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Kodiak570

I have no problem with the $360 annual fee but feel the $1400 "application fee" is excessive so I'll pass. I don't see any real advantages to the present scheme other then not having to renew every 59 days.

 

I agree with you there. For me, at 35, I would rather have the use of the ~$21.5k to invest in a condo or something tangible in value vs. sitting in the RP coffers drawing minimal interest. There may come a day that I want to open a business there and work in it without having to deal with extra hassles of the local government and politics . When that day comes I will just have to re-evaluate the situation, and see if it fits financially.

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A couple of months ago I checked in for my flight with Korean Air in Vancouver and they asked how long i would be in the Phil. I said " forever" . It caused a few minutes problem until I showed them

As I am unfamiliar with Australian tax law i can not comment on whether or not what you say is in fact correct. But I have done very extensive research in the matter of the determination of residency

Davolives

Thank you.

 

The bank introduced me to the agent. He did all the necessary paperwork and whisked me thru NBI. So, I guess he got the $$. Where does that $500.00 come out of? Hmmm

 

the $500 comes out of the $1400 application fee

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  • 1 month later...
Rocketman

So, the house is sold and my 1-way ticket is set. Now, I will need to decide if I want to go with this SRRV Visa or not. The determining factor is whether or not the $1,400 tax exclusion on my 20' container is real. I've heard that when my container arrives "added fees" will be imposed and I won't really be saving anything. If this is true, I'd hate to waste the money on this Visa as well as the 30-45 days I will have to wait to make sure the Visa is set before my things arrive. I will be traveling for several months before I land in Cebu, so the police clearance must be obtained when I arrive - adding weeks. Does anyone have knowledge about the $1,400 tax savings with the SRRV?

 

Thanks for the help, and I look forward to meeting you guys! Oh, also, if you need anything from the U.S., I can put it into the container, though it won't ship until about March or April.

 

Scott

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Davaoeno

So, the house is sold and my 1-way ticket is set. Now, I will need to decide if I want to go with this SRRV Visa or not. The determining factor is whether or not the $1,400 tax exclusion on my 20' container is real. I've heard that when my container arrives "added fees" will be imposed and I won't really be saving anything. If this is true, I'd hate to waste the money on this Visa as well as the 30-45 days I will have to wait to make sure the Visa is set before my things arrive. I will be traveling for several months before I land in Cebu, so the police clearance must be obtained when I arrive - adding weeks. Does anyone have knowledge about the $1,400 tax savings with the SRRV?

 

Thanks for the help, and I look forward to meeting you guys! Oh, also, if you need anything from the U.S., I can put it into the container, though it won't ship until about March or April.

 

Scott

 

 

There is NO $1400 tax exclusion on your household goods- but there is a $7000 exclusion - which will cover everything that you own. [ remember that leather couch you paid $5000 for ? its now worth $40 ! Actually it is ! lol]

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Rocketman

There is NO $1400 tax exclusion on your household goods- but there is a $7000 exclusion - which will cover everything that you own. [ remember that leather couch you paid $5000 for ? its now worth $40 ! Actually it is ! lol]

 

 

Sorry, I was referring to the TAX on the $7,000 value which I've been told is about $1,400. Though the write-up at the PRA website no longer mentions this exclusion, I think it's still there. I'm waiting for a response from them to confirm this and other questions I have. What I was told by others is that even if you have a SRRV with the exclusion, when your things arrive there is often, or could be, another fee called something else that makes this exclusion worthless. The SRRV is getting watered down with costs and requirements, but it still looks good to me if the exclusion is real. It would ultimately pay the cost of the SRRV and I wouldn't be held to the 59 day ritual. I hope to hear from others who have used the SRRV exclusion and can tell me their experience.

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Davaoeno

Sorry, I was referring to the TAX on the $7,000 value which I've been told is about $1,400. Though the write-up at the PRA website no longer mentions this exclusion, I think it's still there. I'm waiting for a response from them to confirm this and other questions I have. What I was told by others is that even if you have a SRRV with the exclusion, when your things arrive there is often, or could be, another fee called something else that makes this exclusion worthless. The SRRV is getting watered down with costs and requirements, but it still looks good to me if the exclusion is real. It would ultimately pay the cost of the SRRV and I wouldn't be held to the 59 day ritual. I hope to hear from others who have used the SRRV exclusion and can tell me their experience.

