View Post
But how many leave the money in the bank? Everyone I know on the SRRV bought a condo. Why leave it in the bank, when you can use it?
Mine is in a deposit. I left it there because I am not sure where I want to end up living.

Even once I find a place, I may not buy/long term lease. We have talked about the difficulty in getting our cash out of the deposit when we are finished here. How much more difficult will it be to get the PRA to release the lien on the title, then to sell the property?
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  #20 (permalink)  
Old 11th June 2020, 10:51 PM
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Quid pro quo? What are you going to give me for the untitled land Rick? To take it off your hands? Good call though and a place I would never venture no different to (after my investigations) locking up the PRA deposit in property or lease. Nor against the house on the leased land. Far too difficult to secure then release and while some can afford the deposit and leave it sit there others cannot.
For me it's a no brainer for only 10K and the perks that go with it.
I was only opening up alternative cans of worms.

Cheers, Steve.

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