Retirement Visa Vs. Tourist Visa Comparison

[JJReyes]

I finished reading the first 50 pages of a booklet published by the Philippine Board of Investment. It appears my overseas retirement care business proposal can qualify as a "pioneer industry" because it is a 100% export industry. Upon approval of my application, the Bureau of Immigration will issue three visas for management level personnel, with no time limit, so long as the business continues to operate. I can also apply for additional visas for supervisory and technical personnel. One privilege is exemption from paying the departure tax. The jobs creation part is no problem. The estimate is four to five direct employees are need to care for one Alzheimer's patient. The multiplier is eight direct and indirect new jobs are created.

With regards to the SRRV program, I could not attend the meeting with Mr. Atienza of the PRA due to a schedule conflict. This meeting had been arranged at the last minute by the Philippine Retirement & Healthcare Coalition for me and a German national who recently started a nursing home in the Philippines. My associate and Manila representative did attend the meeting. He informed me later than the PRA is studying the possibility of reducing the refundable deposit for persons who are sixty-five years and older.

[JJReyes]

The main sticking point for me was the $1400 application fee. That is a whole lot of money to process an application, what are they doing to justify that?

Never heard about the rich Americano syndrome? Actually, $400 is the commission paid to accredited companies assisting with the visa application process. The $1,000 balance pays for the PRA overhead and promotional expenses. PRA activities are funded through the payment of fees.

[MikeB]

The main sticking point for me was the $1400 application fee. That is a whole lot of money to process an application, what are they doing to justify that?

Never heard about the rich Americano syndrome? Actually, $400 is the commission paid to accredited companies assisting with the visa application process. The $1,000 balance pays for the PRA overhead and promotional expenses. PRA activities are funded through the payment of fees.

From what I've read the overwhelming majority of participants are Korean and Japanese.

[Tukaram (Tim)]

$1400 is your generous donation to the Christmas Fund. They either want to make sure you are serious... or are just stealing money.

... So I looked at American visa costs, an immigrant visa is $220. But to adopt a child it cost $720. And if you are disqualified you can pay for a waiver $585. The waiver fee just shows that money is more important than eligibility. These fees do kind of make the $1400 seem excessive - except the PI's have better looking women, so they know a lot of retirees will pay it :tiphat:

[mariposa]

Consider also the 13(quota Visa) Application fee is 11,500 implementation fee is 6,500 icard is 3,500(more or less) annual fee is only 300 pesos. See the above requirements if you have that kind of requirements be it in condo or money in the bank amounting to 2M consider that application. And some certificates that will benefit the PI government ,Bi is too lazy promoting the 13Quota Visa since it is 50 nationals only per year but tell you guys it is the best visa to those foreigners who desire to live or do business in PI. No under the table now for 13QUOTA VISa unlike before just follow the requirements..

I will create a topic soon about the 13Quota Visa since it seems that most of you guys knew only bout the SRRV. 13Quota Visa now is different I just finished one last Feb.2012. Will ask BI Manila if they can furnish us copy bout this visa. Will get to you soon. Thanks.

Edited May 3, 2012 by ekonomizta

[JJReyes]

From what I've read the overwhelming majority of participants are Korean and Japanese.

The Philippine Retirement Authority was founded 27 years ago through a presidential decree by then President Ferdinand Marcos. It was a way to disguise the issuance of resident visas to wealthy ethnic Chinese, many of whom were illegally in the country. The Chinese are still the largest number of applicants, followed by Koreans and Japanese. Few applicants are actually retirees (65 years and older). Most are in their early 30s.

The new Secretary of Tourism seems to be serious about making the changes necessary to attract more visitors. His first attempt is a minimum 30 days visa waiver in line with other Asean countries. Next is a proposed 180 days visa waiver for retirees to attract the Snowbirds from Canada, the United States, Europe, Japan and Korea. Retirees will never consider permanent relocation to the Philippines unless they have experienced one or more long stay vacations.

The organization to watch is the Philippine Retirement & Healthcare Coalition. This is the private sector group working closely with the PRA to attract more retirees to the Philippines.

Edited May 3, 2012 by JJR

[Call me bubba]

Any new updates or info anyone has to share on this topic?

[Dr. Cockroach]

I think I read most of the visa threads, but I don't recall seeing something that I was thinking about doing.

Has anyone made or seen a side by side comparison of the pros and cons of the two options, tourist vs. retirement visa. Marriage will probably have to wait a while a while so I will probably need to choose one of those soon. My girlfriend and I are both Virgos so we like to see things laid out logically! :)

Some of the line items I was thinking of comparing:

Costs (including amortizing initial fees over a few years, etc.)

Frequency of renewal (trips to renew, etc.)

Cost to have someone do the renewal for you?

Need to leave country every so often

Duty exemption on goods

Other pros and cons

If somebody has started this, I could use it and / or enhance it. If not, I can build it and post it for everyone to sanity check.

Thanks!

Don

Ever wondered why the BI makes it inconvenient and costly if you go the tourist approach and not the marriage? If they really wanted foreigners to stay, shouldn't they make it easier?

Also, not being able to own properties unless there is some Filipino name on it?

ALL countries allow foreigners in coz they want their money! PI is run by corrupt politicians so, what would you expect?

Hence, I will stay as a tourist until, one day, I see the light to my demise and get married :hystery:

[OnMyWay]

Any new updates or info anyone has to share on this topic?

I started this so I guess I should give an update!

It seems that the majority go with the tourist visa to begin with and that is what I did. After I gave up on the idea of shipping a container and reduced all my belongings to about 17 BB boxes, the SRRV was no longer a consideration. $7000 is not a lot of duty free anyway. I sold all my non-sentimental stuff on Craig's List.

So now I am here and will need to do my first extension before Nov 10. Mr. Pittman, how is the Santa Rosa BOI for extensions? I thought you might have been there???

[shiredevon]

The SRRV deposit can be invested in some forms of property, but i guess you have to make sure you wanna live here first,