Special Resident Retirement Visa

[Mr Lee]

I just learned some more about a Special Resident Retirement VisaI was in the Bank of Commerce visiting with Mayen while my friend was opening a bank account and Mayen was nice enough to give Frank some paperwork on a retirement visa that seem reasonable for foreigners with a pension and that her bank handles.If a pensioner 50 years or older is willing to deposit $10,000 US in their bank, they can stay 1 year and then renew for 3 years increments. That sure seems easier than some of the other visas that I have heard about and of course the problem is that you must meet the age, pension and money requirements. I guess it would be best to contact Mayen directly to find out the details253 1951 or 1952 or 1953 ands she is located in the Main Branch of Cebu City branch right across the street from Robinsons mall.For more info you can also email her at modigal@bankcom.com.phBTW, there are many different types of deals available and it would be best to call her direct

[Markham]

I just learned some more about a Special Resident Retirement VisaI was in the Bank of Commerce visiting with Mayen while my friend was opening a bank account and Mayen was nice enough to give Frank some paperwork on a retirement visa that seem reasonable for foreigners with a pension and that her bank handles.If a pensioner 50 years or older is willing to deposit $10,000 US in their bank, they can stay 1 year and then renew for 3 years increments. That sure seems easier than some of the other visas that I have heard about and of course the problem is that you must meet the age, pension and money requirements. I guess it would be best to contact Mayen directly to find out the details253 1951 or 1952 or 1953 ands she is located in the Main Branch of Cebu City branch right across the street from Robinsons mall.For more info you can also email her at modigal@bankcom.com.phBTW, there are many different types of deals available and it would be best to call her direct

A friend of mine used to be a manager at that Bank and from her I came to the conclusion that a SRRV was a big rip-off. You do realise that the deposit - or what's left of it after commissions are paid - eventually becomes Government property, it is never returned to you or your heirs. These visas are not administered by BI but you will still be required to obtain an ACR-I card and report annually to BI. And of course, if you're an American citizen, you must make an annual declaration of that $10,000 account. If you've no pension or little in the way of a pension, the amount of your deposit increases to around $40 or $50 thousand.The Bank will pay interest on the deposit but it's one of the lowest, if not the lowest, rate available.Those that sell SRRVs to unsuspecting foreigners earn a huge commission, so it's in their interest to promote this where they can.I can think of better uses for my money than simply handing it on a plate to the Government, can't you?Mark

[Mr Lee]

A friend of mine used to be a manager at that Bank and from her I came to the conclusion that a SRRV was a big rip-off. You do realise that the deposit - or what's left of it after commissions are paid - eventually becomes Government property, it is never returned to you or your heirs. These visas are not administered by BI but you will still be required to obtain an ACR-I card and report annually to BI. And of course, if you're an American citizen, you must make an annual declaration of that $10,000 account. If you've no pension or little in the way of a pension, the amount of your deposit increases to around $40 or $50 thousand.The Bank will pay interest on the deposit but it's one of the lowest, if not the lowest, rate available.Those that sell SRRVs to unsuspecting foreigners earn a huge commission, so it's in their interest to promote this where they can.I can think of better uses for my money than simply handing it on a plate to the Government, can't you?Mark

That is not how it was explained to me and that is why I told everyone to investigate for themselves. I was told that the money can be used for an investment into a house or condos or a business. I do not have to worry about it since we come over on a balikbayan privilege and I will probably continue in that way.

[TheMason]

Here's the govt. website with info on the SRRV....http://www.gov.ph/faqs/retirement.aspThe highlights are:--Approximately $1500 in fees to apply.--Time deposit ranging from $10,000 to $50,000 depending on pension and age.--Time deposit can be converted to investment purposes after 1 month (purchase of condo, leasing land, or building a home on leased land)It looks like there are also fees based on how much of your time deposit you withdraw each year. They are charged on a % basis that changes based on how big your time deposit is.The benefits are mainly unlimited entry, no need for annual report to BI, no need for re-entry or exit clearances, and import duty waiver on up to $7000 worth of personal effects.It didn't look like that good of a deal to me, but if you want to live her permanently and aren't married to a Filipino the SRRV allows you to do that without hassling with tourist visas and extensions. If the tourist visa fees continue to rise, the SRRV might look more attractive to a lot of people.

[johnrxx99]

Having investigated it myself, it is the least attractive method for long term residency. The money is tied up one way or another. Better to go the quota route without doubt.

