Srrv Retirement

[Bingbangbin]

hi,

 

Anyone care to comment on the SRRV retirement scheme? My current retirement haven has me locking

up $30,000 US for a couple and 4 trips a year to a dysfunctional immigration for
the privilege of renewing an annual visa. IF I should make a mistake and
have to get a new visa we will be locking up $60000 us.

 

Ive read a lot about SRRV and think its going to cost me a deposit of $10,000 US <for us as a couple. > Does anyone have a real life success or horror stories they can share?

 

Thanks in advance.

 

 

 

 

[londonirish53]

Bingbangbin,   I got their leaflet in with a correspondance Visa return from The Philippine Embassy and looked at it with suspicion, for a start their admin fee was I beleive $1400 for what ? I thought if I wish to go down the road of filing retirement papers to avoid Visa renewels I should wait till I go to my required destination, talk to others see whats best and get a local legal clever dicky who doesn't charge for you to keep his Ferrari on the road.  As life tells us if it looks iffy then it probably is iffy.

[Bingbangbin]

Thanks Londonirish53. I am not in a position to tell when something is too good to

be true anymore. When I started this early retirement game, life was all sweet and easy, now

it seems everybody is playing for blood.

 

I did read how the annual renewal cost on this program had jumped dramatically for those

not grandfathered in.

 

Still sounding sweet compared to Thailand.

[MikeB]

As someone mentioned, the application fee for the SRRV is $1400. I think that's outrageous. I believe the annual fee is $360, we have a number of threads on this and the other options. 

[Bingbangbin]

Thanks Mikeb. Maybe I'm missing something. The one time $1400 doesn't sound too bad. Not sure if it's going to be double that for a couple. Assuming marrying a local is off the table it seems like a never ending VISA extension. And what happened here is that was revised forcing people who could do so to follow the proper retirement VISA channels, which the costs of that went up dramatically, and can go up anytime for new applicants, others who couldn't qualify just had to leave or scramble. The 340 is high but you don't have to pay for exits,.... here that involves more money and extra trips to immigration.

I guess I sound paranoid ...if your VISA system never changes, I just experienced something different here .

thanks, I wrote this on my phone so sorry about how its going to look :-)

[JJReyes]

Visit the Philippine Retirement Authority website for information. At the present time, the application fee is $1,400 for the applicant plus $300 for a spouse or dependent. $400 goes to a registered agent or lawyer who will assist you in filing the application. There are several members of this forum who can provide you with this service.

 

There is a proposal, and it's only a proposal at this time, to lower the deposit to $5,000. The reason is because the amount is needed to pay for end of life expenses. $5,000 is more than enough to pay for burial or cremation expenses. In addition, for Americans, a Social Security benefit is $1,000 to help pay for funeral expenses.

[Bingbangbin]

"There is a proposal, and it's only a proposal at this time, to lower the
deposit to $5,000. The reason is because the amount is needed to pay
for end of life expenses. $5,000 is more than enough to pay for burial
or cremation expenses. In addition, for Americans, a Social Security
benefit is $1,000 to help pay for funeral expenses."

 

Thanks for the heads-up on possible future changes in the program.

Edited February 20, 2013 by MikeB
Links to other blogs and forums are not allowed

[JJReyes]

Thanks for the heads-up on possible future changes in the program.

We are hoping the Department of Tourism and the Philippine Retirement Authority will announce changes during the next Philippine Retirement & Healthcare Summit 22-23 April, 2013. Both are co-sponsors of the Summit. I keep hearing whispers about extending the visa waiver program from 21 to 90 days, but so far no action. Edited February 20, 2013 by JJReyes