Special Resident Retirement Visa

[mike]

Interesting that they chose to call it a "scheme", that generally has a negative connotation. Hopefully, it is moving in the right direction and getting better. Who knows, maybe the application fee will go higher. That's generally what happens but hope not, seems like a lot of money for this. Thanks for the information.

Scheme is a word that is commonly used in the Philippines for many things such as most condo developers use scheme to tell you what ways you can pay for a condo unit and I have seen builders use the same thing when they offered different types of financing for tract homes. While many things are in English in the Philippines, they often use the words differently that American English. As for the SRRP, there are limited ways a single person can stay in the Philippines without all the hassles, so I guess they can charge more money for it and it does seem that the money goes to good use.

Agreed, Scheme in English English has a slightly different meaning that that interpreted in US English. Same here if you use the word syndicate it means crime syndicate as opposed to its dictionary definition of a meeting for a common purpose, which can of course be to plan a holiday or should I say vacation event etc.Scheme does not have to mean scam. Hope that helps Edited December 12, 2009 by mike

[MikeB]

Interesting that they chose to call it a "scheme", that generally has a negative connotation. Hopefully, it is moving in the right direction and getting better. Who knows, maybe the application fee will go higher. That's generally what happens but hope not, seems like a lot of money for this. Thanks for the information.

Scheme is a word that is commonly used in the Philippines for many things such as most condo developers use scheme to tell you what ways you can pay for a condo unit and I have seen builders use the same thing when they offered different types of financing for tract homes. While many things are in English in the Philippines, they often use the words differently that American English. As for the SRRP, there are limited ways a single person can stay in the Philippines without all the hassles, so I guess they can charge more money for it and it does seem that the money goes to good use.

I understand the Filipine concept of the word and that many words mean many different things in their own and other cultures. My comment was meant to be facetious, mainly because of the fee. According to the latest census, that amount represents more then 1/3rd of the average annual family income in the Philippines. I agree it's a better way then dealing with BI constantly, but (imo) the fee is way too high.

[Gold Heart]

I agree the fee is too high. It is based on what the market will bear - not any justifyable budget. At least in Cebu the majority of applicants come from Korea, Japan, and Europe where this is chump change.As I indicated they, do perform some services but the staff have nice offices and are likely well paid. As I was talking to some of the managers and executives, they talked about trips to San Diego, Chicago, Toyko, Seoul, etc. likely using these funds to promote the program. i.e. PRA business.In addition they appear to be making investments in Nursing homes as as a future venture for retirees.

Edited December 13, 2009 by Gold Heart

[Art2ro]

Thank you, Mayen; there is a lot of misinformation about this subject.Does anyone know why the SRRV application fee is so high? $1400 is a staggering amount of money for this, especialy over there. I wasn't able to find any explanation on the PRA site; only the required amount. Are they doing extensive background checks, etc? If they were serious about encouraging foreign retirees to help their economy, you would think the fees would be more in line with the actual costs of processing the application.Also, what is the purpose of the deposit? Since the government can't touch it, is it a "good-faith" gesture on the part of the applicant?Thanks

Also another drawback about the SRRV Program, is that if you are receiving any U.S. based Government pensions, you are required to show proof of your U.S. pension direct deposit is going into your Philippine dollar account! On a side note to that, since all the banks in the Philippines have to follow a local directive from the U.S. government, that all U.S. based Government pensions can only avail the dollar "passbook"type account, where ATM and internet access is not available! That means, every payday, you have to stand in line at your bank just to withdraw your pension money! Does that sound fair? I wouldn't do without ATM or internet access to my government pensions for any visa program like that! That's why I keep all of my U.S. Government pensions direct deposited in the U.S., where I still have ATM and internet access and also here in the Philippines! Edited January 23, 2010 by Art & Jho

[Mr Lee]

For some people who are not married to a Filipino citizen or a returning Filipino the SRRV may be the only way for them to stay long term without having to stay as a tourist unless that 13a actually becomes reality for tourists and then what would those fees be compared to the SRRP? I have not read back all the posts so I am not sure if anyone posted this or I did in any thread but Mayen made me aware earlier last year that a man who is married to a Filipina could have his wife apply for the SRRV for him and she would only have to deposit $1500 but I do not know all the particulars and maybe Mayen might up date us on them? What age would the man have to be? How much would the yearly fees be? What benefit might that give them over a BB stamp in their passport such as my wife and I get upon our reentry back into the Philippines which lets us stay fee free for up to a year and can be gotten again by just leaving and coming back in and also gives us benefits to bring things in?

