SRRV -worth it or not?

[mogo51]

i am considering transferring to SRRV as Balakbayan visa is only temporary.  I am not really wanting to get 13A, so its either tourist or SRRV.  

I was talking to someone the other day and they mentioned that if you have a 25 year lease (from someone other than your spouse) it can substitute for the $10kUS you have to lodge.  This is the one thing that is stopping me from going SRRV as I am not keen on them having that amount of my money in their dodgy banks at SFA interest.

Could anyone confirm or otherwise, whether that is correct.  I looked on their website but could not find anything and though maybe it was another 'fake news'

[mogo51]

Was looking for some input on this please.

[Jollygoodfellow]

Ron

You own a house or condo I think? You can use that to convert the deposit.

Quote

 May be used for investment/s in RFO Real Estate Properties;

* Investment value must be at least US$50,000.00

 

[scott h]

8 minutes ago, mogo51 said:

some input

You asked brother..............just keep it simple and get the 13a. Anytime we look for a loop hole in any regulation here in the Phil. we are just asking for trouble, even if such a loop hole exists chances are that the person you deal with getting it will not know of its existence or how to go about it. Unless there is a reason for not getting a 13a why go to the bother and stress.

IMHO the SRRV is a hook to get your money into the country one way or another.

 

[Jack Peterson]

11 minutes ago, Jollygoodfellow said:

You own a house or condo I think? You can use that to convert the deposit.

I do believe you are right but as per PI rules I am not too sure it would be considered Ron's House even though he may have Paid for it. I think you are now in a Terraced House, Yes Ron? so the Land rule will apply against t the Condo Rule?

[Jollygoodfellow]

19 minutes ago, Jack Peterson said:

I do believe you are right but as per PI rules I am not too sure it would be considered Ron's House even though he may have Paid for it. I think you are now in a Terraced House, Yes Ron? so the Land rule will apply against t the Condo Rule?

Yes I think your right, a condo would be correct. 

[bigpearl]

On 28/11/2017 at 4:28 PM, mogo51 said:

i am considering transferring to SRRV as Balakbayan visa is only temporary.  I am not really wanting to get 13A, so its either tourist or SRRV.  

I was talking to someone the other day and they mentioned that if you have a 25 year lease (from someone other than your spouse) it can substitute for the $10kUS you have to lodge.  This is the one thing that is stopping me from going SRRV as I am not keen on them having that amount of my money in their dodgy banks at SFA interest.

Could anyone confirm or otherwise, whether that is correct.  I looked on their website but could not find anything and though maybe it was another 'fake news'

Not fake news Ron, all the info is there on their site/s one just has to dabble through the murky waters to find the correct answers. If you are married then the 13a seems to be the way to go, if not then go the alternative routes and find what suits your needs. I as you know can't marry (yet) in Oz and if we could would never be recognised in PH,,,,,,,, maybe in 40 or 50 years. Regardless, SRRV works for us, we looked at SIRV also but hey I am retiring and have a Pinoy partner to invest with if all the boxes are ticked.

http://www.philembassy.no/consular-services/visa/balikbayan-program

Sorry Ron but does this mean you are married? The property you purchased is in your wife/partners name? Balakbayan visas have great privileges, as do 13a's if you meet the requirements. Only asking out of curiosity as the SRRV or SIRV really may not suit your situation unless you are planning to invest/purchase more property/business. SRRV seems to work for us as I can simply go through the motions, have my US 20 K released after some 6 months on a 25 + 25 year lease from apparently a Filipino national totally unrelated to me because same sex couples don't come into the equation/not recognised. Our gain at that level. Different strokes etc. Hope you sort through the murky waters Ron to gain the best outcome for you and yours.

Cheers, Steve.

[Jollygoodfellow]

1 hour ago, bigpearl said:

I as you know can't marry (yet) in Oz and if we could would never be recognised in PH,,,,,,,, maybe in 40 or 50 years

Don't mean to hijack the topic but why do you say that ? 

[Tukaram (Tim)]

I know you can buy a condo with the deposit money - unsure about long term lease. The PRA has people that help you get your SRRV. You do not pay them, the Dept of Tourism pays them. The expats i  have talked to that are on it say the folks are very helpful. They should be able to answer all your questions.

One of the big differences between the 13a and SRRV is international travel costs.  I talked to a young(ish) expat and he said that he traveled too much for the 13a to be cost effective for him.  On the 13a you have to pay around p3,000 every time you leave the country to get a return authorization; it keeps your visa active while you are gone. It is good for 1 year, but only single use.   On the SRRV you can enter and leave without losing the visa.  This expat still traveled for work and left the country 3 or 4 times a year for work.  So for him, the SRRV made more sense.

I rarely leave, so the 13a was fine for me.  It only cost p11,000 to get the visa and  ACR card.

[mogo51]

4 hours ago, Jollygoodfellow said:

Ron

You own a house or condo I think? You can use that to convert the deposit.

 

Well JFG I paid for it but of course not allowed to own it, a townhouse, in my wife's name..  I was aware of that provision, but does not apply in these circumstances, but have 25 year lease. Without going into details, my lease would be acceptable, as I was told so long as  it was not in wife's name which is the case it isn't, at this stage.