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-   -   SRRV Visa Questions (https://www.expatforum.com/expats/philippines-expat-forum/747490-srrv-visa-questions.html)

rustyfox 11th May 2015 12:56 PM

SRRV Visa Questions
 
I'm currently in India, but moving to the Philippines for retirment within a few weeks.

My reading of the SRRV site leaves me with questions... Can I ask here? or should this be a new topic? If I should ask them elsewhere, please let me know!
1. If I deposit $10,000 into a bank account, is it in my name? or in the PRA's name?
2. May be used for investment/s in RFO Real Estate Properties; * Investment value must be at least US$50,000.00 - Does this mean that the deposit must be $50,000? or that the $10,000 can be used in an investment of at least $50,000 value?
3. Is it at all possible to get access to the $10,000 while still on the SRRV?
4. What happens to the $10,000 deposit when I die?

Thanks,
Russ

Asian Spirit 11th May 2015 01:08 PM

Quote:

Originally Posted by rustyfox (Post 7126802)
I'm currently in India, but moving to the Philippines for retirment within a few weeks.

My reading of the SRRV site leaves me with questions... Can I ask here? or should this be a new topic? If I should ask them elsewhere, please let me know!
1. If I deposit $10,000 into a bank account, is it in my name? or in the PRA's name?
2. May be used for investment/s in RFO Real Estate Properties; * Investment value must be at least US$50,000.00 - Does this mean that the deposit must be $50,000? or that the $10,000 can be used in an investment of at least $50,000 value?
3. Is it at all possible to get access to the $10,000 while still on the SRRV?
4. What happens to the $10,000 deposit when I die?

Thanks,
Russ

Hi Russ and welcome. I used your post to start a new topic thread so hopefully you'll get some info before long.


Jet Lag

rustyfox 11th May 2015 01:23 PM

Hi Jet Lag, and thanks for that. I wasn't sure whether it was too far off the topic or not. Always glad to be guided by somebody with more experience!!

Russ

Anam6 27th September 2018 06:29 PM

Hi. This is a late post but wanted to check if you were successful with your srrv.

Manitoba 28th September 2018 12:23 AM

Quote:

Originally Posted by rustyfox (Post 7126802)
....
1. If I deposit $10,000 into a bank account, is it in my name? or in the PRA's name?
2. May be used for investment/s in RFO Real Estate Properties; * Investment value must be at least US$50,000.00 - Does this mean that the deposit must be $50,000? or that the $10,000 can be used in an investment of at least $50,000 value?
3. Is it at all possible to get access to the $10,000 while still on the SRRV?
4. What happens to the $10,000 deposit when I die?
....

1. The deposit is in your name and has a hold placed on it by the PRA. You get the 1% interest. There are specific requirements for the deposit. You have to send funds from outside the country to a few specific banks, not all can take the accounts. If you bring cash you need to declare it at Philippine customs and show the declaration forms when opening the account. I don't recommend showing the customs guys that much cash just before I leave the airport and enter the taxi madness.

2. You can convert the deposit., You buy an investment ( condo, long term lease or country club membership) valued at least $50,000 and the hold is transferred from the cash account to being a lien on the property. There are specific wordings needed to be on the title for the PRA to approve the transfer and release the hold on the funds.

3. The only access you will have to the deposit is to convert it as mentioned above. Consider the low interest paid as part of the cost of having the SRRV.

4. The deposit will become part of your estate. Your executor will have to petition the PRA to release the hold and then it just becomes a normal term deposit. Not sure if your heirs can get the funds immediately or if they have to wait until the term expires.

I strongly recommend that you get a marketer to assist in the process. They are supposed to work for you for free and are paid by the PRA out of your application fee. I have heard of people here being asked for up to $500 additional. If I was asked I'd simply report them to the PRA and find someone honest.

I used and can recommend Maria Rose Villa Baranda <[email protected]> Others here have recommended others so shop around.


Get all your documents in order before applying, the police clearance will be the most time consuming to get as it needs to be authenticated ( AKA red ribbon) by the Philippine Embassy before you submit it. The 10,000 deposit means you have a pension, I believe that this has to be paid into a Philippine bank directly to qualify. Setting this up may take a while but I have no experience since I am in the 20k deposit without pension situation.