[mayen0515]

For some people who are not married to a Filipino citizen or a returning Filipino the SRRV may be the only way for them to stay long term without having to stay as a tourist unless that 13a actually becomes reality for tourists and then what would those fees be compared to the SRRP? I have not read back all the posts so I am not sure if anyone posted this or I did in any thread but Mayen made me aware earlier last year that a man who is married to a Filipina could have his wife apply for the SRRV for him and she would only have to deposit $1500 but I do not know all the particulars and maybe Mayen might up date us on them? What age would the man have to be? How much would the yearly fees be? What benefit might that give them over a BB stamp in their passport such as my wife and I get upon our reentry back into the Philippines which lets us stay fee free for up to a year and can be gotten again by just leaving and coming back in and also gives us benefits to bring things in?

I am not very well-versed as to how the Balikbayan VISA works so I cannot answer the SRRV's advantage over it, yet. I would have to do some asking around first...:thumbs-up-smile: As to the spouse who is a former Filipino citizen applying as the principal SRRV holder, he or she needs to be at least 35 years old because the minimum age requirement to be an SRRV holder is 35 yrs. old. So long as the principal is 35yrs old and above, it doesn't matter how old the spouse might be...There will be no yearly fees except for the $10.00 SRRV ID renewal fee for each of the SRRV Visa holder ($10.00 for the principal + $10.00 for the spouse + $10.00 for dependent children). However, you can renew your ID for a maximum of 3 years at $10.00/year so if you do not want to bother yourself with the annual renewals you can just have it renewed for 2 or 3 years and pay $20.00 and $30.00 respectively.Plus also the one time $1,400.00 processing fee for the principal plus an additional $300.00 for the spouse.I apologize for not immediately replying to the posts, it's just that I am always flying to Manila these days so I cannot always check the forum...:(But please send me a personal message so I can give you my cellphone no. if you would want immediate answers to your questions...Thank you

[Mr Lee]

For some people who are not married to a Filipino citizen or a returning Filipino the SRRV may be the only way for them to stay long term without having to stay as a tourist unless that 13a actually becomes reality for tourists and then what would those fees be compared to the SRRP? I have not read back all the posts so I am not sure if anyone posted this or I did in any thread but Mayen made me aware earlier last year that a man who is married to a Filipina could have his wife apply for the SRRV for him and she would only have to deposit $1500 but I do not know all the particulars and maybe Mayen might up date us on them? What age would the man have to be? How much would the yearly fees be? What benefit might that give them over a BB stamp in their passport such as my wife and I get upon our reentry back into the Philippines which lets us stay fee free for up to a year and can be gotten again by just leaving and coming back in and also gives us benefits to bring things in?

I am not very well-versed as to how the Balikbayan VISA works so I cannot answer the SRRV's advantage over it, yet. I would have to do some asking around first...:( As to the spouse who is a former Filipino citizen applying as the principal SRRV holder, he or she needs to be at least 35 years old because the minimum age requirement to be an SRRV holder is 35 yrs. old. So long as the principal is 35yrs old and above, it doesn't matter how old the spouse might be...There will be no yearly fees except for the $10.00 SRRV ID renewal fee for each of the SRRV Visa holder ($10.00 for the principal + $10.00 for the spouse + $10.00 for dependent children). However, you can renew your ID for a maximum of 3 years at $10.00/year so if you do not want to bother yourself with the annual renewals you can just have it renewed for 2 or 3 years and pay $20.00 and $30.00 respectively.Plus also the one time $1,400.00 processing fee for the principal plus an additional $300.00 for the spouse.I apologize for not immediately replying to the posts, it's just that I am always flying to Manila these days so I cannot always check the forum...:(But please send me a personal message so I can give you my cellphone no. if you would want immediate answers to your questions...Thank you

Hi Mayen, thanks for answering my questions. The BB privilege is not really a visa per say but instead it is a free stamp that is put into returning Filipinos, their spouses and children's passport which allows them to stay a year at a time with no fees. As I understand it, it can be renewed after the first year by a visit to the BI but I am not sure of that as we always leave the Philippines and return and get the stamp in our passport upon each entry and for now we are not living full time (as you know) so I guess for us and others who intend to leave at least once a year with their Filipino partners and return, then the SRRV would end up costing us money and the BB stamp is free, so at least for us we will continue this way until we decide to move full time to our home (condo) in Cebu and then visit you and set up our SRRV. Thank you again for the reply as I know you are very busy and I hope you will have some time to spend with my wife and I when while we are in Cebu this year. Also please mark your calendar for March 12th and if you happen to be in town then and not too busy then please come to our get together and meet some of our members and possibly bring along some applications and information in case anyone wish to avail of, or know about the program. For anyone who wishes to know what the Balikbayan stamp is, here is the link Balikbayan Privilege

