Srrv Philippines Retirement Visa

[BrettGC]

 

Just $1500USD Thomas, then no additional cost after that.

But it has to stay in the bank. Such amount can be enough to finance equipment so two (depending of which business) ADDITIONAL unemployed Filipins can get work...

 

 

Couple of points Thomas: 

 

A.  It is a retirement visa and to my mind, it is granted with the understanding that you will be no longer working or starting any businesses.  If you are looking to start a business maybe the Special Investors Resident Visa (SIRV) would be more appropriate. On the SRRV you are contributing to the economy by virtue of the fact that you are living there with independent income.  

 

B.  You would be hard-pressed to find a permanent residency visa to any country (which the SRRV is) as cheaply as that - the ex-military option that is.  When you initially receive the SRRV card (no requirement for ACR etc on SRRV) it will cost you $20 for the first 3 years, and $30 for 3 years when it comes time to renew.  Pretty good deal if you're in for the long haul I reckon.

Edited May 4, 2014 by BrettGC

[MikeB]

The advantage of the SRRV "Courtesy Visa" is you pay $1,500 for the application and a small annual fee.

My understanding is the application fee is the same $1400 everyone pays and a lowered deposit requirement of a separate $1500, correct?

[BrettGC]

 

The advantage of the SRRV "Courtesy Visa" is you pay $1,500 for the application and a small annual fee.

My understanding is the application fee is the same $1400 everyone pays and a lowered deposit requirement of a separate $1500, correct?

 

 

I'm yet to verify that Mike but yes, I believe that is the case. 

[Twobitgeno]

I'm in the early stages of this SRRV process, actually won't even begin it until November.  My option is the "SRRV Classic" (from what I understand so far) as I am 53 years of age.  My question is: 1. No matter what my pension, am I still required to deposit $10,000 in a Philippine Bank?  And 2. can I ever withdraw this money after some period of time has elapsed?

 

Like I say, I am new to this process.  But from what little I have learned thus far, it appears that the money can be used for "investment purposes" only.  So, it is my understanding that this bank deposit remains there until I either allow my retirement visa to expire, or I buy something like a condo......or I expire... ;-)

 

Any information is helpful at this point, thank you.

 

Geno.

[Thomas]

I'm in the early stages of this SRRV process, actually won't even begin it until November.  My option is the "SRRV Classic" (from what I understand so far) as I am 53 years of age.  My question is: 1. No matter what my pension, am I still required to deposit $10,000 in a Philippine Bank?  And 2. can I ever withdraw this money after some period of time has elapsed?

 

Like I say, I am new to this process.  But from what little I have learned thus far, it appears that the money can be used for "investment purposes" only.  So, it is my understanding that this bank deposit remains there until I either allow my retirement visa to expire, or I buy something like a condo......or I expire... ;-)

 

Any information is helpful at this point, thank you.

 

Geno.

I'm NOT aiming at SRRV myself, because I plan to work many years still, although I'm older than you   :)   and that deposit demand make so I perhaps NEVER will want to get retirement type of VISA,  so I haven't checked it any proper, but as far as I have HEARED/read:

/The deposit is backup ment to cover so Phil goverment will not need to pay for your future caretaking/hospital bills.

/but accordning to someone, the deposit is only checked once a year, so it can be "sneak used" in between.   But I suppouse that's NOT OK if they find out.

/There is a kinder type a retirement VISA IF you belong to that category, which has something to do with being US military  (?)

[Twobitgeno]

Thanks for the info Thomas.  I will get it all figured out (as much as a foreigner ever can) in the coming months.  I will visit Cebu for 59 days starting early next month.  That trip, hopefully, will give me a good sense of what's to come and what is needed.  Thanks again for the help.

Geno

[scott h]

Heya Two,,I seemed to remember that the deposit can be used towards the purchase of a condo. Cant remember for sure, but I think it is on the forum somewhere. But one thing to remember..............laws change like the weather here lololol

[jon1]

 

 

The advantage of the SRRV "Courtesy Visa" is you pay $1,500 for the application and a small annual fee.

My understanding is the application fee is the same $1400 everyone pays and a lowered deposit requirement of a separate $1500, correct?

 

 

I'm yet to verify that Mike but yes, I believe that is the case. 

 

Yes this is the case. A friend of mine just went thru this.

 

I'm in the early stages of this SRRV process, actually won't even begin it until November.  My option is the "SRRV Classic" (from what I understand so far) as I am 53 years of age.  My question is: 1. No matter what my pension, am I still required to deposit $10,000 in a Philippine Bank?  And 2. can I ever withdraw this money after some period of time has elapsed?

 

Geno, the time deposit can be used for items specified (Condo, country club membership, etc.) once the Visa has been approved.

 

If you are retired Military you can opt for the SRRV Courtesy and the time deposit is only $1500. http://www.pra.gov.ph/main/srrv_program?page=1

[philosophery]

For the SRRV visa, they need to get a police report. Do I get one from the US ( my current citizenship?) or from Shanghai (where I have lived for the past 4 years)?

[Bingbangbin]

Hi,

 

I am up for SRRV renewal in November.

 

Anyone with experience know how early I can go in for renewal(is Oct. ok?)? Besides the money, photos, passport , SRRV card anything else I need to take? Do they get the renewal  done the same day?

 

The email I have for them doesn't get any reply.

 

Thanks