 

 

When my goods arrived per my SRRV the shipper told me that they had a broker , but when i questioned if i was required to use a broker they said no- so i went to Customs all by myself. About 4 hours late [ with lunch break in between] , and after paying about 450 pesos in doc fees- my goods were released to me. Not one peso charged for tax or duty. It was obvious that they were not used to dealing with a foreigner directly ie w/o broker, but I just kept smiling and joking with them [ and playing a bit dumn at the appropriate time lol] .

The shipper told me that it was much easier for them to demand fees from a broker [ rather from the person directly] and that i probably saved about 3500 pesos in " fees " .

 

Of course the shipper then tried to screw me out of 3000 pesos but we settled on 500 [ was a bullshit story about needing a forklift to get the goods out of the container etc etc lol]

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I believe the SRRV Classic is still available ie, $10,000 deposit for over 50 with pension. I have no problem with the $360 annual fee but feel the $1400 "application fee" is excessive so I'll pass. I don't see any real advantages to the present scheme other then not having to renew every 59 days.

 

 

I understand what you feel. In my humble opinion I believe the $360 is way out of line. In the past the $1400 would have actually saved you money in just a few years.

 

There are still a few advantages of the SRRV:

 

1. You won't have to leave the country to get a stamp in your passport every 16 months saving you the hassle of booking a flight, going to the airport, paying airport fees, getting a hotel in HK or wherever (But for some that's not a problem as they prefer to get out of here for a while).

 

2. You may work legally. (Yes, many work illegally).

 

3. You won't have to do the 59-day-dance (some don't mind the feel of corruption and impropriety one gets sitting and waiting at BI).

 

4. You get invited to two annual events.

 

5. You get an I.D. Card that is actually accurate as opposed to the "BS" ACR Card that reads your height is 103 cm and weight is 37 kilograms.

 

6. You won't be a tourist any longer.

 

How much interest can one get on a 5-yr-CD in the States?

 

JM

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One more thing and it's a biggie:

 

You won't need to have a ticket out of the Philippines when you check in at the airport you are flying out of to come here. Sometimes they do check. In Narita they made sure I had a ticket out (a Tiger Air $66.00 to Singapore) which was fine. A buddy of mine didn't have one and he had to pay over $250 to get a ticket out. He never used it and it wasn't refundable.

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  • 3 months later...
I can recommend a good bank and their respective agents if any one is interested in getting the SRRV. I do have 1st hand experience with these gentlemen.

 

I would be interested to see your recommendation. Thanks

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Davaoeno
You won't need to have a ticket out of the Philippines when you check in at the airport you are flying out of to come here

 

 

A couple of months ago I checked in for my flight with Korean Air in Vancouver and they asked how long i would be in the Phil. I said " forever" . It caused a few minutes problem until I showed them my SRRV in my passport at which time they just said fine .

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Davaoeno
I can recommend a good bank and their respective agents if any one is interested in getting the SRRV

 

for the best interest rate, and great service, just go to any branch of the Bank of Commerce.

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jusjoseph

I have the SRRV from cebu, 50+ with pension. 10K USD deposited in local bank, 3 year SRRV card to accompany visa attached to passport. I did pay the 1,400 USD application fee. (ouch)

 

1. to me is totally worth it. After staying in country one year, no longer need to pay international exit fee at airport.

2. do not need to go to bir....ever

 

Issues:

1. When i completed application, there was only one bank and one branch authorized by the SRRV to take my deposit (hmmm) that was BDO at IT park.

2. Interest on my 10K USD. basically 0%

3. I can cash out...after SRRV gives written permission.

 

to each their own as to value. to me it makes sense. My biggest issue was the local police check from the USA. They do not do internet search checks like a progressive country. They need to make the check mark on their box to send to Manila.

 

If I can help, plz ask.

Edited by jusjoseph
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I contacted my agent.

 

I was told there is only one bank that is authorized to handle the deposits. It's the Development Bank of the Philippines.

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Davaoeno

I contacted my agent.

 

I was told there is only one bank that is authorized to handle the deposits. It's the Development Bank of the Philippines.

 

 

time to get a new agent i'm afraid. I use bank of commerce. You can use BDO - but only the one in Makati . There is a long list of applicable banks

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