[Gold Heart]

Thank you, Mayen; there is a lot of misinformation about this subject.Does anyone know why the SRRV application fee is so high? $1400 is a staggering amount of money for this, especialy over there. I wasn't able to find any explanation on the PRA site; only the required amount. Are they doing extensive background checks, etc? If they were serious about encouraging foreign retirees to help their economy, you would think the fees would be more in line with the actual costs of processing the application.Also, what is the purpose of the deposit? Since the government can't touch it, is it a "good-faith" gesture on the part of the applicant?Thanks

Also another drawback about the SRRV Program, is that if you are receiving any U.S. based Government pensions, you are required to show proof of your U.S. pension direct deposit is going into your Philippine dollar account! On a side note to that, since all the banks in the Philippines have to follow a local directive from the U.S. government, that all U.S. based Government pensions can only avail the dollar "passbook"type account, where ATM and internet access is not available! That means, every payday, you have to stand in line at your bank just to withdraw your pension money! Does that sound fair? I wouldn't do without ATM or internet access to my government pensions for any visa program like that! That's why I keep all of my U.S. Government pensions direct deposited in the U.S., where I still have ATM and internet access and also here in the Philippines!

I think you have misinterpreted or been given incorrect information. I can state factually as an SRRV holder that this is NOT the case for me or all of the SRRV holders I know. There is no requirement for direct deposit to a Philippine dollar account a of US Goverment pensions and there is no tracking and monitoring of pension deposits. In fact, there is no difference in treatment of a government or corporate pension in the PRA requirements. See http://pra.gov.ph/main/faq?page=1#req2 for requirements.I had to produce authenticated documents specifying my corporate pension above $800 minimum for my application to be approved. I did not have to prove any remittance of my pension to the Philippines. I had trouble with this requirement as it is not practical at the time of application as I was not yet fully living here They did not and do not require it. When I met with the bank and PRA they did not express this as a requirement and seem to know that local money transfers are inevitable if one is to live here. You must have your money here in some form to live here.I also have many SRRV friends and associates who are on US government pensions, Social Security and military who have their pensions deposited in US banks and then write checks to a local bank or do transfers or wires to get the money to their local banks. There is NO checking and monitoring of this activity by PRA.Requirements aside, In practical reality, to live here it just makes sense to move money here for convenience. My monthly expenses are over the $800 minimum requirement so if it was a requirement this would not be an issue. When I go to VECO to pay my bill, I can write a check or pay it in the bank or through the bank. I move money to the local bank at my convenience. I occassionally make direct withdrawals from my US Bank via ATM and have that option but in most cases I have moved money in advance to the local bank peso account as withdrawal fees are lower or zero. The local accounts can be set up to earn interest and can serve as a hedge against dollar changes.Remember, relying solely on your US bank as means of finances represents a different risk. Many may remember the bind they were in when they could not get to their US banks because of the transatlantic cable snap a few years ago. They could not get the money they needed to live. Many times you will go to a local bank and they cannot dispense cash because they cannot communicate outside the Philippines due to network issues. In my opinion, it pays to have both anyway. I have a US bank, A Philippines dollar, and a Philippines Peso account. The trick is to find cost effiencient and fast methods of moving money.We have a member Mayen from Bank of Commerce who has provided insightful comments who I hope can also comment. They have a good working relationship with the PRA. Edited January 29, 2010 by Gold Heart

[Mr Lee]

Gold Heart has made a very good point and that is to never put all your eggs in one basket. I seem to remember right after 9/11 that everything in the US was in chaos and stock brokers we unable to access accounts and if I remember correctly, many of the banks were having problems too, so while we are talking here about SRRV and a lot of valuable information is being posted, IMO everyone who lives in the Philippines should also make sure they have some reserve money within the Philippines should another Internet failure happen or should something else interfere with bank records or ATM machines etc. I have always felt that it was a bad idea to live paycheck to paycheck and 9/11 provided a lesson we all should have learned from.

[softail]

Gold Heart has made a very good point and that is to never put all your eggs in one basket. I seem to remember right after 9/11 that everything in the US was in chaos and stock brokers we unable to access accounts and if I remember correctly, many of the banks were having problems too, so while we are talking here about SRRV and a lot of valuable information is being posted, IMO everyone who lives in the Philippines should also make sure they have some reserve money within the Philippines should another Internet failure happen or should something else interfere with bank records or ATM machines etc. I have always felt that it was a bad idea to live paycheck to paycheck and 9/11 provided a lesson we all should have learned from.

I think you make a great point. Is best to have a couple of months worth of expenses stashed away some place. Things could get pretty desperate if the lifeline to your money is cut.Doug and Sally