PRA Rules for homeowner - Page 3

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PRA Rules for homeowner - Page 3


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  #21 (permalink)  
Old 12th June 2020, 09:03 AM
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Originally Posted by bigpearl View Post
......
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.
I am on the 20k plan but because I have worked a couple of years and having a residential visa here made it a bullet proof case for being a non resident for tax purposes, I have saved several time the deposit.

Different circumstances, different desired outcomes, different weighting on cost vs convenience for different people.
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Old 13th June 2020, 01:02 AM
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Hey Manitoba,

Are you saying I can deposit $10,000 in cash and not buy condo or long term lease? I don't mine leaving $10,000 in a deposit but I don 't want to do $20,000. There seems to be different information on the deposit for an SRRV visa. It also seems to be what office we talk to and the person there on how they understand it.

Art

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  #23 (permalink)  
Old 13th June 2020, 01:11 AM
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Originally Posted by Manitoba View Post
I am on the 20k plan but because I have worked a couple of years and having a residential visa here made it a bullet proof case for being a non resident for tax purposes, I have saved several time the deposit.

Different circumstances, different desired outcomes, different weighting on cost vs convenience for different people.
Would it be true as a Canadian citizen you spend 10 months out of the country as a pensioner you lose 25% of your pension? Not sure if that's true Rick, I had correspondence with another Canadian citizen and he stayed here over 10 months and was losing 1/4 of his pension, I don't think your at this stage yet but I'm just curious if you could still retire here with a lowered pension or other Canadians with no other jobs other than the pension.

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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.
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  #24 (permalink)  
Old 13th June 2020, 01:28 AM
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Hey Manitoba,

Are you saying I can deposit $10,000 in cash and not buy condo or long term lease? I don't mine leaving $10,000 in a deposit but I don 't want to do $20,000. There seems to be different information on the deposit for an SRRV visa. It also seems to be what office we talk to and the person there on how they understand it.

Art
The following list the programs available. I am eligible for a $1500 deposit being retired US military. Heard that you can avail of that program by just having a DD Fm 214 and not being retired military, just need a pension.

Chuck

https://pra.gov.ph/srrv/#options
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Old 13th June 2020, 02:26 AM
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Originally Posted by greenstreak1946 View Post
Hey Manitoba,

Are you saying I can deposit $10,000 in cash and not buy condo or long term lease? I don't mine leaving $10,000 in a deposit but I don 't want to do $20,000. There seems to be different information on the deposit for an SRRV visa. It also seems to be what office we talk to and the person there on how they understand it.

Art
Yes if you are over age 55 and have a lifetime pension income greater than $US1,000 per month (1,200 with dependents) and have it direct deposited to a Philippine bank ( not 100% sure about the local bank requirement).

I had to go the $20k route since my funds are in an retirement savings account not a pension and I did not want to purchase an annuity. Now that I will qualify for the Canadian government pensions I am close and may consider switching over after buying a small annuity. However it may require a second 1400 application fee which would make it not worth doing.,
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Last edited by Manitoba; 13th June 2020 at 02:32 AM.
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  #26 (permalink)  
Old Yesterday, 09:45 AM
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Regarding: I paid PHP 3.45 million for the house alone.

Who paid for the lot and how much was it?

Regarding: I pay her a regular monthly allowance plus an extra PHP 3,000, per month to keep the contract legitimate.

P3k a month x 12months x 25 years is P900K, plus the monthly allowance? Why didn't you apply the 3.45 million as paid in full for that 25year lease and monthly allowance?

Additionally, although it's your partner, you could have the contract state that she must pay you for living in the house.

Did you consider what if clauses like if the relationship terminates, she is no longer permitted to live in the house, she can only inspect the lot on a monthly basis, or she must return the pre paid future rent on a pro rated basis (which will never happen) but it's additional leverage for you, etc. etc. You could have been creative.

You may consider acquiring the book of guidelines they are using on you, ask them to show you the law. I would change attorney's for who helped you write that contract. Do your own research, find the applicable laws. It will likely save you wheel barrels full of cash.
I paid for the lot - PHP 1.85 million - but via my partner's BDO account.

I paid for the house direct to the developer.

We did it this way specifically to apply for a PRA visa and prove I had invested in a property.

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  #27 (permalink)  
Old Yesterday, 09:56 AM
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Originally Posted by Tukaram View Post
Yeah, I think so too. Everything I have seen says to go to PRA before getting a house/condo. Getting it first seems to complicate matters a lot, especially if it does not qualify.
Having a decent house with my partner is more important than the retirement visa.

Exiting every 60 days or paying for a visa extension is irritating, but better than losing $10,000.

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  #28 (permalink)  
Old Yesterday, 10:47 PM
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Having a decent house with my partner is more important than the retirement visa.

Exiting every 60 days or paying for a visa extension is irritating, but better than losing $10,000.
The money is not lost, it is either invested in a property/lease or is in a term deposit. I am getting 1% on my amount but lose 30% of that in Philippine taxes. You (or your estate) gets it back.

If you do not have a place picked out to stay or even where you want to live, investing in property is not a wise move.

For my deposit I get 3 years no immigration hassle, none at all. I can come and go as much as I like (outside of the virus). The annual amount is close to the tourist visa extension and much less than leaving the country every 60 days. That strategy could have backfired with the virus if someone was outside the country when the lock down happened.

(A friend on a BB visa was stick in Singapore for 63 days waiting space on a flight back to Manila, a tourist visa would still be there.)

There are different ways for different people and different people view the investment of $10k or in my case $20k l differently. No one size fits all solution.
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Last edited by Manitoba; Yesterday at 10:51 PM.
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  #29 (permalink)  
Old Yesterday, 11:55 PM
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Exactly Rick, individuals need to do their homework very well and decide what suits them. I remember 5 or 6 years ago looking at the PRA site and thinking this looks great but to get all the info was not easy both legal and fine print has taken a lot of research of the ramifications of a chosen path, gleaned mostly from expat sites and the members personal experiences, (followed up with comms to the PRA) invaluable and has probably saved heartache for many, myself included. As said before I will wait until I decide to draw on my superannuation then apply for the SRRV with a 10K deposit because the ramifications firstly for myself with legal costs and time to encumber the lease and improvements on the property and then when I kick the bucket the reversal of the same.
I might think differently if I had to visit Intromuros every 59 days though, here in SFC immi is easy. Like you have done Rick, a decision was made after a hell of a lot of research to secure your needs for the future as I have done, beaten it to death in fact, all circumstances are different.

Cheers, Steve.
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