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SRRV Visa Questions - Page 2


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  #11 (permalink)  
Old 30th September 2018, 09:33 PM
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Sorry lawyer128, I forgot to mention that the lease is already paid in full for the first 25 years.

Cheers, Steve.

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Old 1st October 2018, 02:56 AM
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If you have been in country more than 6 months I believe that you can use a local police clearance instead of one from home. However I believe that these can take a while to obtain, something else to look into.
Local police clearance may be obtained in one day if you go early. If you go later in the day, you may need to go the next day to pick it up. Requires ID and a pic. NBI clearance takes about a week from application to pick up.

Fred

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Old 2nd October 2018, 01:02 AM
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As I qualify for the SRRV Classic with a deposit of US 20K, can this be used to invest in a Condo or long term lease? I ask this because you stated that the deposit must be US 50K to convert to investments and I have never come across that information on the PRA site.

I currently hold a long term lease (25 + 25 years) on a house and lot, can this be used as an investment and if so what is the procedure?
Does the Title or lease need to be annotated? Both?

Can I use the US 20K for the above scenario?

....
As I understand the process you buy your property ( condo or long term lease) for at least $USD50k. Then you need to have specific wording on the title or lease documents that the PRA has a lien against the property for the 20k deposit amount. You then get the lien released on your deposit account.

In other words it is 20k deposit PLUS additional at least 30k funds to buy condo or lease but you need the entire amount up front. Not sure if you can have a mortgage on the property for some amount or if you need clear title from the outset.

Yes the title on an existing lease needs to be amended to include the specific wording required. As with a lot of things here they will be very specific in what wording is needed and you may get an incorrect answer from the PRA so I'd suggest you get it in writing on their letterhead.

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Old 2nd October 2018, 08:44 AM
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As I understand the process you buy your property ( condo or long term lease) for at least $USD50k. Then you need to have specific wording on the title or lease documents that the PRA has a lien against the property for the 20k deposit amount. You then get the lien released on your deposit account.

In other words it is 20k deposit PLUS additional at least 30k funds to buy condo or lease but you need the entire amount up front. Not sure if you can have a mortgage on the property for some amount or if you need clear title from the outset.

Yes the title on an existing lease needs to be amended to include the specific wording required. As with a lot of things here they will be very specific in what wording is needed and you may get an incorrect answer from the PRA so I'd suggest you get it in writing on their letterhead.
Hi Rick, Yes I am aware of the fine print with regards to encumbrances on titles and leases, just wanted to hear it from a marketeer and if there were other options especially relating to the 20K versus 50K as we already have the lease in place as well as the encumbered title but no mention of the PRA, again as said on this site or a private msg to you my bad for not doing my research and a slap to the attorney we used at the time as we stated this was what we were doing. It happens, all good.

The only issue I see is getting an attorney to alter the lease and title and as said that takes time and yes pesos but as you wisely point out 20K is not much money to take advantage of the many pluses acquiring an SRRV.

I still want to see our options as far as this PRA marketeer is concerned but really think that we will simply move there, we will be in and out of the country 2 or 3 times a year so my visa will be fine. Perhaps draw a pension on my superannuation in 3 or 4 years then simply go down the 10K route. Ben as a returning Filipino can avail good tax exemptions on our goods shipped there and according to the forwarder in Manila will attract less attention than an SRRV holder shipping goods.

Let's see what lawyer128 has to say. Thanks for your input Rick.

Cheers, Steve.

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Old 8th October 2018, 06:04 PM
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Thanks for your input here lawyer128. sounds like you know what's going on with the PRA and the SRRV.
I have a few questions you may be able to help me with and would also benefit other members.

As I qualify for the SRRV Classic with a deposit of US 20K, can this be used to invest in a Condo or long term lease? I ask this because you stated that the deposit must be US 50K to convert to investments and I have never come across that information on the PRA site.

I currently hold a long term lease (25 + 25 years) on a house and lot, can this be used as an investment and if so what is the procedure?
Does the Title or lease need to be annotated? Both?

Can I use the US 20K for the above scenario?

I also read that the PRA now mentions "online applications coming soon". Any news and updates with regards to this?

Thanks for your time and we look forward to your input.

Cheers, Steve.
Hi, Steve!

Thank you. I'm glad to be able to contribute on this forum. I have a lot of experience in dealing with PRA, and yes, apparently not all information are available on their website.

With respect to your question regarding your existing leasehold, the answer is no. The deposit should come first then it can be converted into an investment by buying or leasing properties and not the other way around.

In your case, the best scenario would be to put $50k into your PRA account get a visa and then use this money later on to cover your rental payment.

No, you cannot use $20k for this kind of transaction. If you intend to invest the money, you should deposit $50k regardless of your age or qualification and then convert this deposit into an investment.

Yes, they will go online soon. Hopefully, this will make the process a lot shorter and more efficient.


Cheers,
Reina
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  #16 (permalink)  
Old 9th October 2018, 09:03 AM
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Hi, Steve!

Thank you. I'm glad to be able to contribute on this forum. I have a lot of experience in dealing with PRA, and yes, apparently not all information are available on their website.

With respect to your question regarding your existing leasehold, the answer is no. The deposit should come first then it can be converted into an investment by buying or leasing properties and not the other way around.

In your case, the best scenario would be to put $50k into your PRA account get a visa and then use this money later on to cover your rental payment.

