Retirement Visa How do rule changes affect your existing SRRV?

I've never seen much about this....

Any "old timers" here to enlighten me?

1-You get it at the $360 yearly fee level: are you grand-fathered at that level the next times it goes up?

2-Your pension is a bit above USD 800, when you join, but in another currency... If future forex rates take you a bit under the magic USD 800, then what ?!?!?!?

3-Would AUD n CAD be taken at par?

So many uncertain, half baked details with PRA...

Thanks.

Christian

 

Christian,

I am Australian so my source money is in AUD. I have had the SRRV for 3 years. My understanding is:

1. No. You pay the price at the time. But you pay in USD - I had to establish 2 USD accounts in Manila, one for the deposit USD 10,000 and one for the fee payment. Both accounts are continuing and I will have to top up my fee account to settle the 3 x USD 360 for the next 3 years (to avoid having to undertake the procedure each year). My accounts are with the BDO Makati Star.

2. The pension I had to prove (at time of entry, not a requirement on renewal) was AUD 1,000 which was probably equal, at the time to something more than USD 800. The AUD has fallen over the 3 years against the USD. So maybe today I would have had to prove a pension of AUD 1,100 or 1,200. It was a requirement of entry not renewal.

3. The transactions are to be done in USD not AUD or CAD - so the responsibility is for you to have USD at time of application and at time of renewal - so as an Australian I bear the exchange costs. Basically they don't care what I am paying in costs as long as I front up with USD.

Finally a piece of good advice. It all becomes a lot simpler with the use of an agent. The agent get's paid fully by the PRA so there is no actual cost to you but because they do it all the time they have seen all the complications and can find ways around it. PM me if you want the contact details of mine. She was excellent and overcame an 11th hour problem because the rules say the funds have to come from outside of the country. I had used a remittance company in Australia to transfer the USD. What I didn't know is that they had used a local bank to transfer the funds so technically the funds had not come from overseas. My agent was able to get that sorted and I was approved in 3 days (out of Manila). My biggest advantage in having the visa is that I do not have to get an exit visa leaving the country (important with still having family in Australia) and I pay no travel tax if I leave within 12 months of arrival - because of some health issues and family I certainly go back more than once per year.

Hope you and those interested find this long explanation worthwhile.

P