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Discussion Starter #1 (Edited)
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
 

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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
 

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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
 

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....
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.
 

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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.
 

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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.
 

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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.
 

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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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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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...
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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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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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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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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.....

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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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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....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.
 

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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.
 
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