The Eagle Posted May 8, 2011 Posted May 8, 2011 Hi Guys,I am new to the forum and have so many questions and I hope to gain information from your experiences. Maybe i can contribute as well, lived in Europe, traveled SE Asia and done a lot of things although I have no experience with the PI. I plan my first trip to Cebu to be sometime Sept/November. I am looking for a retirement spot outside of the US. Yes, I am single and would like to hook up with a lady but have learned patience in this regard through my past successes and blunders. Well here goes the first of many1. It seems many of you are renewing visas all the time with added expense and time. Why would one not got the simple route of Retirement Visa if all requirements are met? It seems so much simpler than in Thailand, which was my first choice but the Visa thing seems too arbitrary. Is the PI retirement visa as easy as it looks according to the Bureau of Immigration?2. Does any bank in PI, such as HSBC, qualify to hold the 10,000 deposit needed for retirement? Are there ATM charges? and are machines readily available?Thanks Link to comment Share on other sites More sharing options...
Art2ro Posted May 8, 2011 Posted May 8, 2011 (edited) If you're a single person and can afford the retirement visa, go for it! It will save you the hassles of renewing your tourist visa every two months! But then what if you ever get married to a Filipino? Revert to a 13a visa! Just as good! I'm sure you will find all the answers to you questions with a little research on some of the Philippines Government websites, just ask a question on Google search engine and all the links will lead you to the answers you need! Good luck! Edited May 8, 2011 by Art2ro Link to comment Share on other sites More sharing options...
Dave Hounddriver Posted May 9, 2011 Posted May 9, 2011 Hi Guys,I am new to the forum and have so many questions and I hope to gain information from your experiences. Maybe i can contribute as well, lived in Europe, traveled SE Asia and done a lot of things although I have no experience with the PI. I plan my first trip to Cebu to be sometime Sept/November. I am looking for a retirement spot outside of the US. Yes, I am single and would like to hook up with a lady but have learned patience in this regard through my past successes and blunders. Well here goes the first of many1. It seems many of you are renewing visas all the time with added expense and time. Why would one not got the simple route of Retirement Visa if all requirements are met? It seems so much simpler than in Thailand, which was my first choice but the Visa thing seems too arbitrary. Is the PI retirement visa as easy as it looks according to the Bureau of Immigration?2. Does any bank in PI, such as HSBC, qualify to hold the 10,000 deposit needed for retirement? Are there ATM charges? and are machines readily available?ThanksExpats discuss these kinds of options at the coffee shops and bars all over. Although some like the convenience of the Retirement Visa, many have decided that it is an inefficient way to use their money. There is little interest paid in the amount deposited, the amount deposited varies according to your age and the whim of the government and the annual fee keeps going up. There are lots of options and the most popular seem to be marry a filipina or stay a perpetual tourist. Link to comment Share on other sites More sharing options...
Mr Lee Posted May 9, 2011 Posted May 9, 2011 Hi Guys,I am new to the forum and have so many questions and I hope to gain information from your experiences. Maybe i can contribute as well, lived in Europe, traveled SE Asia and done a lot of things although I have no experience with the PI. I plan my first trip to Cebu to be sometime Sept/November. I am looking for a retirement spot outside of the US. Yes, I am single and would like to hook up with a lady but have learned patience in this regard through my past successes and blunders. Well here goes the first of many1. It seems many of you are renewing visas all the time with added expense and time. Why would one not got the simple route of Retirement Visa if all requirements are met? It seems so much simpler than in Thailand, which was my first choice but the Visa thing seems too arbitrary. Is the PI retirement visa as easy as it looks according to the Bureau of Immigration?2. Does any bank in PI, such as HSBC, qualify to hold the 10,000 deposit needed for retirement? Are there ATM charges? and are machines readily available?Thanks There have been many posts on the SRRV and I started a topic HERE about it that might help you some. It is really a matter of choice and if you have the extra money needed to leave the $10,000 (or more in some cases) in a bank account. As Dave stated the fees do go up, but from what I am told, the costs are now about the same as with a tourist visa, yet you do not have to report all the time and go to the trouble of renewing, and of course you do not have to leave every so often as you do on a tourist visa, unless you get that waived. Getting one or not getting one is all going to be up to you and your situation. I do not think HSBC handles that, but Bank of Commerce Cebu City main branch does, and in the link I have provided is an email address for Mayen who might be able to give you some more information to help you make up your mind. 1 Link to comment Share on other sites More sharing options...