Medical can be done here and mine consisted of an x-ray, finger prick blood sample and a urine sample. never spoke to a Dr or nurse about my medical history or was physically examined. In and out in 30 minutes.


You can also see my thread on my SRRV experience for a detailed description of what I went through to get mine. If you have any questions please post here or ask by PM if that is better for you.

Tiz 30th September 2018 05:13 AM

Quote:

Originally Posted by Manitoba (Post 14668308)
You have to send funds from outside the country

I'm currently here on a work visa, and so I have significant funds here in peso.

I wonder if this requirement would still hold true if/when I retire and convert to SRRV?

Manitoba 30th September 2018 08:35 AM

Quote:

Originally Posted by Tiz (Post 14669760)
I'm currently here on a work visa, and so I have significant funds here in peso.

I wonder if this requirement would still hold true if/when I retire and convert to SRRV?

That is a question that you would have to ask the PRA directly. I just know that there were some comments here about some people having issues because they could not demonstrate that the deposit funds came from out of the country.

The deposit has to be made in USD so you will need to convert. I was warned when making the transfer that it had to go to a USD account here, the marketer set one up for me on a temporary basis so I could make the transfer directly, otherwise I could have been hit with two conversion fees USD to PNP then PNP back to USD, it would have been 1 or 2% each way.

If the funds have to come from out of the country, convert to a USD account outside of the Philippines then transfer back here as "fresh" funds???

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.

lawyer128 30th September 2018 12:21 PM

Quote:

Originally Posted by Tiz (Post 14669760)
I'm currently here on a work visa, and so I have significant funds here in peso.

I wonder if this requirement would still hold true if/when I retire and convert to SRRV?

Yes, the money should be made thru "inward remittance" from a bank account outside the Philippines to the bank account that you opened with PRA accredited banks. The requirement is always "inward remittance" regardless of your status prior to application. I have a client who has to deposit his money back to his US bank account to make an "inward remittance" because they won't accept his manager's check.

lawyer128 30th September 2018 12:30 PM

Quote:

Originally Posted by rustyfox (Post 7126802)
I'm currently in India, but moving to the Philippines for retirment within a few weeks.

My reading of the SRRV site leaves me with questions... Can I ask here? or should this be a new topic? If I should ask them elsewhere, please let me know!
1. If I deposit $10,000 into a bank account, is it in my name? or in the PRA's name?
2. May be used for investment/s in RFO Real Estate Properties; * Investment value must be at least US$50,000.00 - Does this mean that the deposit must be $50,000? or that the $10,000 can be used in an investment of at least $50,000 value?
3. Is it at all possible to get access to the $10,000 while still on the SRRV?
4. What happens to the $10,000 deposit when I die?

Thanks,
Russ

1. The account shall be under your name but the PRA holds a lien over it. Hence, you cannot withdraw your money unless you cancel your retirement visa first.

2. For you to be able to use your deposit for investment, your deposit must be $50,000. You can use the entire amount to buy NOT all real estate properties, but only condominiums as foreigners are not allowed to own lands here. You are also allowed to use the money to buy shares from accredited country clubs.

3. No, you will not have access to it. It should remain in the bank in the full amount unless you cancel your retirement visa first. There are paper works required for cancellation.

4. Your deposit shall form part of your estate and your heirs, executors and administrators can claim from the bank after your death.

bigpearl 30th September 2018 08:31 PM

Quote:

Originally Posted by lawyer128 (Post 14670012)
1. The account shall be under your name but the PRA holds a lien over it. Hence, you cannot withdraw your money unless you cancel your retirement visa first.

2. For you to be able to use your deposit for investment, your deposit must be $50,000. You can use the entire amount to buy NOT all real estate properties, but only condominiums as foreigners are not allowed to own lands here. You are also allowed to use the money to buy shares from accredited country clubs.

3. No, you will not have access to it. It should remain in the bank in the full amount unless you cancel your retirement visa first. There are paper works required for cancellation.

4. Your deposit shall form part of your estate and your heirs, executors and administrators can claim from the bank after your death.

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.


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