PRA SRRV Visas question new member

[Jollygoodfellow]

1 hour ago, longway said:

Does this have to be done at the BI office in Makati or can it be done at their embassy in Houston.

The SRRV is not a BI visa so you deal with SRRV people. I dont believe you can do it out of country. 

[Onemore52]

Very informative answers as always, thanks everyone.

[Colsie]

I got my SRRV back in 2011. I had to send money into a Philippine bank from overseas. Quite funny really, I sent it from Aus to China bank and everything went through smoothly... Then I got a call from China bank... The manger explained that the PRA had gradually taken more from the investments and it had reached the point were it wasn't worth the time for China bank to continue working with the PRA. 

So what happened, was that China Bank transfered the 20k usd to a new account I had to setup with the Commerce bank. The PRA agreed to this and everthing went well. 

At the end of the year I got a small amount of interest from the 20k time deposit and I used some of it to renew my yearly SRRV card. 

The following year, I got a letter from the bank saying that the amount of interest was going to be lower from the investment, because of the PRA and sure enough the second year it barely paid enough for the 300 USD annual card fee... Anyway, to cut a long story short, the following year the PRA kept more of the return on the investment, such that it didn't even cover the yearly renewal fee of the SRRV card. 

So after 3 years I took my money out of the scheme and invested it in another bank at 5% and have lived here happily as a tourist ever since. 

The only advantage of the SRRV for me was not having to get an exit flight ticket to enter the country. But the last time I entered the Philippines I just bought a 600 pesos disposable flight. 

Maybe they're going to clamp down on people staying here long term as a tourist, if so, SRRV may be an option considering. 

 

[RBM]

8 hours ago, Colsie said:

I got my SRRV back in 2011. I had to send money into a Philippine bank from overseas. Quite funny really, I sent it from Aus to China bank and everything went through smoothly... Then I got a call from China bank... The manger explained that the PRA had gradually taken more from the investments and it had reached the point were it wasn't worth the time for China bank to continue working with the PRA. 

So what happened, was that China Bank transfered the 20k usd to a new account I had to setup with the Commerce bank. The PRA agreed to this and everthing went well. 

At the end of the year I got a small amount of interest from the 20k time deposit and I used some of it to renew my yearly SRRV card. 

The following year, I got a letter from the bank saying that the amount of interest was going to be lower from the investment, because of the PRA and sure enough the second year it barely paid enough for the 300 USD annual card fee... Anyway, to cut a long story short, the following year the PRA kept more of the return on the investment, such that it didn't even cover the yearly renewal fee of the SRRV card. 

So after 3 years I took my money out of the scheme and invested it in another bank at 5% and have lived here happily as a tourist ever since. 

The only advantage of the SRRV for me was not having to get an exit flight ticket to enter the country. But the last time I entered the Philippines I just bought a 600 pesos disposable flight. 

Maybe they're going to clamp down on people staying here long term as a tourist, if so, SRRV may be an option considering. 

 

Thank you for that post, I am looking seriously at this option and you have helped me in the decision making.

The problem is when ever one has questions (me many) and we e mail them one receives just a computer generated reply.....

My main so far unanswered question is, if one passes over what happens to the US20K    I understand one is unable to give signing authority on the account to ones partner, can one will it or what.......Any comments here appreciated.

if only we had a crystal ball.....

 

[Tommy T.]

On 7/24/2021 at 12:14 AM, Jollygoodfellow said:

The SRRV is not a BI visa so you deal with SRRV people. I dont believe you can do it out of country. 

You are correct.

9 hours ago, Colsie said:

I got my SRRV back in 2011. I had to send money into a Philippine bank from overseas. Quite funny really, I sent it from Aus to China bank and everything went through smoothly... Then I got a call from China bank... The manger explained that the PRA had gradually taken more from the investments and it had reached the point were it wasn't worth the time for China bank to continue working with the PRA. 

So what happened, was that China Bank transfered the 20k usd to a new account I had to setup with the Commerce bank. The PRA agreed to this and everthing went well. 

At the end of the year I got a small amount of interest from the 20k time deposit and I used some of it to renew my yearly SRRV card. 

The following year, I got a letter from the bank saying that the amount of interest was going to be lower from the investment, because of the PRA and sure enough the second year it barely paid enough for the 300 USD annual card fee... Anyway, to cut a long story short, the following year the PRA kept more of the return on the investment, such that it didn't even cover the yearly renewal fee of the SRRV card. 

So after 3 years I took my money out of the scheme and invested it in another bank at 5% and have lived here happily as a tourist ever since. 

The only advantage of the SRRV for me was not having to get an exit flight ticket to enter the country. But the last time I entered the Philippines I just bought a 600 pesos disposable flight. 

Maybe they're going to clamp down on people staying here long term as a tourist, if so, SRRV may be an option considering. 

 

Did you really have to make a US$20k deposit? Mine was $10k two years ago. Mine is not military. Everyone here is referring to the $20k deposit... Has something changed or did I get a special deal?

25 minutes ago, RBM said:

Thank you for that post, I am looking seriously at this option and you have helped me in the decision making.

The problem is when ever one has questions (me many) and we e mail them one receives just a computer generated reply.....

My main so far unanswered question is, if one passes over what happens to the US20K    I understand one is unable to give signing authority on the account to ones partner, can one will it or what.......Any comments here appreciated.

if only we had a crystal ball.....

 

I will ask my local PRA office and bank about that and post the responses.

Edited August 18, 2021 by Tommy T.

[Eddie1]

1 hour ago, Tommy T. said:

Did you really have to make a US$20k deposit? Mine was $10k two years ago. Mine is not military. Everyone here is referring to the $20k deposit... Has something changed or did I get a special deal?

There are several types of SRRVisa available and they do not all carry the same monetary requirements to join.  The 'SRRV Classic' is $20,000 U.S Dollars if you do NOT have a monthly pension of $800 single/ $1,000 for couple.  If you do have a pension that meets the requirements as above then your cost will be $10,000 U.S. dollars.

[Freebie]

4 hours ago, RBM said:

My main so far unanswered question is, if one passes over what happens to the US20K    I understand one is unable to give signing authority on the account to ones partner, can one will it or what.......Any comments here appreciated.

if only we had a crystal ball...

I asked that question of the PRA staff back when I was allowed in their offices.. 2018 maybe. They had a nice pat response that stated it would go to next of kin following Philippines rules on wills etc.

Basically  I have no trust in them returning the money whatsoever as they would hide behind rules and cant really see my daughter flying to Manila and doing battle with these fine people knowing how rule bound and hide bound they are. If I stay in Philippines Id consider it as a cost of getting the visa... but if I know I had a major sickness , Id hopefully have the time to " downgrade " my visa to a tourist visa and get the money remitted.. bUT I understand they arent exactly prompt in returning ones money. ..Oh and although you must pay the 20K in US$ they will return the money to you in pesos.

Their country their rules. And given whats occurring in Malaysia with the disaster for MM2H holders I can foresee them imposing new rules here.

[RBM]

19 hours ago, Freebie said:

 

Basically  I have no trust in them returning the money whatsoever as they would hide behind rules and cant really see my daughter flying to Manila and doing battle with these fine people knowing how rule bound and hide bound they are. If I stay in Philippines Id consider it as a cost of getting the visa...

Cost of getting the visa.....Meaning one must look at ones age, crystal ball ones pass over time and do the maths.

Yes if one has a lingering sickness in final years perhaps there is time, how ever an accident or sudden illness there would be no time. Not withstanding any hold ups by the PRRV in returning funds.

If we only knew the intentions of the powers to be in opening up....surely they want, need,  the tourist income and act accordingly.