The Eagle Posted May 9, 2011 Author Posted May 9, 2011 Thnkas guys, just the answers I was looking for, I hope to help in making this the best damned site for PI expats :AddEmoticons04230: Link to comment Share on other sites More sharing options...
Jim Sibbick Posted May 9, 2011 Posted May 9, 2011 I read on another forum recently that you have to pay the equivalent of usd $360 each year in fees for the retirement visa. That is not much less than fees for a tourist. I also read that the interest rate is only 2.75% on your investment. That is way less than other investment options in the Philippines. It is only six times a year for extensions for a tourist and it is not a hassle. At least for me. My agent in Cebu City only charges me P300. And when in Cebu City, I go past their office on an almost daily basis. So, i just drop in when it is time to renew.So, i personally have no thoughts of ever getting a retirement visa. If i was to get a visa, i would try for a quota visa. Of course if I was ever to remarry, I would arrange a 13a visa.Regards; Jim Link to comment Share on other sites More sharing options...
MikeB Posted May 9, 2011 Posted May 9, 2011 You can find the information here on the PRA (Philippine Retirement Authority) web site. It appears they just made these changes on May 5th so this information should be current. If you are over 50 with a pension of $800 or more the requirement is a $10,000 deposit in a PRA-approved bank and an annual renewal fee of $360. I feel the $1400 one time application fee is excessive but I may go with this option rather then continually renewing if I stay in the PI. Link to comment Share on other sites More sharing options...
The Eagle Posted May 9, 2011 Author Posted May 9, 2011 Thanks again guys, I wasn't reading the details.. yeah Jim, looks like I would rather keep my major account here in the US at least for starters, or till i meet "the one":AddEmoticons04230: Link to comment Share on other sites More sharing options...
ancienrocka Posted May 10, 2011 Posted May 10, 2011 There is no simple answer to the question "which is the best visa". It depends on so many things and these we explore BEFORE giving any visa advice:- How old are you? - pointless paying a lot of money for a "quota visa" if your life expectancy is less than 10 years. How often do you travel out of the country? - not gonna give all the answers away but this is a major consideration, cost wise. Do you want to work here? Where is your income generated? Do you have a pension? the list of questions goes on and on. Getting the right visa for you is like buying a car - some will want an environmentally friendly Smart car while some will want a Hummer!My best general advice is to live here for a year or two as a tourist, then decide. Link to comment Share on other sites More sharing options...
The Eagle Posted May 10, 2011 Author Posted May 10, 2011 There is no simple answer to the question "which is the best visa". It depends on so many things and these we explore BEFORE giving any visa advice:- How old are you? - pointless paying a lot of money for a "quota visa" if your life expectancy is less than 10 years. How often do you travel out of the country? - not gonna give all the answers away but this is a major consideration, cost wise. Do you want to work here? Where is your income generated? Do you have a pension? the list of questions goes on and on. Getting the right visa for you is like buying a car - some will want an environmentally friendly Smart car while some will want a Hummer!My best general advice is to live here for a year or two as a tourist, then decide. Yeah I think that is the answer, I will have social security maybe start some export business.. but don't quite know. No i don't necessarily need to travel.. I am 64 so retirement visa is okay but I think your point along with all the other guys' information tells me to wait...and the retirement visa doesn't seem like such a bargain after the other guys pointed out the costs versus tourist option. Thank to all for you infoEd Link to comment Share on other sites More sharing options...
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