No, you cannot use $20k for this kind of transaction. If you intend to invest the money, you should deposit $50k regardless of your age or qualification and then convert this deposit into an investment.

Yes, they will go online soon. Hopefully, this will make the process a lot shorter and more efficient.


Cheers,
Reina
Thanks for your input Reina, much appreciated and then some.

As said the lease is already in place and paid in full so that can't be achieved unless we redraw the lease and caveat/encumbrance on the title. As I have gathered with my years of reading there is little or no flexibility within the PRA when it comes to doctrines and mandates, those are the rules which we must abide by even after investing more than PHP 6 million in a property and a further PHP 8 million in extensions and renovations in the coming years, cars, bikes, furniture and a plethora of other things on top of that invested in the Philippines appear to count for nothing as a genuine vested retiree.

Perhaps the PRA could look at committed expat retirees that have already invested in this fine country in a favoured light, perhaps another category within the PRA for those already committed and living here and while yes live the life we choose also contribute to the economy, enrichment and help sustain local employment and services.

Personally I will simply avail the tourist visa services for the next 20 odd years of my life unless things change in the interim.
Again thanks for your matter of fact input.

Cheers, Steve.
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  #17 (permalink)  
Old 9th October 2018, 11:12 PM
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.....

Perhaps the PRA could look at committed expat retirees that have already invested in this fine country in a favoured light, perhaps another category within the PRA for those already committed and living here and while yes live the life we choose also contribute to the economy, enrichment and help sustain local employment and services.

.....
What you are suggesting would ad another category with either some complex rules to determine eligibility for "committed expat retiree" or would introduce a wide measure of discretion to some local bureaucrats to use to categorize someone as a "committed expat retiree" to get around some relatively simple rules now.


I like that the PRA is inflexible in its rules. IMHO that simplifies things, I wish other government agencies were just as inflexible. That way you can simply read up on them and see if what they offer is for you and if you meet o0ne of the required categories and then make a rational decision that will succeed on its merits not on the whim of some bureaucrat if you meet the complex requirements of "committed expat retiree".

For the alternative take a look at the LTO. Officially you need to have a visa good for longer than one year to get a driver license here. There are lots of reports pf people either renewing their license when they do not have a visa good for more than a year or people actually getting new one on tourist visa's.

Simple rules, clearly explained and inflexible in their enforcement means predictability and stability. Complex rules, with lots of exceptions, poorly explained and randomly enforced means confusion and disorder and opens the door to potential corruption and other abuses.

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Old 10th October 2018, 01:45 AM
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Simple rules, clearly explained and inflexible in their enforcement means predictability and stability. Complex rules, with lots of exceptions, poorly explained and randomly enforced means confusion and disorder and opens the door to potential corruption and other abuses.
Well said and I fully agree with this statement and might add that this factor is probably the most contributing to what ails the ROP. Keeping in mind that we are quests here, that is as far as I will go.

Fred

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Old 10th October 2018, 07:10 AM
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....might add that this factor is probably the most contributing to what ails the ROP. ....
The confusion on the rules is actually quite common once you get outside the established western democracies.

Some of it is that they simply don't fully understand English to the point where they can translate their rules, sometimes it is that the rules are not well thought out and that a lot of possible permutations and combinations are not fully covered. This is very common when writing rules in a new area of regulation for them or the usual international standard rules different significantly from local custom i.ie banking rules. Sometimes it is a deliberate method of giving arbitrary power to local bureaucrats. Sometimes in an effort to CYA the local bureaucrats extend the rules so that they cannot be wrong in what they see as a bad way. (This one happens a lot in the west as well.)

Sometimes it is a combination of all of the above and more.


Last edited by Manitoba; 10th October 2018 at 07:19 AM.
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  #20 (permalink)  
Old 10th October 2018, 09:47 AM
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Originally Posted by Manitoba View Post
What you are suggesting would ad another category with either some complex rules to determine eligibility for "committed expat retiree" or would introduce a wide measure of discretion to some local bureaucrats to use to categorize someone as a "committed expat retiree" to get around some relatively simple rules now.


I like that the PRA is inflexible in its rules. IMHO that simplifies things, I wish other government agencies were just as inflexible. That way you can simply read up on them and see if what they offer is for you and if you meet o0ne of the required categories and then make a rational decision that will succeed on its merits not on the whim of some bureaucrat if you meet the complex requirements of "committed expat retiree".

For the alternative take a look at the LTO. Officially you need to have a visa good for longer than one year to get a driver license here. There are lots of reports pf people either renewing their license when they do not have a visa good for more than a year or people actually getting new one on tourist visa's.

Simple rules, clearly explained and inflexible in their enforcement means predictability and stability. Complex rules, with lots of exceptions, poorly explained and randomly enforced means confusion and disorder and opens the door to potential corruption and other abuses.
Yep I agree, perhaps only dreaming for an easier solution. Definitely another category would confuse things even more considering the lack of information within the existing 5 categories.
Like a recent post I submitted with regards to the fine print on a lease and title was only discovered by fluke and not readily available to those seeking to go down this path with the PRA nor the fact that one deposits 20K or 50k depending on age, pension or no pension is there any thing I can find delineating these figures and the ability to convert deposited funds into property or leases, again whether 20k or 50.

As said I am happy to go down the tourist visa route until I decide to draw a pension from my superannuation, then I may consider dropping 10k into a hole. Other things may happen along the way, who knows?

Cheers, Steve.


Last edited by bigpearl; 10th October 2018 at 10:10 AM.
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