SRRV/SIRV bank, criminal background questions

[LuisEUCN]

Hi

We, a family of 4, are thinking of moving to Philippines (more exactly BGC/ Mc Kinley Hills), I can either apply for a SRRV or SIRV visa by investing a little 100k usd it appears .

The documents requested don’t look too hard to come up with, except the criminal background from one’s country of residence, as I’m a French citizen living in China and feedback I read about foreigners who tried to get that document in China have very much distressing. Most likely one can’t get such a document at the moment, except for some Shanghai residents.
I can get an official (absence of ) criminal background from French authorities though, and my wife as a Chinese citizen apparently from the Chinese authorities (possibly from French authorities as well as she has a residence permit there)

Has anyone experience to share on that issue ?

It seems one can live in The Philippines for a while, buy a car and probably send their kids to international schools before their long term residency is settled but I’m not keen to risk ending up without legal residency if our residency in China expires in the meantime.
Also it seems it is now hard to open bank accounts for Non Residents, can one advise on which bank to approach as prospective SRRV applicants, as we would like to have an account, to send the 125k and quite a bit more for local expenses when settling in before we actually move.
Lastly for this post, does anyone know if one can actually take back the money deposited when applying for the SSRV once they want to give up Philippines residency?  I know on paper it’s fine, but no idea what the reality is.

Thanks in advance for all replies

[Jollygoodfellow]

Once you have a SSRV manager / case worker your questions will be explained. I don't think we have many members who have gone that route but I'm sure some have knowledge of this visa. 

[Happyhorn52]

The PRA has case workers who will help you with the process free of charge. 

Maria Rose Villa Baranda should be able to help you with all your questions. 

mariarose.baranda.gmail.com

 

[LuisEUCN]

Thanks both for your replies, i'll contact Maria or another marketer, there actually seems to be a submarketer in my neighborhood in china.

Do you know why on the link below from PRA.GOV.PH, among the scores of marketers advertised, only 2 seem to have  a license still valid ? Does that mean the others shouldn't be used ?

http://www.pra.gov.ph/main/banks?page=1&pcat=marketer

Besides can anyone share feedback on the easiness to withdraw the funds when giving up SRRV ? might come in handy as we would probably leave after a few years.

Thanks again

[Freebie]

I can tell you something about this. I also used to lvie in China. I obtained by No Criminal record from UK and had a medical done in China.

 Went to see SRRV people.... no sir the Police clearance must be stamped and " red ribboned " by the Philippines embassy in London. And the medical... sir easier to get it done in one of our own accredited doctors. So if u want to waste a trip to your home country just to get a stamp on a certificate , thats what you have to do.

And the condo you have sir,  cannot be used in lieu of the deposit...

And the US$ 20,000 that you have in BPI already cant be used, has to be a remittance made from outside the country into one of our nominated banks.

I will just keep doing the visa extensions....

[Saint Pat]

Is it true that if you apply for SRRV visa that to qualify you must have your pensions paid directly into a Phils bank?

Also if you buy a plot of land to build a house on does this exempt you from having to lodge $10,000 in a Phils bank?

 

[popeye72 ]

2 minutes ago, Saint Pat said:

 

Also if you buy a plot of land to build a house on does this exempt you from having to lodge $10,000 in a Phils bank?

 

You cannot buy land. 

[Dave Hounddriver]

19 minutes ago, Saint Pat said:

Also if you buy a plot of land to build a house on does this exempt you from having to lodge $10,000 in a Phils bank?

As topcat said:

16 minutes ago, topcat72m said:

You cannot buy land. 

And as Freebie said

On 2/25/2018 at 1:43 PM, Freebie said:

the condo you have sir,  cannot be used in lieu of the deposit

Nor

On 2/25/2018 at 1:43 PM, Freebie said:

the US$ 20,000 that you have in BPI already cant be used, has to be a remittance made from outside the country into one of our nominated banks

So the answer you seek has already been given.

To elaborate further:  I have heard (just a rumor but worth looking into) that you have to first make the remittance to a nominated bank from outside the country BUT in some cases you can then use this money to invest in a condo, (not land as a foreigner cannot own land).  Just what I have heard so it would need confirmation.

[Saint Pat]

Hi,

 

Thanks for responses.

I know you can buy land but cannot own it. Just lease arrangement. However I thought I read somewhere re the SRRV visa that if you invest in a property land/house build that the $10,000 (in my case due my age) could be used against the cost of such venture.

 

 

 

[Gary D]

I believe you can invest in a condo but it has to be after the event, not use an existing condo to forfill the requirement.