Srrv Visa

[JJReyes]

The Classic SRRV VISA for those over 50 require that you maintain $10,000 USD in a special bank account. Here is a link to information on the SRRV: http://www.pra.gov.p..._program?page=1

There are on going discussions and recommendations for the PRA to reduce the amount to $5,000. The money is to pay for expenses in the event you pass away in the Philippines. The complaint is the $10,000 maybe needed if you pass away in the United States or Japan. Very few families spend that kind of money in the Philippines for funerals. Even the wealthy are very careful so as not to attract the Bureau of Internal Revenue. In the old days, rich families would purchase full page ads, usually the Manila Bulletin, for death notices. BIR agents would show up at the wake to get a share from the estate for the government and themselves.

Edited January 19, 2013 by JJReyes

[MikeB]

There are on going discussions and recommendations for the PRA to reduce the amount to $5,000. The money is to pay for expenses in the event you pass away in the Philippines.

If that's the sole reason for the deposit why do they require a much higher amount if you are under 50 - when you are statistically much less likely to die?

[JJReyes]

When the Philippine Retirement Authority was established about 27 years, the real purpose was to increase foreign currency deposits. There were many wealthy local Chinese who had no legal residency status in the Philippines. The PRA program permitted the issuance of a permanent resident visa to someone as young as 35 years in exchange for a huge deposit. My recollection is the original amount was $125,000, which was a lot of money 27 years ago. The amount was eventually reduced. If you look at the data, more than 50% of of the 2,000+ SRRV annual visas approved are issued to Chinese from the China Mainland, Hong Kong and Taiwan.

The United States government has something similar called the EB-5 Immigrant Investor program. Thousands of wealthy Chinese participate. The US requirement is $1 million investment in an urban area and $500,000 in a rural or high employment area. Canada offers something similar. Hong Kong residents were applying in huge numbers for Canadian visas prior to the 1997 takeover from the British by the China government. Vancouver was a favorite place because of direct flights to Hong Kong. (They had the Boeing 747-SP, which also had enough fuel capacity to fly Hong Kong to London non-stop.) Wives and children were sent to become residents, while the husbands continued to work and prosper in Hong Kong. At the time 5% of the properties in Vancouver with owned by these new immigrants. The complaint was the private schools were filled with Chinese students.

The PRA wants to increase the number of visa applicants who are actually seniors. To accomplish this, the PRA has to be more flexible with regards to the visa requirements.

Edited January 20, 2013 by JJReyes

[Tukaram (Tim)]

I had decided on an SSRV Classic but when it came down to time to fill out the application I just couldn't finish it. I got to the bottom of the form and they wanted to know where my $20,000 was (I'm only 48 so no $10K for me). I couldn't do it. Man, that is just oo much money to lock away! If it was cheaper it would be a good visa for me, but I just could not hand that money over ha ha.

So I will do extensions and visa runs every couple years. Unless I get maried.... and that is a whole different nightmare! :tiphat:

[MikeB]

The PRA wants to increase the number of visa applicants who are actually seniors. To accomplish this, the PRA has to be more flexible with regards to the visa requirements.

They should start by charging a more reasonable application fee then $1400, especially when the applicant has to do such things as furnish their own police clearance and twelve 2x2 photos. If it's being used for things other then filing and processing costs they shouldn't call it an "application fee".