⌛ Philippines SRRV visa

A beer sounds good and might be hard at present, as I am back in the UK at present, probably there in 6 weeks for an other exploratory visit. however that is not clear yet, as circumstances keep moving dates around. and yes I am married.

would appreciate some written thoughts if you do not mind and understand you might not want to let go of your cold beer to sit behind a sticky keyboard.

Like your blog BTW

 

I am SRRV member since the moment I came over to the Philippines to live here. There are more threads about the SRRV on this forum as mentioned already. Please read them as well.
I don't regret to have this type of visa. It's easier, as said by another SRRV member already as his reaction to your question.
PRA can and does assist you with problems (they did so for me and are doing again right at this moment).
There is now since some months a special forum where you can find many questions from SRRV members to the PRA (and the PRA answers on some of these qustions).
Look at: PRA European and American association - Index
I am not married (yet ! )

 

like your sense of humor, and I will type with one hand so as not to let go of the beer!

If you have money to tie up in a foreign country,and don't fear a government change will jeopardize your holdings, or that they change the law, then an SRRV might befor you, some do.

 

Hi!
I am a Bank Officer and I've been handling SRRV and PRA accounts. It is actually quite easy to acquire. I know of foreign retirees who are just singing PRA and SRRV praises to high heavens, and there are also some who had ran out of expletives cursing the program, so the feeling really is ambivalent.
I'd be happy to answer any questions you might have regarding the banking aspect and the processing. Just leave me an e-mail and I promise to get back to you within 24hours.
And I would not even bill you for my professional advice!Promise!
Thank you so much for choosing the Philippines!

 

Welcome on the forum Good Samaritan.
What a perfect name for a Bank Officer :D (joking only !)
You are completely right in the different (ambivalent) experiences from SRRV members. You need to have someone who guides you.
I did. I think I had one of the best ones. He is an advisor to the PRA; SRRV member himself and my countryman.
He even started some months ago a special forum for SRRV members to have their questions answered to the PRA.
It functions perfectly meanwhile (in a previous posting I already gave the forum site: PRA European and American association - Index ).
I have a question for you, so I can verify if it's indeed simple (I did not yet get the details).
I want to change from Bank where I have my deposit, since the actual bank is giving a much too low interest rate on my time deposit.
I know I have to select an PRA accredited Bank, but how easy is it to get it changed to another accredited Bank ?
You know the exact procedure ?
If of interest for more on this forum you can answer it here, otherwise PM me.

I know some people here are against an SRRV membership (you HAVE to deposit !). They don't know the advantages as well.
They probably don't know also that your deposit is guaranteed to a certain amount. Yes, and you can split your deposit even over more accredited banks.

 

Hi, Jellyfish!Haha!I was going for the self-derogatory euphemism!:D Since bank officers are always pictured to be these blood-sucking leeches, which we are not, well, slightly...maybe!:D

I'm quite familiar with the transfer of banks procedure...
Here is the procedure:
1. You have to write a Letter of Intent stating that you would want to transfer your deposit from _______ Bank to ________ Bank (I have a draft of this letter at the office, I could just e-mail it to you later)
2. You have to personally appear before an authorized PRA officer;he/she will then certify that you have personally appeared and he/she has verified your intent. You have to go to a PRA office for this. Here in Cebu, we have the pilot office at Waterfront Lahug, I'm just not sure how one would do it in Dumaguete. But the Cebu office is nearer than the Manila office, so most probably you'd have to go to the Cebu office (but I will have to call PRA on this, if there is an alternative way so you would not have to travel to Cebu).
3. PRA will then issue a Transfer Clearance, this would take a maximum of two weeks, and they will be the ones to send your Transfer Clearance to your old bank and to your preferred bank.
4. Once the banks receive the Transfer Clearances, the account officer of the bank that you would be transferring to will have you open a Dollar Savings Account. At this time, you must have visited your newly preferred bank and have filled up an information sheet and signature cards. This account will be used to facilitate the transfer of your PRA account from the other bank since it will be sent to your new bank via telegraphic transfer (remember that dollar notes are not acceptable as PRA deposits, they have to come from remittance abroad or bank to bank transfers), hence the necessity of the Savings Account since the money to be wired will be deposited directly to this account. For the bank that I'm with, we do not require any initial deposit for this account since it is going to be closed anyway once the transfer from the other bank is complete.
5. You then go to your present bank and give them the details for the telegraphic transfer. They would require you to give your Dollar Savings Account No. and the swiftcode of your new bank (this information is readily available with your new bank). Your old bank will require you to sign at the back of the Certificate of Time Deposit of your PRA placement and they would also require you to sign the application for Telegraphic Transfer.
6. Your involvement ends here. The new bank will be the one to follow up the transfer. This just takes a maximum of 3 days.
7. Once the new bank receives the transfer, they will issue you a new certificate of time deposit and they will be the ones who'll take charge in contacting PRA.
8. You can now sit back and reap the interest earnings of your PRA deposit.

All in all, the whole process takes a maximum of three weeks. But right now, I tell you, PRA rates are not as high as before. I can give you the rates come Monday just so you have an idea...and of course, perhaps, the rates will motivate you to transfer your account with us since we also process SRRV ID renewals!Haha...

I hope this helps you in your quest!Just drop me a message anytime you feel like it.

 

whats the present rate?

 

hello...these are the actual rates from April 10 to 16:
Deposit Term 4/10 4/11 4/14 4/15 4/16
1 month 2.2557 2.2471 2.2333 2.2280 1.7500
2 months 2.2493 2.2357 2.2317 2.2248 2.2242
3 months 2.2386 2.2300 2.2267 2.2190 2.2208
6 months 2.2214 2.2079 2.2150 2.2073 2.2125
1 year 2.1629 2.1371 2.1533 2.1181 2.1417

 

SRRV - The hassle-free visa

Hello, I'm a member of this forum and I have assisted SRRV applicants successfully. The application is easy as long as all the requirements are complete. You can get your SRR visa in 2 - 3 weeks.

The benefits are as follows: permanent non-immigrant status with multiple entry privileges through the SRRV; exemption from customs' duties and taxes for the importation of personal effects, appliance and household furniture worth $7,000; tax-free interest on foreign currency deposit payable in local currency; tax-free pension and annuities remitted to the country; and exemption from exit clearance and re-entry permits.

I'm based in Cebu City. I can answer all your questions regarding SRRV and other things to do when you come to the Philippines. If you have a particular place in mind where you want to settle to, then I can also give you an overview.

You may email me anytime at ej.dybc@gmail.com.

 

Ayenpom or Good Samaritan am I understanding this correctly. If we are not on an SRRV visa and we have peso accounts we are paying a pretty high tax on any interest we are earning and it is being taken out automatically as expressed in the low interest rates? I believe I have read one bank document where the tax was as high as 25% I was hoping I was reading this wrong but perhaps you can clarify for me.

Thanks.