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smokey

might be of interest to some members

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smokey

Residency visas are available through the Philippine Retirement Authority (PRA) for persons who are 50 years and older. The application fee is $1,400 for the principal and $300 each for any accompanying dependent or spouse. This is a one-time payment. Once the visa application is approved, there is an additional $360 annual enrollment fee for up to three persons. Another visa requirement is a $10,000 refundable bank deposit in an interest bearing account. The money is returned should you decide to go home permanently or it is given to your heirs. Healthy retirees are required to show proof of monthly pension remitted to the Philippines. The amount is $800 for a single applicant and $1,000 for married couples. If the retiree has a pre-existing medical condition, such as Dementia or Alzheimer’s, the minimum monthly pension remitted to the Philippines is $1,500 a month. You can first visit the Philippines through the visa waiver program before deciding if it is a good place for affordable retirement care. Once you decide, there are private companies who can help you with the residency visa application. The service is “free” because part of the $1,400 application fee is reimbursement by the PRA to the company providing the application assistance.

 

 

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Brucewayne

Is this new and when did it come about?

Sounds interesting, but I wonder if the return of the ten grand to my heir is real or just another way to get their hands on our money.

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HTM

 

Residency visas are available through the Philippine Retirement Authority (PRA) for persons who are 50 years and older. The application fee is $1,400 for the principal and $300 each for any accompanying dependent or spouse. This is a one-time payment. Once the visa application is approved, there is an additional $360 annual enrollment fee for up to three persons. Another visa requirement is a $10,000 refundable bank deposit in an interest bearing account. The money is returned should you decide to go home permanently or it is given to your heirs. Healthy retirees are required to show proof of monthly pension remitted to the Philippines. The amount is $800 for a single applicant and $1,000 for married couples. If the retiree has a pre-existing medical condition, such as Dementia or Alzheimer’s, the minimum monthly pension remitted to the Philippines is $1,500 a month. You can first visit the Philippines through the visa waiver program before deciding if it is a good place for affordable retirement care. Once you decide, there are private companies who can help you with the residency visa application. The service is “free” because part of the $1,400 application fee is reimbursement by the PRA to the company providing the application assistance.

 

A new ad?

Link to overseas retirement care, not to Philippine Retirement Authority SRRV CLASSIC

"If the retiree has a pre-existing medical condition, such as Dementia or Alzheimer’s, the minimum monthly pension remitted to the Philippines is $1,500 a month."  is not mentioned in Philippine Retirement Authority as I can see....

But that's what overseas retirement care demand as minimum to take care of you, 1500-3500 monthly. :-)

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smokey

i think they should just let it be like a permanent visa it would sure help employ all them nurses  who at 90 years old wants to put 10,000 in a bank out of their control and if they pass hummmmm

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Forex

I was recently advised that if you already have investments in the Philippines, eg own an apartment, then the $10k USD requirement is waived.

 

Is this correct?

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Open_Ended

I was recently advised that if you already have investments in the Philippines, eg own an apartment, then the $10k USD requirement is waived.

 

Is this correct?

Not sure on your question but there is a remark in the SRRV classic column that refers to that area but no details on past spending ...

 

-- After re-reading this SRRV stuff again .. Not sure as it sounds a little  confusing to me ...

 

--

That 360$ annual is not too bad really as I pay about that much to stay here on my passport ...

Edited by Open_Ended

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MaKe

Another visa requirement is a $10,000 refundable bank deposit in an interest bearing account.

Slight correction: if you are receiving pension and have it deposited in a Philippine bank, the deposit is US $ 10K. If you aren't receiving pension, it is US$20K. In either case, you can use these funds to purchase or lease a condo or other property provided it costs more than US$50k.

 

http://www.pra.gov.ph/

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LRK

Like why?
In case you would take advantage of the social security build in this country?
WTF, scamming

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A_Simple_Man

This has got to be the most expensive of all Visas as the cash has to be deposited in an approved bank and they pay feck all for interest and as long as you are alive and living in Philippines you will never see that money again.  Will your wife get it when you die?  I never heard of any that do.  There is always some excuse why they cannot pay out.  Anyone ever got that money back? 

 

So add that to the 1400 dollar non refundable fee and the 360 dollars a year and I believe you would be way further ahead with a quota visa.

 

 

 

purchase or lease a condo or other property provided it costs more than US$50k.

 

Ahh I see it now.  Long term property lease, OR condo purchase, provided you invest more than US $50k.  That long term property lease is interesting, but fraught with potential peril.

 

Edit 2:  Quoting from the site to edumicate Davaoeno 

 

Edit 3:  Note that the site I quote from says:  (As of May 05, 2011) so none of this is likely relevant any longer.

NOTE: For investment in condominium or long-term lease of House and Lot, units must be Ready For Occupancy.

Edited by A_Simple_Man

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Davaoeno

 

you can use these funds to purchase or lease a condo or other property provided it costs more than US$50k.

 

I believe that it has to be a condo [ ready to move in ] and not a house, and that it has to be ownership- not leased.  The more than 50K is correct

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smokey

I believe that it has to be a condo [ ready to move in ] and not a house, and that it has to be ownership- not leased.  The more than 50K is correct

well more then 50k means one of the large condo units like 300 sq feet 

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spooks

I was a member and left the scheme and had no problems getting my deposit back it was the old deposit at 75,000$

 

The deceased benficiaries will inherit and as with death just about anywhere is subject to simple Inheritance tax laws and legal process

 

1/  Have a Will

 

2/ Pay the death duties on the value of the estate held here.

 

 

The process is overly red taped and the banks under law cannot do anything aboit it they are as much victims as the beneficiaries.  The BIR has powers to demand bank statements of the deceased covering accounts held here. They are not going to be fast and not many attorneys are going to pass on dragg8ng the process out and on.  For this reason I moved my deposit back off shore, Uk probate is a lot faster and easier when Simple Wills are in place

 

 

The 13a for married guys is a lot cheaper, especially now as the annual fee for the SRRV takes away the oversea tax exempt travel benefits, just not very cost effective as it once was.  Then again the target market is other Asians not western retirees, for good reason!!

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MaKe

This has got to be the most expensive of all Visas as the cash has to be deposited in an approved bank and they pay feck all for interest and as long as you are alive and living in Philippines you will never see that money again.  Will your wife get it when you die?  I never heard of any that do.  There is always some excuse why they cannot pay out.  Anyone ever got that money back? 

 

So add that to the 1400 dollar non refundable fee and the 360 dollars a year and I believe you would be way further ahead with a quota visa.

 

 

 

 Granted they don't pay much interest, but you will get the funds back; and yes, I do know people that have gotten the funds returned to them.

 

If you didn't you'd start posting negatives on all sorts of web sites and since it is a government program, they'd look stupider than they already do. Also, backlash from US government, which partially condones the process.

 

If you die, your spouse will receive it, though, she would need to know who to contact for this.

 

One benefit if you frequently travel in and out of RP, is that you pay no exit tax easily making up for the yearly fee.

 

There are other choices, but THANKFULLY people are different and for some SRRV makes sense...

 

 

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njb

I was SRRV retired rom march 2011 until july 2012 then went to ordinary ACR  no problem getting my money back -but was there not to come a new schema for US retired military personnel and diplomats "with $1.400 payment and some hinting all military personnel later "from any country" but $10.000 + interest =$ 9.800 ????

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njb

My keyboard ometimes not work so well because full of ants last year---- so retired From     not retired rom

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