Curious if interest payments, dividends, capital gains payments from private savings account or investment counts towards the required monthly income for the SRRV visas....or does it need to be a "proper" pension?
Also if separate sources of income adds up to go towards the minimum monthly income requirements. Example: $600 Military Disability $500 Interest from savings account $400 Dividends paid from investments.
From their site you will need a "Certificate of Retirement Benefits, equivalent to or more than. US$1,500.00 issued by the concerned government and/or private entity" I cannot imagine them kicking up a fuss if you you have two or three "government and/or private entities" issuing certificates but it is my opinion that stocks or savings will not count unless they are registered as retirement plans. You would have to get a broker to give you a piece of paper with a monthly amount on it. If it was me, I'd be hesitant to get those certificates as certain of my credit cards and line of credit require me to maintain a residence in Canada. So long as I show my face in the bank once every couple of years then they are happy. But if I asked for those certificates, for the purpose of residing in Philippines, I could easily lose those valuable tools.
So, more than likely, something like a 401K is going to be fine but savings and privately owned stocks are not. I suppose that makes sense. Interest rates can change and stocks can stop paying out or tank. The US banks/credit agencies don't require that I maintain a residence in the US. They could care less where I'm at as long as they have my money.....as it should be.
I just copied this off of their site Special Resident Retiree's Visa (SRRV) | Embassy of the Philippines in the Nordics Retirement Option and their Required Time Deposit 1. With Pension - 50 years old and above - the required time deposit is US$10,000.00 plus a monthly pension of US$800.00 for a single applicant and US$1,000 for couple. 2. Without Pension 35 to 49 years old - US$50,000.00 time deposit 50 years old and above - US$20,000.00 time deposit Former Filipino Citizens (at least 35 years old, regardless of the number of dependents - US$1,500.00) Ambassadors of Foreign Countries who served and retired in the Philippines, current and former staff members of international organizations including ADB (at least 50 years old) - US$1,500.00
Random, huh? That is quite the coincidence you "randomly" picked the bank I bank with. I guess I should have read the fine print. I wonder what an "investment account" is with them. Was that under their "Money Market" accounts terms of service? That military clause does not apply to me since I am not in the military.
In looking at some information on the Philippines, it seems to be defined pretty much the same as it is in the US. Essentially, it's a guaranteed monthly payment from a private or government source. It may be a contributory or non-contributory plan. I didn't see anything about interest or dividends being included as they aren't guaranteed. An annuity might be an interesting way to meet the pension requirement.
