Happier Abroad Forum Community

Hmm....
http://myphilippinelife.com/philippines ... visa-srrv/

SPECIAL RESIDENT RETIREE VISA (SRRV). This is a top option if you are not married to a Philippine citizen, have a pension of more than $1,000 per month and have $10,000 to leave invested in a Philippine bank.

Thanks for the post

There is a new 6 month visa in Manila which costs some USD 320. Then you can extend it. Before you could stay in the Philippines 16 months on tourist visas, now it is two years.

Some people prefer tourist visas because these are cheaper. Not everyone wants to put $10,000- $20,000 in the local bank. Cause if you take it out, it cancels the visa.

ladislav wrote:There is a new 6 month visa in Manila which costs some USD 320. Then you can extend it. Before you could stay in the Philippines 16 months on tourist visas, now it is two years.

Some people prefer tourist visas because these are cheaper. Not everyone wants to put $10,000- $20,000 in the local bank. Cause if you take it out, it cancels the visa.

Thanks, ladi. No problem.

I just posted this because another site is offering oh-so-exclusive info about this and other places for "only" $400 per year.

Teal Lantern wrote:

ladislav wrote:There is a new 6 month visa in Manila which costs some USD 320. Then you can extend it. Before you could stay in the Philippines 16 months on tourist visas, now it is two years.

Some people prefer tourist visas because these are cheaper. Not everyone wants to put $10,000- $20,000 in the local bank. Cause if you take it out, it cancels the visa.

Thanks, ladi. No problem.

I just posted this because another site is offering oh-so-exclusive info about this and other places for "only" $400 per year.

There are different rules. As I remember, under 35, not available, 35-49 you need to lock US$50,000 in the bank and only earn tiny interest, 50+ you just need to lock US$10,000 in the bank earning tiny interest. But, a qualified condo can be used in substitution of the bank deposit. Condo must be in retiree's name and purchased in cash for US$50,000 or above.

The visa will give you a handful of special privileges and I believe you are even allowed to work in most jobs with it. But there is a maintenance of around US$300 per year and acquiring the visa in the first year is US$1,400 or $1,600 (I don't remember which).

Hard call as to whether it's worthwhile or not. I would say if you own a qualified condo it might be worth doing or if you are 50+ and wanna work in Phils, it might be worth considering too. But for 35-49 with no condo, US$50,000 is a heck of a lot of money to tie up like that.

This is a great visa after you get past the approval part, and of course the app fees, plus nbi clearance. If you qualify for the 10k visa and I believe I do, then it would be a good way to retire. I can't remember the amount but you are allowed to ship household stuff in without paying taxes. You can also take stuff back home without paying taxes too.

It is not all rainbows though. If you do not qualify for the 10k visa then you will simply take a chance. If the bank holding your money goes under, the philippine government will only reimburse up to 500k php. Yes you lose your visa...

Having said that, you can spend the money. It can go towards a condo purchase, or long term housing lease.

http://www.pra.gov.ph/main/srrv_program?page=1

Currently, you need 20k. 10k was the old amount. Here's the official site with all the plans. If you are under 35, the investor visa, which requires a 75k investment that is not in property, is your best bet. So far as I know they changed the rules to require 20k invested in an account with property no longer counting toward the total capital as of 2012, but I could be misinformed.

HouseMD wrote:http://www.pra.gov.ph/main/srrv_program?page=1

Currently, you need 20k. 10k was the old amount. Here's the official site with all the plans. If you are under 35, the investor visa, which requires a 75k investment that is not in property, is your best bet. So far as I know they changed the rules to require 20k invested in an account with property no longer counting toward the total capital as of 2012, but I could be misinformed.

With the SRVV Classic, $10,000 at 50+ works as long as you can prove you have an $800+ per month pension source.

As per the info., may be converted to investments (usually condo) as long as it's ready for occupancy (not presale/off plan).

I don't think anything has changed. I even visited their Makati office less than 3 months ago and confirmed all this info with them.

ladislav wrote:There is a new 6 month visa in Manila which costs some USD 320. Then you can extend it. Before you could stay in the Philippines 16 months on tourist visas, now it is two years.

Some people prefer tourist visas because these are cheaper. Not everyone wants to put $10,000- $20,000 in the local bank. Cause if you take it out, it cancels the visa.

How would they know if you withdrew money from the bank? And what's the reason you have to deposit that much cash in the bank?

This sounds like too much trouble. It's much easier to just keep extending the tourist visa.

What if you are married to a Filipina? Do you get a residency visa for free then?

Winston wrote:How would they know if you withdrew money from the bank? And what's the reason you have to deposit that much cash in the bank?

This sounds like too much trouble. It's much easier to just keep extending the tourist visa.

What if you are married to a Filipina? Do you get a residency visa for free then?

"They" are the govt and the bank, that's how they know if you take the money out.
Same as in the USSA.
Large deposits weed out the transient riff-raff.