[mike]

There has been a lot of rubbish written on the subject of the PRA and its scheme.The new scheme with the greatly reduced amount of deposit is far superior to the old scheme which asked far too much for too little.I have been a member for last 4 years and yes there have been problems with the banks at one time or another not respecting the unified interest rate that is to be applied to all investors. HSBC have declined to offer the PRA deposit as they do not like the commission deductions from interest payments either.As for the funds going to the Philipines government this is yet another example of an inaccurate statement that should be ignored, as its untrue. Death benefits to your heirs follow the same intestate or testate rules that your heirs will have provided for by anyone who does or does not have a valid will and testament.You receive an ID card as part of the SRRV, this can be replaced annualy at 10$ or purchase a 3 year one for 30$ far cheaper than going to BI every 59 days etc.The PRA scheme is far from perfect, it has parts that I do not like either. What is worse, is the amount of ignorant and uniformed 'opinion' delivered as fact by those who have never bothered to investigate the scheme, yet take third hand input as the 'gospel truth'Suggest if you want to learn more you join the PRA members forum. Here you will see a lomg history of items that relate to a lot of the points being raised. The PRA members forum also is a good place to debunk the mythology that has been sown by the uninformed. The PRA have allocated a resource to this forum so that questions get forwarded to the PRA for a detailed answer, which when given is posted on the forum.The most imortant consideration is that the new 'Gordon Bill for Tourism' seeks to remove the PRA from being an immigration function to the Tourism Department. This proposal will allow investors in the PRA funds to be treated as Investors in the Philippines and this in turn will derive further benefits to scheme memebers. Example the import of personal chatels without levy to rise to $20,000 and import of own vehilces without penalty etc.There is still a lot of work in progress, like all government schemes there will always be issues and they will never go away.Some of us choose to work within the system to help influence change. There have been times when I was ready to throw in the towel as some managers within the PRA just did not seem to want to take their responsibilities seriously enough for me to want to spend any time within the forum. Due entirley to the determination of a few others more progress has been made.Take time, check out the scheme, join the SRRV members forum and make intelligent informed decisions.mike

[tom_shor]

There has been a lot of rubbish written on the subject of the PRA and its scheme.The new scheme with the greatly reduced amount of deposit is far superior to the old scheme which asked far too much for too little.I have been a member for last 4 years and yes there have been problems with the banks at one time or another not respecting the unified interest rate that is to be applied to all investors. HSBC have declined to offer the PRA deposit as they do not like the commission deductions from interest payments either.As for the funds going to the Philipines government this is yet another example of an inaccurate statement that should be ignored, as its untrue. Death benefits to your heirs follow the same intestate or testate rules that your heirs will have provided for by anyone who does or does not have a valid will and testament.You receive an ID card as part of the SRRV, this can be replaced annualy at 10$ or purchase a 3 year one for 30$ far cheaper than going to BI every 59 days etc.The PRA scheme is far from perfect, it has parts that I do not like either. What is worse, is the amount of ignorant and uniformed 'opinion' delivered as fact by those who have never bothered to investigate the scheme, yet take third hand input as the 'gospel truth'Suggest if you want to learn more you join the PRA members forum. Here you will see a lomg history of items that relate to a lot of the points being raised. The PRA members forum also is a good place to debunk the mythology that has been sown by the uninformed. The PRA have allocated a resource to this forum so that questions get forwarded to the PRA for a detailed answer, which when given is posted on the forum.The most imortant consideration is that the new 'Gordon Bill for Tourism' seeks to remove the PRA from being an immigration function to the Tourism Department. This proposal will allow investors in the PRA funds to be treated as Investors in the Philippines and this in turn will derive further benefits to scheme memebers. Example the import of personal chatels without levy to rise to $20,000 and import of own vehilces without penalty etc.There is still a lot of work in progress, like all government schemes there will always be issues and they will never go away.Some of us choose to work within the system to help influence change. There have been times when I was ready to throw in the towel as some managers within the PRA just did not seem to want to take their responsibilities seriously enough for me to want to spend any time within the forum. Due entirley to the determination of a few others more progress has been made.Take time, check out the scheme, join the SRRV members forum and make intelligent informed decisions.mike

I have looked at this a number of times but found their documentation and fees confusing. I sent several e-mails to the PRA but received no reply. Can you pm me the address for the user group if you don't want to post it here.

[Markham]

You receive an ID card as part of the SRRV, this can be replaced annualy at 10$ or purchase a 3 year one for 30$ far cheaper than going to BI every 59 days etc.

