Jump to content

Recommended Posts

suggest you go to PRA. gov web site and in the first drop down menu go to the EUrama web members page. there is a thread devoted to the import of personal chattels and the ripoffs by customs brokers that would actually make it cheaper to pay the taxes!!

 

I left the scheme as tying up so much capital, under the old rules and not being allowed to convert meant the risk of losing it all in the event of my death was too much to consider as my wife and kids will need it. How would I loose it all, once again there is a thread on this subject.

 

SRRV is great for a single guy or somene who travels outside the country extensively. i have converted to 13A

Edited by spooks
Link to post
Share on other sites
  • Replies 48
  • Created
  • Last Reply

Top Posters In This Topic

  • Davaoeno

    13

  • JoMads

    8

  • Rocketman

    5

  • Davolives

    5

Top Posters In This Topic

Popular Posts

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

Davaoeno
and the ripoffs by customs brokers

 

of course you can do what i did and not use a customs broker at all !! And customs didnt ask me for a single peso !

Link to post
Share on other sites
Nangulo

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.

 

Wrong!!

 

I used B of C on Fuente Circle. Most professionally done, no problems. Almost all banks will hold a PRA account. Find another agent. The manager at B of C didn't charge me a dime for doing what she did. I hope you're not using an agent that's asking for a fee.

Link to post
Share on other sites

Perhaps you can share what you did so others can follow.

 

You have 30 days from arrival to clear your goods, i was notified 24 days after the goods arrived so I asked PRA what to do they said Its up to you as they have no remit to help!!, looks like nothing has changed.

Link to post
Share on other sites

Like some, I don't really see any tangible benefits for paying the fees and tying up my money in a PI bank.

 

Additionally, how does SRRV affect your residence status in your home country? I realise its only a visa but would your home country know that you have a SRRV for the Philippines and therefore being a long term visitor?

 

I'm presuming they would, in which case I would become a non-resident for tax purposes in my home country where my pension is deposited. Therefore its a double whammy for me: paying additional tax back home and paying for SRRV.

 

I think I'll opt for the renewable 59 day tourist visa. I have to travel back home at least once a year anway to maintain my residency.

 

Thanks

Link to post
Share on other sites
Davaoeno

Wrong!!

 

I used B of C on Fuente Circle. Most professionally done, no problems. Almost all banks will hold a PRA account. Find another agent. The manager at B of C didn't charge me a dime for doing what she did. I hope you're not using an agent that's asking for a fee.

 

I originally had my deposit [ $20,000 usd] with the China Bank, however for whatever reason they did not renew their agreement with PRA and i had to move my money to another bank.

 

[ funny phone call- Sir, we have to close your account, would you please come and get your $20,000 usd. btw - would you prefer cash or managers check ?? lol I had to tell the bank that they were not allowed to give me the money !! ]

 

When I first arrived here another ex-pat and his wife tried to scam me out of 25,000 pesos by telling me that i could only get my srrv in manila but that for 25K they would use an attorney they knew who had connections and save me a trip to Manila . fortunately I found out in time that there is a PRA office right here in Davao, and that the $1400 fee paid to PRA includes $500 which they give to the agent to handle the transaction .

 

side note- when i reported the foreigner scam artist to PRA they knew him, since he is an authorized agent [ as am i now ! lol] but they could really not have cared less about his little scam. Last week when i went to the PRA Xmas party and sat beside the PRA manager - who flew in from Makati ] - i repeated my experience with the con man to her- and again not the slightest interest in doing anything to stop him from defrauding future ex-pat clients.

So the advice about changing agents is a good one i think

Link to post
Share on other sites
Davaoeno
in which case I would become a non-resident for tax purposes in my home country

 

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 status for tax purposes in Canada and i can tell you that the test is a very complicated thing- and depends on a great many variables. In fact it is so complicated sometimes that only a judge in the tax court can make the final decision.

  • Like 1
Link to post
Share on other sites
Davaoeno

Perhaps you can share what you did so others can follow.

 

You have 30 days from arrival to clear your goods, i was notified 24 days after the goods arrived so I asked PRA what to do they said Its up to you as they have no remit to help!!, looks like nothing has changed.

 

Either you got very unlucky- or i got very lucky ! lol The freighter on which my goods were shipped from vancouver to davao seems to have become lost at sea [ possibly in the Bermuda Triangle !] and didnt arrive until 60 days after my 24 days expired. I went to PRA and they had Manila send me a letter extending the time - no questions asked .

When the goods arrived the shipper contacted me and i went to their office. They referred me to a broker. I asked if i was required to use a broker and they said no. They did say that if i used a broker that several people in customs would each require a fee [ prob about 3-500 pesos to be paid to them lol- up to 10 donations ]

So i went to Customs by myself . At first it threw them for a bit of a loop when i arrived because apparently they were not used to dealing with a foreigner directly. I was asked several times where my broker was and i just kept saying i did not have a broker . Anyway after maybe 1/2 an hour of stalling they processed my docs [ took about 4 hours including lunch break ] Everyone was for the most part very friendly [ hey, this is a govt office so you dont expect friendly !! just try dealing with US immigration and customs lol ] . Not one person asked me for a fee or a donation or even hinted at such . They then gave me the release docs to take to the shipper [ who in true fashion DID try to rip me off lol ]

 

btw - my extension letter from manila? no one ever asked to see it.

Link to post
Share on other sites

Ok

 

In Manila you cannot get into the port area unless your authorized

Link to post
Share on other sites
Davaoeno

Ok

 

In Manila you cannot get into the port area unless your authorized

 

I never went into the port area. I went to the Customs office, and then gave the release papers to the shipper and they delivered my items to my house

Link to post
Share on other sites

Ok ty for that. You have given more help with this than the PRA ever gave

Link to post
Share on other sites
Nangulo

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

 

Talk to Mayen, Bank of Commerce, Fuente Osmena branch. Exceptional service.

Link to post
Share on other sites
jusjoseph

I read this thread with interest. I was told by PRA Cebu city in waterfront, that only one branch of BDO was authorized to hold my funds in a basically O% interest Certificate of Deposit. This was two years ago, so maybe there are more banks authorized now. I will go to Bank of Commerce or PRA (Cebu) tomorrow and will try to post what I learned.

Link to post
Share on other sites

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

 

As a matter of fact, he has stopped.

 

When I got mine, yes, there were a number of Banks. So, if I'm wrong, that's good.

Link to post
Share on other sites
Davaoeno
only one branch of BDO was authorized to hold my funds

 

 

That is absolutely correct ! If you want to deposit your srrv funds with BDO you have to use the Makati Branch. On the other hand you can use any branch of Bank of Commerce. I do all my banking with BDO - except for my $20,000 deposit which is with Bank of Commerce [ since I live in Davao and not in Makati ]

Link to post
Share on other sites
Guest
This topic is now closed to further replies.

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use, Privacy Policy and Guidelines. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue..

Capture.JPG

I Understand...