Whilst that is true, you omit to say that you have to pay an annual "Management Fee" of $500 or $750 plus a fee amounting to 1.5% of deposits removed/reinvested and a "Visitation Fee" whose amount appears to be unspecified. That's on top of the $1400 application fee and the approx $30 passport stamping fee. Suddenly the two-monthly trip to BI looks a lot cheaper!SRRVs may be attractive to retirees who wish to move here with their (non-Filipina) spouses or to those who don't intend to marry and can't afford a quota visa.Mark

[mike]

Mark,You do not pay an annual management fee if your deposit remains intact. I know I do not pay it nor have I since inception. Should you encash your deposit then fees are payable. Visitation fee, enough to tell you its never been applied so it does not exist for those who are within the PRA scheme rules.Perhaps now is a good time to get all the other misunderstandings of how thisscheme operates out into the open so that an accurate rendition can be provided. Being a member of the scheme I can only relate facts to you as experienced through such membership for cash deposit holders.Only cash I physically hand over so far is the annual card admin fee of 10$, not a penny more.A quota visa is better if you can get one without paying the stupid amounts under the table that are demanded, no proof of course as the converstaion I had with the BI officer concerned was not witnessed.THE PRA scheme is not perfect by any means and compared to what is offered by other SE Asian countries is woefully inferior by comparison.I suggest joining the SRRV members Forum will go along way to gaining a far better and more accurate understanding of this scheme. Far more issues exist around this scheme than the few identified here, the Forum archive will assist in gaining a better understanding and working knowledge of the PRA scheme.mikeThe new Tourism bill when enacted will do a lot to enhance this scheme further

You receive an ID card as part of the SRRV, this can be replaced annualy at 10$ or purchase a 3 year one for 30$ far cheaper than going to BI every 59 days etc.

Whilst that is true, you omit to say that you have to pay an annual "Management Fee" of $500 or $750 plus a fee amounting to 1.5% of deposits removed/reinvested and a "Visitation Fee" whose amount appears to be unspecified. That's on top of the $1400 application fee and the approx $30 passport stamping fee. Suddenly the two-monthly trip to BI looks a lot cheaper!SRRVs may be attractive to retirees who wish to move here with their (non-Filipina) spouses or to those who don't intend to marry and can't afford a quota visa.Mark

[mike]

Yes the scheme has evolved into a nightmare of new and old rules instead of upgrading old to new as one would usually expectForum is http://srrv.studio2401.com

There has been a lot of rubbish written on the subject of the PRA and its scheme.The new scheme with the greatly reduced amount of deposit is far superior to the old scheme which asked far too much for too little.I have been a member for last 4 years and yes there have been problems with the banks at one time or another not respecting the unified interest rate that is to be applied to all investors. HSBC have declined to offer the PRA deposit as they do not like the commission deductions from interest payments either.As for the funds going to the Philipines government this is yet another example of an inaccurate statement that should be ignored, as its untrue. Death benefits to your heirs follow the same intestate or testate rules that your heirs will have provided for by anyone who does or does not have a valid will and testament.You receive an ID card as part of the SRRV, this can be replaced annualy at 10$ or purchase a 3 year one for 30$ far cheaper than going to BI every 59 days etc.The PRA scheme is far from perfect, it has parts that I do not like either. What is worse, is the amount of ignorant and uniformed 'opinion' delivered as fact by those who have never bothered to investigate the scheme, yet take third hand input as the 'gospel truth'Suggest if you want to learn more you join the PRA members forum. Here you will see a lomg history of items that relate to a lot of the points being raised. The PRA members forum also is a good place to debunk the mythology that has been sown by the uninformed. The PRA have allocated a resource to this forum so that questions get forwarded to the PRA for a detailed answer, which when given is posted on the forum.The most imortant consideration is that the new 'Gordon Bill for Tourism' seeks to remove the PRA from being an immigration function to the Tourism Department. This proposal will allow investors in the PRA funds to be treated as Investors in the Philippines and this in turn will derive further benefits to scheme memebers. Example the import of personal chatels without levy to rise to $20,000 and import of own vehilces without penalty etc.There is still a lot of work in progress, like all government schemes there will always be issues and they will never go away.Some of us choose to work within the system to help influence change. There have been times when I was ready to throw in the towel as some managers within the PRA just did not seem to want to take their responsibilities seriously enough for me to want to spend any time within the forum. Due entirley to the determination of a few others more progress has been made.Take time, check out the scheme, join the SRRV members forum and make intelligent informed decisions.mike

I have looked at this a number of times but found their documentation and fees confusing. I sent several e-mails to the PRA but received no reply. Can you pm me the address for the user group if you don't want to post it here.